The 'Self-Assessment Tax' is paid: MCQ with Answer and Explanation

Question
The 'Self-Assessment Tax' is paid:
A. By the bank
B. By the government
C. By the employer
D. By the assessee on his own after computing tax liability
Answer: Option D
Solution (By JKSSB Mock Tests)
Self-assessment tax is tax paid voluntarily by the taxpayer on income after considering TDS and advance tax.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Request complete Subject PDF

Discuss this Question (0)

No comments yet. Be the first to start the discussion!

Practice More Accountancy and Book Keeping Questions

Question #1
Which of the following is a feature of a joint stock company?
A. Managed by partners
B. Unlimited liability
C. No perpetual succession
D. Separate legal entity
Discuss
Get Complete Subject PDF for Accountancy and Statistics

Correct Answer: Option D

Explanation:
A joint stock company is a separate legal entity distinct from its shareholders, with perpetual succession and limited liability.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #2
In a partnership, if a partner is guaranteed a minimum profit share, deficiency is borne by:
A. The partner giving guarantee
B. The firm
C. From reserves
D. All partners equally
Discuss
Get Complete Subject PDF for Accountancy and Statistics

Correct Answer: Option A

Explanation:
If a partner guarantees a minimum profit to another, any shortfall is made good by the guaranteeing partner.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #3
The accounting standard dealing with Property, Plant and Equipment (PPE) is:
A. AS 9
B. AS 10
C. AS 2
D. AS 26
Discuss
Get Complete Subject PDF for Accountancy and Statistics

Correct Answer: Option B

Explanation:
AS 10 regulates the accounting for Property, Plant, and Equipment, covering recognition, measurement, and depreciation.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Explore All Accountancy and Book Keeping MCQs
Today's Top Topics
Accountancy and Book Keeping 1861 Statistics 1318
Explore Subjects
Accountancy and Statistics 3179 Economy GK 2220 English 15164 Computer 5279 Current Affairs 575
Practice Mix
Which of the following is an indirect tax in India?
The valve between the left atrium and left ventricle is the:
A person faces north. He turns 45° left, then 90° right, then 45° left. Which direction is he facing?
Under the Income Tax Act, the 'TDS' on the sale of an immovable property (other than agricultural land) by a resident is governed by which section, and what is the rate?
In 'Piecemeal Distribution' during dissolution, the first priority for payment of outside liabilities is: