The 'Settlement Commission' for income tax was abolished and replaced by: MCQ with Answer and Explanation

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The 'Settlement Commission' for income tax was abolished and replaced by:

A. Dispute Resolution Committee

B. Interim Board for Settlement

C. GSTAT

D. No replacement

Answer: Option B

Solution (By JKSSB Mock Tests)

The Settlement Commission has been discontinued and an Interim Board for Settlement handles pending cases.

This question belongs to: Accountancy and Statistics Accountancy and Book Keeping

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Question #1

Which of the following is a direct income?

A. Discount received

B. Commission received

C. Interest on investment

D. Sale of scrap

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Correct Answer: Option D

Explanation:
Sale of scrap is directly related to production, thus a direct income credited to Trading Account. Discount, commission, interest are indirect.

This question belongs to: Accountancy and Statistics Accountancy and Book Keeping

Question #2

Which of the following is NOT a method of calculating depreciation?

A. LIFO Method

B. Diminishing Balance Method

C. Sum of the Years' Digits Method

D. Straight Line Method

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Correct Answer: Option A

Explanation:
LIFO (Last In, First Out) is an inventory valuation method, not a method for calculating depreciation.

This question belongs to: Accountancy and Statistics Accountancy and Book Keeping

Question #3

The 'Master File' under transfer pricing documentation is a part of:

A. GST return

B. Audit report

C. Transfer pricing documentation (three-tiered structure)

D. Income tax return

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Correct Answer: Option C

Explanation:
Master file, local file, and CbCR form the three-tier transfer pricing documentation.

This question belongs to: Accountancy and Statistics Accountancy and Book Keeping

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