The 'Significant Economic Presence' (SEP) concept was introduced in India to: MCQ with Answer and Explanation

Question
The 'Significant Economic Presence' (SEP) concept was introduced in India to:
A. Encourage FDI
B. Simplify tax
C. Reduce tax on foreigners
D. Tax non-resident digital companies based on economic engagement
Answer: Option D
Solution (By JKSSB Mock Tests)
SEP deems a business connection if a non-resident has significant economic presence, even without physical presence.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
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Question #1
Which of the following is a direct tax levied by local bodies?
A. Customs duty
B. GST
C. Property tax
D. Excise duty
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Correct Answer: Option C

Explanation:
Property tax is a direct tax levied by municipal bodies on property owners.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #2
The 'Rebate under Section 87A' is available to resident individuals with total income up to:
A. ₹7,00,000 (under new regime)
B. ₹2,50,000
C. ₹5,00,000
D. ₹10,00,000
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Correct Answer: Option A

Explanation:
Under new regime, rebate up to ₹25,000 is available if total income does not exceed ₹7,00,000.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #3
The 'Investor Education and Protection Fund' (IEPF) is established under:
A. SEBI Act
B. Income Tax Act
C. Companies Act, 2013
D. RBI Act
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Correct Answer: Option C

Explanation:
IEPF is constituted under Section 125 of Companies Act, 2013.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
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