The 'Standard Deduction' for family pension under the new tax regime is: MCQ with Answer and Explanation

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The 'Standard Deduction' for family pension under the new tax regime is:

A. ₹15,000 or one-third of pension, whichever is less

B. ₹50,000

C. Not allowed

D. ₹25,000

Answer: Option A

Solution (By JKSSB Mock Tests)

Family pension deduction is available under both regimes at ₹15,000 or 1/3rd of pension, whichever is less.

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

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Practice More Accountancy and Book Keeping Questions

Question #1

Which of the following is not a component of budgetary control?

A. Comparison of actuals with budgets

B. Corrective action

C. Tax filing

D. Budgeting

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Correct Answer: Option C

Explanation:
Budgetary control involves planning, measuring actual performance, comparing, and taking corrective action.

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

Question #2

The 'Group Engagement Partner' is responsible for:

A. Component audit only

B. Tax filing

C. Overall group audit opinion and direction, supervision, and performance of the group audit engagement

D. Only his own work

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Correct Answer: Option C

Explanation:
The engagement partner takes overall responsibility.

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Question #3

For inter-state supply of goods and services, which of the following is levied?

A. IGST

B. Both CGST and SGST

C. CGST

D. SGST

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Correct Answer: Option A

Explanation:
Integrated GST (IGST) is collected by the Central Government on inter-state sales and imports.

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

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