The 'Surcharge' on income tax is levied for: MCQ with Answer and Explanation

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The 'Surcharge' on income tax is levied for:

A. Companies only

B. All taxpayers

C. High-income individuals/entities

D. Senior citizens only

Answer: Option C

Solution (By JKSSB Mock Tests)

Surcharge is additional tax on income above specified thresholds for individuals, HUFs, companies.

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 a non-cash item in the Profit & Loss Account?

A. Depreciation

B. Commission paid

C. Salaries paid

D. Rent paid

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Correct Answer: Option A

Explanation:
Depreciation is a non-cash expense, as no cash outflow occurs.

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Question #2

The 'TCS' under GST is collected by:

A. All registered persons

B. E-commerce operators

C. Importers

D. Exporters

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Correct Answer: Option B

Explanation:
E-commerce operators collect TCS at 1% under Section 52.

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

Question #3

The journal entry for goods withdrawn by the proprietor for personal use is:

A. Drawings A/c Dr. To Sales A/c

B. Purchases A/c Dr. To Drawings A/c

C. Drawings A/c Dr. To Purchases A/c

D. Capital A/c Dr. To Purchases A/c

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Correct Answer: Option C

Explanation:
Goods taken for personal use reduce drawings and reduce purchases (or stock). Correct entry: Drawings A/c Dr. To Purchases A/c.

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

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