The 'Survey' under Income Tax Act (Section 133A) is: MCQ with Answer and Explanation

The 'Survey' under Income Tax Act (Section 133A) is:
A. A raid
B. Assessment
C. Visit by tax authorities to discover and collect information
D. Audit
Answer: Option C
Solution (By JKSSB Mock Tests)
Survey is a verification of books at business premises without seizure.

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Practice More Accountancy and Book Keeping Questions

Question #1
S1: Audit is an independent examination of financial information. S2: Audit is conducted to express an opinion on the financial statements. Which statement(s) is/are correct?
A. S2 only
B. Neither S1 nor S2
C. S1 only
D. Both S1 and S2

Correct Answer: Option D


Explanation:
Audit is an independent, objective examination of financial statements and related data. The primary objective is to express an opinion on whether they present a true and fair view. Both statements are correct.

Question #2
Amortisation is related to:
A. Fictitious assets only
B. Current assets
C. Tangible assets
D. Intangible assets

Correct Answer: Option D


Explanation:
Amortisation is the systematic write-off of intangible assets like patents, copyrights.

Question #3
The 'Related Party Disclosures' (Ind AS 24) requires disclosure of:
A. Key management compensation, related party relationships, and transactions
B. Only borrowing
C. Only sales transactions
D. Only parent-subsidiary

Correct Answer: Option A


Explanation:
Ind AS 24 requires comprehensive disclosures.