The 'Tax Audit' under Section 44AB is required for a professional if gross receipts exceed: MCQ with Answer and Explanation

Question
The 'Tax Audit' under Section 44AB is required for a professional if gross receipts exceed:
A. ₹1 crore
B. ₹50 lakh
C. ₹25 lakh
D. ₹2 crore
Answer: Option B
Solution (By JKSSB Mock Tests)
For professionals, tax audit threshold is gross receipts > ₹50 lakh.
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 feature of the double entry system?
A. It is only suitable for small businesses
B. It records only one aspect of a transaction
C. It is a scientific and complete system
D. It does not allow the preparation of a trial balance
Discuss
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Correct Answer: Option C

Explanation:
The double entry system records both aspects of every transaction, making it a scientific, complete, and universally accepted system.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #2
Tax evasion is:
A. Postponement of tax payment legally
B. Illegal non-payment or underpayment of taxes
C. Government policy to waive taxes
D. Legal use of tax laws to reduce liability
Discuss
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Correct Answer: Option B

Explanation:
Tax evasion involves illegal practices like hiding income or inflating expenses to avoid paying true tax liability.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #3
In the Indian Financial Management System, the apex institution for regulating the money market is:
A. RBI
B. IRDAI
C. SEBI
D. Ministry of Corporate Affairs
Discuss
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Correct Answer: Option A

Explanation:
The Reserve Bank of India (RBI) controls monetary policy and regulates the money market in India.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
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