The 'Tax on Provident Fund contributions' above specified limit was introduced by: MCQ with Answer and Explanation

Question
The 'Tax on Provident Fund contributions' above specified limit was introduced by:
A. Finance Act, 2021
B. No tax
C. Finance Act, 2020
D. 2019
Answer: Option A
Solution (By JKSSB Mock Tests)
Interest on employee contributions exceeding ₹2.5 lakh per annum (₹5 lakh for government employees) in PF is taxable from FY 2021-22.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
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Practice More Accountancy and Book Keeping Questions

Question #1
A debit balance in a personal account of a creditor indicates:
A. He has become debtor
B. Amount payable to him
C. Amount receivable from him
D. Both B and C
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Correct Answer: Option D

Explanation:
A creditor account with debit balance means the firm has paid excess or he owes money, so he is a debtor.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #2
The primary body that formulates Indian Accounting Standards (Ind AS) is the:
A. Ministry of Finance
B. Institute of Chartered Accountants of India (ICAI)
C. Reserve Bank of India (RBI)
D. Securities and Exchange Board of India (SEBI)
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Correct Answer: Option B

Explanation:
The Accounting Standards Board (ASB) constituted by ICAI formulates the accounting standards, which are then notified by the Ministry of Corporate Affairs.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #3
The 'Investment in Associates' (Ind AS 28) is accounted for using:
A. Consolidation
B. Cost method
C. Fair value through profit or loss
D. Equity method
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Correct Answer: Option D

Explanation:
Equity method is applied for associates, except when held for sale.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
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