The 'Tax Residency' of an individual in India is determined based on: MCQ with Answer and Explanation

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The 'Tax Residency' of an individual in India is determined based on:

A. Number of days of stay in India

B. Citizenship

C. Place of birth

D. Age

Answer: Option A

Solution (By JKSSB Mock Tests)

Residential status under Income Tax Act is based on physical presence in India.

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

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Question #1

The 'Financial Reporting' under Indian GAAP for non-corporate entities is governed by:

A. Companies Act only

B. IFRS

C. Ind AS only

D. Accounting Standards (AS) issued by ICAI

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Correct Answer: Option D

Explanation:
Non-company entities follow AS issued by ICAI.

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

Question #2

Which book of original entry is used for recording the purchase of assets on credit?

A. Sales Book

B. Cash Book

C. Journal Proper

D. Purchases Book

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Correct Answer: Option C

Explanation:
The Purchases Book only records credit purchases of trading goods. Credit purchases of assets are recorded in the Journal Proper.

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

Question #3

The 'GST Audit' by a chartered accountant/cost accountant was abolished from:

A. FY 2020-21

B. FY 2019-20

C. FY 2021-22

D. Never existed

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Correct Answer: Option A

Explanation:
Finance Act 2021 removed the requirement of GST audit by CA/CMA and self-certification was introduced from FY 2020-21.

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

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