The 'TDS on benefit or perquisite' under Section 194R is at the rate of: MCQ with Answer and Explanation

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The 'TDS on benefit or perquisite' under Section 194R is at the rate of:

A. 5%

B. 2%

C. 1%

D. 10%

Answer: Option D

Solution (By JKSSB Mock Tests)

TDS at 10% on value of benefit/perquisite exceeding ₹20,000 in a year.

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

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Question #1

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S1: A Receipt Voucher is prepared for cash receipts. S2: A Payment Voucher is prepared for cash payments. Which statement(s) is/are correct?

A. Neither S1 nor S2

B. S1 only

C. Both S1 and S2

D. S2 only

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Correct Answer: Option C

Explanation:
In the voucher entry system, a Receipt Voucher is used to record all cash and bank receipts. A Payment Voucher is used to record all cash and bank payments. Both statements are correct.

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

Question #2

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Creating a provision for doubtful debts is an application of which accounting convention?

A. Consistency

B. Full Disclosure

C. Materiality

D. Conservatism

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Correct Answer: Option D

Explanation:
Conservatism (Prudence) requires anticipating potential future losses (like bad debts) and providing for them immediately.

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Question #3

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The 'TCS' collected by e-commerce operator is to be deposited by:

A. Monthly

B. 10th of next month

C. 10th of the month following the month of collection

D. Quarterly

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Correct Answer: Option B

Explanation:
TCS is to be remitted within 10 days after the end of the month of collection.

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

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