The 'TDS on transfer of virtual digital assets' under Section 194S is: MCQ with Answer and Explanation

Question
The 'TDS on transfer of virtual digital assets' under Section 194S is:
A. 5%
B. 1%
C. 10%
D. 2%
Answer: Option B
Solution (By JKSSB Mock Tests)
TDS at 1% on transfer of VDA if consideration exceeds specified limits.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
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Question #1
Which accounting concept requires that the life of the business be divided into smaller intervals for performance measurement?
A. Going Concern Concept
B. Accounting Period Concept
C. Materiality Concept
D. Matching Concept
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Correct Answer: Option B

Explanation:
The Accounting Period Concept artificially breaks the continuous life of a business into standard intervals (usually 12 months) for reporting purposes.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #2
The 'TCS' under GST is collected by:
A. E-commerce operators
B. Importers
C. All registered persons
D. Exporters
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Correct Answer: Option A

Explanation:
E-commerce operators collect TCS at 1% under Section 52.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #3
The 'GST on Affordable Housing' under the new regime is:
A. 1% without ITC
B. 5%
C. Exempt
D. 12%
Discuss
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Correct Answer: Option A

Explanation:
GST for affordable housing is 1% without input tax credit.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
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