The threshold limit for paying Advance Tax is when the estimated tax liability for the year is: MCQ with Answer and Explanation

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The threshold limit for paying Advance Tax is when the estimated tax liability for the year is:

A. Rs 10,000 or more

B. Rs 20,000 or more

C. Rs 50,000 or more

D. Rs 5,000 or more

Answer: Option A

Solution (By JKSSB Mock Tests)

If the estimated tax liability (after TDS) exceeds Rs 10,000, the taxpayer is obligated to pay advance tax in installments.

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

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Question #1

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The Central Board of Direct Taxes (CBDT) functions under which department of the Ministry of Finance?

A. Department of Economic Affairs

B. Department of Financial Services

C. Department of Revenue

D. Department of Expenditure

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Correct Answer: Option C

Explanation:
CBDT handles direct tax administration and forms part of the Department of Revenue.

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Question #2

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Target Cost is calculated as:

A. Expected Selling Price - Desired Profit Margin

B. Prime Cost + Factory Overheads

C. Variable Cost + Fixed Cost

D. Current Cost - Desired Profit

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Correct Answer: Option A

Explanation:
Target costing starts with market price, subtracts the required profit, to find the maximum allowable cost (Target Cost).

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Question #3

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The 'Exploration for and Evaluation of Mineral Resources' is covered by:

A. Ind AS 102

B. Ind AS 106

C. Ind AS 38

D. Ind AS 16

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Correct Answer: Option B

Explanation:
Ind AS 106 deals with extractive industries.

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

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