The 'Transfer Pricing' regulations in India are contained in: MCQ with Answer and Explanation

Question
The 'Transfer Pricing' regulations in India are contained in:
A. SEBI Act
B. Sections 92 to 92F of Income Tax Act
C. Companies Act
D. GST Act
Answer: Option B
Solution (By JKSSB Mock Tests)
Transfer pricing provisions apply to international transactions and specified domestic transactions.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
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Question #1
A 'Clean Report' issued by an auditor is also known as an:
A. Adverse Opinion
B. Disclaimer of Opinion
C. Qualified Opinion
D. Unqualified Opinion
Discuss
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Correct Answer: Option D

Explanation:
An unqualified opinion indicates the auditor found the financial statements to be free from material misstatements and in accordance with GAAP.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #2
The 'Input Tax Credit' on capital goods under GST is available:
A. Only on goods up to ₹5,000
B. Not allowed
C. Spread over the useful life
D. 100% in the first year
Discuss
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Correct Answer: Option D

Explanation:
ITC on capital goods can be availed fully in the year of purchase, except for certain blocked credits.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #3
A 'Debit Note' is issued by:
A. Buyer to seller for goods returned
B. Auditor to company
C. Seller to buyer for goods returned
D. Bank to customer
Discuss
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Correct Answer: Option A

Explanation:
A debit note is prepared by the buyer when returning goods, informing the seller that his account is debited.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
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