The 'Updated Return' (ITR-U) attracts additional tax of: MCQ with Answer and Explanation

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The 'Updated Return' (ITR-U) attracts additional tax of:

A. No additional tax

B. 10%

C. Fixed penalty

D. 25% of tax and interest if filed within 12 months, 50% if filed after 12 months

Answer: Option D

Solution (By JKSSB Mock Tests)

Additional tax on updated return is 25% if filed within 12 months from end of AY, 50% if after 12 months but before 24 months.

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

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When preparing a BRS from the Pass Book balance (favorable), a cheque deposited but not collected will be:

A. Added

B. Divided

C. Ignored

D. Deducted

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Correct Answer: Option A

Explanation:
The cash book balance is higher (receipt was recorded). To move from pass book to match the cash book, the amount must be added.

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

Question #2

In ratio analysis, 'Stock Turnover Ratio' indicates:

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Correct Answer: Option B

Explanation:
Stock turnover = Cost of goods sold / Average stock, measuring inventory management efficiency.

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Question #3

Which ratio measures the short-term solvency of a firm?

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Correct Answer: Option A

Explanation:
The Current Ratio compares current assets to current liabilities, indicating the firm's ability to meet its short-term obligations.

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

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