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. 10%

B. No additional tax

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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Question #1

When bad debts previously written off are recovered, which account is credited?

A. Suspense Account

B. Debtor's Personal Account

C. Bad Debts Account

D. Bad Debts Recovered Account

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Correct Answer: Option D

Explanation:
Bad debts recovered represent a gain for the business and are credited to a separate nominal account called 'Bad Debts Recovered Account'.

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

Question #2

A 'Bank Overdraft' is shown in Balance Sheet as:

A. Current liability

B. Long-term liability

C. Contra asset

D. Current asset

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Correct Answer: Option A

Explanation:
Bank overdraft is repayable on demand, hence a current liability.

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

Question #3

Voucher approach implies that every financial transaction must be supported by:

A. A trial balance

B. An audit report

C. Documentary evidence

D. Verbal approval

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Correct Answer: Option C

Explanation:
The essence of the voucher system is to ensure no entry is made in the books without an authentic, authorized documentary evidence (voucher).

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

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