The 'Virtual Digital Assets' (VDA) are taxed under Income Tax at: MCQ with Answer and Explanation

Question
The 'Virtual Digital Assets' (VDA) are taxed under Income Tax at:
A. 10%
B. 30% (plus surcharge and cess)
C. Normal slab rates
D. 20%
Answer: Option B
Solution (By JKSSB Mock Tests)
Income from transfer of VDAs like cryptocurrency is taxed at 30% flat rate.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
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Question #1
The 'Fair Value Hierarchy' under Ind AS 113 categorises inputs into:
A. Level 1, Level 2, Level 3
B. Primary and Secondary
C. Market and Cost
D. Direct and Indirect
Discuss
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Correct Answer: Option A

Explanation:
Level 1: quoted prices; Level 2: observable inputs other than quoted prices; Level 3: unobservable inputs.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #2
Which of the following is an objective of conducting a Social Audit?
A. To compute corporate tax liability
B. To audit the personal wealth of directors
C. To check arithmetical accuracy of the cash book
D. To evaluate if a program is achieving its stated social objectives transparently
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Correct Answer: Option D

Explanation:
Social audits assess the social impact and ethical behavior of an organization relative to its aims, ensuring accountability to stakeholders.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #3
The 'Minimum Alternate Tax' (MAT) is applicable to:
A. All taxpayers
B. Companies paying low or no tax due to exemptions
C. Partnership firms
D. Individuals
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Correct Answer: Option B

Explanation:
MAT ensures that companies with substantial book profits pay at least a minimum amount of tax.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
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