The 'Vivad se Vishwas' scheme for direct taxes was enacted to: MCQ with Answer and Explanation

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The 'Vivad se Vishwas' scheme for direct taxes was enacted to:

A. Settle pending tax disputes by providing waiver of interest and penalty

B. Increase tax rates

C. Simplify GST

D. Introduce new taxes

Answer: Option A

Solution (By JKSSB Mock Tests)

The scheme offers a mechanism to resolve legacy direct tax disputes.

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

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Question #1

Direct taxes are progressive in nature because:

A. Rate is same for all

B. Rate increases with income level

C. They are only on goods

D. They are collected indirectly

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Correct Answer: Option B

Explanation:
Direct taxes like income tax have higher rates for higher income slabs, making them progressive.

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Question #2

The 'Forfeiture of Shares' results in:

A. No change

B. Creation of reserve

C. Reduction of share capital

D. Increase of share capital

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Correct Answer: Option C

Explanation:
Forfeiture reduces the share capital by the amount called up, and creates a forfeited shares account (temporary).

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Question #3

Statement of Affairs resembles a:

A. Trial Balance

B. Profit & Loss Account

C. Balance Sheet

D. Cash Book

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Correct Answer: Option C

Explanation:
A Statement of Affairs is a list of assets and liabilities, structured exactly like a Balance Sheet, used to estimate capital.

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

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