Under Indian tax law, 'Assessment Year' means: MCQ with Answer and Explanation

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Under Indian tax law, 'Assessment Year' means:

A. Year in which income is earned

B. Financial year

C. Year following the previous year, in which income is assessed

D. Calendar year

Answer: Option C

Solution (By JKSSB Mock Tests)

Assessment year is the year in which income of the previous year is assessed and taxed.

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

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Question #1

The 'e-assessment' scheme for income tax was launched to:

A. Reduce refunds

B. Increase tax rates

C. Faceless scrutiny

D. Eliminate digital filing

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Correct Answer: Option C

Explanation:
E-assessment aims at faceless and paperless scrutiny of tax returns.

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Question #2

S1: The sacrificing ratio is always in the old profit-sharing ratio. S2: The gaining ratio is always in the new profit-sharing ratio. Which statement(s) is/are correct?

A. Both S1 and S2

B. S1 only

C. S2 only

D. Neither S1 nor S2

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Correct Answer: Option D

Explanation:
The sacrificing ratio is calculated as Old Ratio - New Ratio. The gaining ratio is calculated as New Ratio - Old Ratio. They are not necessarily the same as the old or new ratios unless specifically stated. Both are incorrect.

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Question #3

The 'Contingency Fund' of India is used for:

A. Unforeseen expenditure pending authorization by Parliament

B. Routine government expenses

C. Interest payments

D. Defense expenditure

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Correct Answer: Option A

Explanation:
Contingency Fund is at the disposal of the President to meet urgent unforeseen expenditure.

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

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