ACCOUNTING AND FINANCE PRACTICE

WHAT IS THE MAXIMUM DEDUCTION AMOUNT ALLOWED U/S 80 TTB OF INCOME TAX ACT,1961.

• 10000

• 150000

• 50000

• 25000

WHAT DOES AS 9 DEALS WITH ?

• Revenue Recognition

• Foreign Exchange

• Property Plant and Equipment

• Inventory

WHICH OF THE FOLLOWING PERSON CANNOT GET REGISTERED UNDER SECTION 10 OF CGST ACT,2017.

• Trader of Clothes

• Manufacturer of Plastic

• Resturant Service provider.

• Manufacturer of Ice Cream

What is the Maximum Amount of ITC Claimable?

• The Total GST paid on purchase

• The Amount of GST auto populated in GSTR 2A/2B

• The Amount of GST auto populated in GSTR 2A/2B along with the manually added purchased .

• The GST amount used for purchasing inventory for business

WHICH OF THE FOLLOWING PERSON CAN DO AUDIT OF A COMPANY

• A CA PARTNERSHIP FIRM

• A COMPANY PROVIDING CA SERVICES

• A CS APPOINTED BY THE GOVERNMENT

• A PRACTICING CMA

A person receives an increment of salary retrospectively from the PY 2011-12 in the PY 2022-23. Due to this, he requires to pay an extra tax of Rs 25000. Which Section of the Income Tax Act can he opt to save the said tax?

• Section 87A

• Section 89

• Section 88

• Section 90

Mr A has 3 children. A son aged 10 years and 2 twin daughters aged 6years. He received an educational allowance of Rs 100 per month for each child. What is the amount of exemption available to him in this case during the relevant PY?

• Rs 3600

• Rs 2400

• Rs 1200

• Rs 200

A land was sold on 20/10/2022 @Rs 1000000. The SDV of the Same Land as on that Day was Rs1300000. The land was purchased on 1/12/2020 for Rs 900000. Compute the Capital Gain on the land..

• LTCG RS 400000

• STCG RS 400000

• LTCG RS 300000

• STCG RS 300000

Company …………………….. Have a legal requirement to produce true and fair annual financial statement.

• Accountants

• External auditors

• Internal auditors

• Directors

Who formulates ACCOUNTING STANDARDS in India?

• ACCOUNTING STANDARDS BOARD OF ICAI

• NFRA

• NFRA WITH CONSULTATION OF ACCOUNTING STANDARDS BOARD OF ICAI

• CENTRAL GOVERNMENT