TDS on rent under Section 194I is deducted at: MCQ with Answer and Explanation

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TDS on rent under Section 194I is deducted at:

A. 10% for land/building, 2% for plant/machinery

B. 2%

C. 5% for all

D. 1%

Answer: Option A

Solution (By JKExamLibrary)

Section 194I: rent for plant/machinery 2%, for land/building/furniture 10%.

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

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Question #1 Report Error

If fixed costs are Rs 1,00,000, selling price is Rs 20, and variable cost is Rs 10 per unit, the Break-Even Sales in Rupees is:

A. Rs 2,00,000

B. Rs 50,000

C. Rs 10,000

D. Rs 1,00,000

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Correct Answer: Option A

Explanation:
Contribution per unit = 20 - 10 = Rs 10. BEP (Units) = 1,00,000 / 10 = 10,000 units. BEP (Sales) = 10,000 * 20 = Rs 2,00,000.

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

Question #2 Report Error

Under the Income Tax Act, if a taxpayer incurs a short-term capital loss of ₹2,00,000 and a long-term capital gain of ₹1,50,000 in the same year, what is the net taxable capital gain?

A. ₹50,000 (Long-term)

B. ₹3,50,000

C. Nil

D. ₹50,000 (Short-term)

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Correct Answer: Option C

Explanation:
Short-term capital loss can be set off against both STCG and LTCG. Here, the STCL of ₹2,00,000 is set off against the LTCG of ₹1,50,000. The remaining STCL of ₹50,000 is carried forward. The net taxable capital gain for the year is Nil.

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