The basic exemption limit for an individual below 60 years under the new tax regime (AY 2024-25) is: MCQ with Answer and Explanation

The basic exemption limit for an individual below 60 years under the new tax regime (AY 2024-25) is:

A. ₹5,00,000

B. ₹3,00,000

C. ₹2,00,000

D. ₹2,50,000

Answer: Option B

Under the new regime, basic exemption limit is ₹3,00,000 for individuals below 60 years.

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

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Question #1 Report Error

A 'Debit Note' is sent by the buyer when returning goods to the supplier. It is used to:

A. Inform the supplier that his account has been credited

B. Record sales return

C. Record cash receipt

D. Inform the supplier that his account has been debited

Correct Answer: Option D

Explanation:
The debit note informs the supplier that the buyer has debited the supplier's account.

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

Question #2 Report Error

The main difference between cash basis and accrual basis is:

A. Timing of recognition of revenues and expenses

B. Trial balance preparation

C. Recording of transactions

D. Use of vouchers

Correct Answer: Option A

Explanation:
Cash basis recognises on cash flow; accrual on earning/incurring.

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

Question #3 Report Error

A credit sale of ₹10,000 to Ram was posted as ₹1,000. This is an error of:

A. Compensation

B. Commission

C. Omission

D. Principle

Correct Answer: Option B

Explanation:
Error of commission occurs when a transaction is incorrectly recorded, e.g., wrong amount, wrong posting.

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