The 'Commodities Transaction Tax' (CTT) is levied on: MCQ with Answer and Explanation

The 'Commodities Transaction Tax' (CTT) is levied on:
A. Non-agricultural commodity derivatives
B. All commodities
C. Only gold
D. Agricultural commodities
Answer: Option A
Solution (By JKExamLibrary)
CTT is levied on trading in non-agricultural commodity derivatives.

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Practice More Accountancy and Book Keeping Questions

Question #1 Report Error
The 'Comptroller and Auditor General' (CAG) is appointed by:
A. President of India
B. Parliament
C. Finance Minister
D. Prime Minister

Correct Answer: Option A


Explanation:
CAG is appointed by the President under Article 148.

Question #2 Report Error
The 'Independence' of auditor means:
A. Auditor is a relative of management
B. Auditor can take loan from client
C. Auditor can hold shares in the client company
D. Auditor is free from any influence that could compromise professional judgment

Correct Answer: Option D


Explanation:
Independence in mind and appearance is fundamental to audit.

Question #3 Report Error
The 'MAT credit' can be carried forward for:
A. Indefinite
B. 5 years
C. 8 years
D. 15 years

Correct Answer: Option D


Explanation:
MAT credit can be carried forward for 15 assessment years.