The 'Controller General of Accounts' (CGA) is under: MCQ with Answer and Explanation

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The 'Controller General of Accounts' (CGA) is under:

A. CAG

B. RBI

C. Ministry of Finance

D. NITI Aayog

Answer: Option C

Solution (By JKExamLibrary)

CGA is the principal accounting advisor to the Government of India, functioning under Ministry of Finance.

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

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Input Tax Credit under GST is available only if:

A. The supplier has uploaded the invoice in GSTR-1 and it appears in GSTR-2B

B. Goods are exempted

C. Goods are purchased from unregistered dealer

D. Payment is made in cash

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Correct Answer: Option A

Explanation:
ITC can be claimed only if the invoice details are reflected in the recipient's GSTR-2B.

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

Question #2 Report Error

The 'Country-by-Country Report' (CbCR) filing in India is required for MNE groups with consolidated revenue exceeding:

A. No threshold

B. ₹5,500 crore (€750 million)

C. ₹500 crore

D. ₹1,000 crore

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Correct Answer: Option B

Explanation:
The threshold is aligned with BEPS Action 13, i.e., €750 million.

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

Question #3 Report Error

'Benami Transactions' are prohibited under:

A. Income Tax Act

B. Companies Act

C. GST Act

D. Benami Transactions (Prohibition) Act, 1988

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Correct Answer: Option D

Explanation:
Benami property transactions are illegal under the Benami Act.

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

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