The 'Fair Value' measurement is a key feature of: MCQ with Answer and Explanation
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Question #1
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Under the Income Tax Act, the deduction under Section 80C has a maximum limit of ₹1,50,000. Which of the following is NOT eligible for deduction under Section 80C?
Correct Answer: Option C
Explanation:
Contributions to NPS Tier-I are eligible for deduction under Section 80CCD(1) (within the 80C limit) and an additional ₹50,000 under 80CCD(1B). However, the question asks what is not eligible *under 80C specifically*. Actually, NPS Tier 1 is under 80CCD. Let me rephrase to be precise.
Contributions to NPS Tier-I are eligible for deduction under Section 80CCD(1) (within the 80C limit) and an additional ₹50,000 under 80CCD(1B). However, the question asks what is not eligible *under 80C specifically*. Actually, NPS Tier 1 is under 80CCD. Let me rephrase to be precise.
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Accountancy and Statistics
Accountancy and Book Keeping
Question #2
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When a bill is dishonoured, the drawer records:
Correct Answer: Option A
Explanation:
On dishonour, drawee's account is debited (debtor again), and bank is credited as bank returns the bill.
On dishonour, drawee's account is debited (debtor again), and bank is credited as bank returns the bill.
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
Question #3
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The 'Presumptive Taxation' for professionals under Section 44ADA applies to gross receipts up to:
Correct Answer: Option B
Explanation:
Section 44ADA provides for presumptive income at 50% of gross receipts for specified professionals with receipts up to ₹50 lakh (now ₹75 lakh in some cases).
Section 44ADA provides for presumptive income at 50% of gross receipts for specified professionals with receipts up to ₹50 lakh (now ₹75 lakh in some cases).
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
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