The 'GST Amnesty Scheme' provides: MCQ with Answer and Explanation

The 'GST Amnesty Scheme' provides:

A. Exemption from all taxes

B. Waiver of late fees for non-filers of returns for past periods

C. Reduction in tax rates

D. No benefit

Answer: Option B

Amnesty schemes allow filing of pending returns with reduced/waived late fees.

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

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Question #1 Report Error

Which transaction will increase an asset and decrease another asset, keeping the accounting equation unchanged?

A. Purchase of machinery for cash

B. Goods purchased on credit

C. Payment to a creditor

D. Introduction of capital

Correct Answer: Option A

Explanation:
Purchasing machinery for cash increases the Machinery asset and decreases the Cash asset by the same amount.

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

Question #2 Report Error

The 'National Company Law Tribunal' (NCLT) deals with:

A. Tax disputes

B. Criminal cases

C. Labour disputes

D. Company law matters including insolvency and merger

Correct Answer: Option D

Explanation:
NCLT adjudicates corporate disputes, mergers, winding up, etc.

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

Question #3 Report Error

The 'Section 194N' of Income Tax Act deals with TDS on:

A. Rent

B. Commission

C. Cash withdrawals exceeding certain limits from bank accounts

D. Professional fees

Correct Answer: Option C

Explanation:
TDS at 2% on cash withdrawals exceeding ₹1 crore (or ₹20 lakh for non-filers of returns).

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