The 'Level 1 Inputs' in fair value hierarchy are: MCQ with Answer and Explanation
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Question #1
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The 'Tax Collected at Source' (TCS) on foreign remittance under Liberalised Remittance Scheme (LRS) is:
Correct Answer: Option B
Explanation:
TCS on LRS is 5% (now increased to 20% for certain purposes) on amount exceeding ₹7 lakh. As per current rules, 5% on amounts exceeding ₹7 lakh for purposes other than education/medical. The rate has changed recently to 20% for overseas tour packages, etc., but standard rate is 5% for others. I'll use 5% as the base rate for general remittance exceeding ₹7 lakh.
TCS on LRS is 5% (now increased to 20% for certain purposes) on amount exceeding ₹7 lakh. As per current rules, 5% on amounts exceeding ₹7 lakh for purposes other than education/medical. The rate has changed recently to 20% for overseas tour packages, etc., but standard rate is 5% for others. I'll use 5% as the base rate for general remittance exceeding ₹7 lakh.
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Accountancy and Statistics
Accountancy and Book Keeping
Question #2
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'Bills Payable' is shown under:
Correct Answer: Option A
Explanation:
Bills payable are obligations payable on demand or within a year, thus current liabilities.
Bills payable are obligations payable on demand or within a year, thus current liabilities.
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
Question #3
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The 'Provisional Assessment' under GST can be requested when:
Correct Answer: Option C
Explanation:
Provisional assessment under Section 60 allows payment of tax on a provisional basis when valuation/rate is uncertain.
Provisional assessment under Section 60 allows payment of tax on a provisional basis when valuation/rate is uncertain.
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
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