The mechanism by which a business can reduce its tax liability by claiming credit for taxes paid on purchases is called: MCQ with Answer and Explanation
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Question #1
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The 'Section 194N' of Income Tax Act deals with TDS on:
Correct Answer: Option C
Explanation:
TDS at 2% on cash withdrawals exceeding ₹1 crore (or ₹20 lakh for non-filers of returns).
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
Question #2
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Integrated Reporting (IR) differs from traditional financial reporting because it:
Correct Answer: Option D
Explanation:
IR provides a holistic view of the organization by interconnecting financial performance with sustainability, capitals (human, natural), and strategy.
IR provides a holistic view of the organization by interconnecting financial performance with sustainability, capitals (human, natural), and strategy.
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
Question #3
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Capital expenditure is recorded in:
Correct Answer: Option C
Explanation:
Capital expenditure results in acquisition of assets, shown on the asset side of Balance Sheet.
Capital expenditure results in acquisition of assets, shown on the asset side of Balance Sheet.
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
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