The 'Section 115BAC' relates to: MCQ with Answer and Explanation

The 'Section 115BAC' relates to:

A. New tax regime for individuals and HUFs

B. Minimum Alternate Tax

C. Alternate Minimum Tax

D. Tax on dividends

Answer: Option A

Section 115BAC provides the concessional tax regime for individuals/HUFs.

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

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Question #1 Report Error

Which audit is conducted by an organization's own employees to evaluate the effectiveness of its internal controls?

A. Cost Audit

B. Tax Audit

C. Statutory Audit

D. Internal Audit

Correct Answer: Option D

Explanation:
Internal audit is an independent, objective assurance function within an organization, distinct from external statutory audits.

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

Question #2 Report Error

The due date for filing GSTR-1 (monthly) is:

A. Last day of month

B. 20th of next month

C. 11th of next month

D. 10th of next month

Correct Answer: Option C

Explanation:
For monthly filers, GSTR-1 is due on 11th of the following month.

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

Question #3 Report Error

A 'Non-Resident' is a person who:

A. Does not satisfy the basic conditions of residence

B. Has income only outside India

C. Lives abroad permanently

D. Is a foreign citizen

Correct Answer: Option A

Explanation:
Non-resident status is determined by fulfilling conditions under Section 6 of Income Tax Act.

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