The 'Section 194R' requires TDS on: MCQ with Answer and Explanation
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Question #1
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If opening capital is Rs 1,00,000, closing capital is Rs 1,50,000, and drawings are Rs 20,000, what is the profit for the year assuming no additional capital?
Correct Answer: Option A
Explanation:
Profit = Closing Capital + Drawings - Opening Capital. Profit = 1,50,000 + 20,000 - 1,00,000 = Rs 70,000.
Profit = Closing Capital + Drawings - Opening Capital. Profit = 1,50,000 + 20,000 - 1,00,000 = Rs 70,000.
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
Question #2
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The 'Importer Exporter Code' (IEC) is mandatory for:
Correct Answer: Option C
Explanation:
IEC is a unique 10-digit code required for undertaking import/export, issued by DGFT.
IEC is a unique 10-digit code required for undertaking import/export, issued by DGFT.
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
Question #3
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S1: Under GST, the 'E-invoice' system generates an Invoice Reference Number (IRN) and a QR code. S2: The IRN is generated by the taxpayer's own accounting software without connecting to the government portal. Which statement(s) is/are correct?
Correct Answer: Option D
Explanation:
S1 is correct; e-invoicing generates an IRN and QR code. S2 is incorrect because the IRN is generated by the Invoice Registration Portal (IRP) of the government, not locally by the taxpayer's software without validation.
S1 is correct; e-invoicing generates an IRN and QR code. S2 is incorrect because the IRN is generated by the Invoice Registration Portal (IRP) of the government, not locally by the taxpayer's software without validation.
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
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