The 'Tax Information Network' (TIN) in India is managed by: MCQ with Answer and Explanation
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Question #1
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The 'Level 1 Inputs' in fair value hierarchy are:
Correct Answer: Option B
Explanation:
Level 1 gives highest priority to quoted prices in active markets.
Level 1 gives highest priority to quoted prices in active markets.
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
Question #2
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Under the Income Tax Act, the 'TDS' on payment of professional fees exceeding ₹30,000 in a financial year is governed by which section, and what is the rate for individuals/HUFs?
Correct Answer: Option C
Explanation:
Section 194J mandates TDS at 10% on fees for professional services (and technical services) if the payment exceeds ₹30,000 in a financial year.
Section 194J mandates TDS at 10% on fees for professional services (and technical services) if the payment exceeds ₹30,000 in a financial year.
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
Question #3
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The 'Closing Stock' is valued on the basis of:
Correct Answer: Option D
Explanation:
Prudence convention and AS 2 require lower of cost and NRV.
Prudence convention and AS 2 require lower of cost and NRV.
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
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