The 'TDS' under GST is applicable to: MCQ with Answer and Explanation
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Question #1
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The 'Integrated Goods and Services Tax' on imports is levied under:
Correct Answer: Option C
Explanation:
IGST on imports is levied under IGST Act read with Customs Tariff Act.
IGST on imports is levied under IGST Act read with Customs Tariff Act.
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
Question #2
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The Trading Account shows a gross profit of Rs 50,000. Indirect expenses are Rs 20,000 and indirect income is Rs 5,000. What is the Net Profit?
Correct Answer: Option A
Explanation:
Net Profit = Gross Profit (50,000) + Indirect Income (5,000) - Indirect Expenses (20,000) = Rs 35,000.
Net Profit = Gross Profit (50,000) + Indirect Income (5,000) - Indirect Expenses (20,000) = Rs 35,000.
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
Question #3
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Assertion (A): Capital is treated as an internal liability of the business. Reason (R): The business and its owner are considered distinct entities under the Business Entity Concept.
Correct Answer: Option B
Explanation:
The Business Entity Concept treats the owner as a separate entity from the business, making the capital invested by the owner an internal liability.
The Business Entity Concept treats the owner as a separate entity from the business, making the capital invested by the owner an internal liability.
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
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