The 'Vivad se Vishwas' scheme relates to: MCQ with Answer and Explanation

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The 'Vivad se Vishwas' scheme relates to:

A. Customs disputes

B. GST disputes

C. Indirect tax disputes

D. Direct tax disputes

Answer: Option D

Solution (By JKExamLibrary)

Vivad se Vishwas is a scheme for settlement of pending income tax disputes.

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

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Practice More Accountancy and Book Keeping Questions

Question #1 Report Error

Tax Deduction at Source (TDS) on salary is governed by:

A. Section 10

B. Section 194C

C. Section 80C

D. Section 192 of Income Tax Act

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Correct Answer: Option D

Explanation:
TDS on salary is covered under Section 192.

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

Question #2 Report Error

Revenue from sale of goods is recognized when:

A. Order is received

B. Cash is received

C. Risks and rewards are transferred to the buyer

D. Production is completed

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Correct Answer: Option C

Explanation:
As per AS 9 (Revenue Recognition), revenue from sale of goods is recognized when significant risks and rewards of ownership are transferred.

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

Question #3 Report Error

The 'Analytical Procedures' are required:

A. At planning, as substantive procedures, and at final review stage

B. Only at planning stage

C. Never

D. Only as substantive

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Correct Answer: Option A

Explanation:
SA 520 mandates analytical procedures at these stages.

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

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