Under GST, what does HSN stand for? MCQ with Answer and Explanation
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Question #1
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Under the Income Tax Act, the 'TDS' on payment of commission or brokerage exceeding ₹15,000 in a financial year is governed by which section, and what is the rate?
Correct Answer: Option D
Explanation:
Section 194H mandates TDS at 5% on income by way of commission or brokerage (other than insurance commission) if the amount exceeds ₹15,000 in a financial year.
Section 194H mandates TDS at 5% on income by way of commission or brokerage (other than insurance commission) if the amount exceeds ₹15,000 in a financial year.
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
Question #2
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A hybrid system of accounting is a mixture of:
Correct Answer: Option A
Explanation:
In a hybrid system, typically incomes are recorded on a cash basis while expenses are recorded on an accrual basis.
In a hybrid system, typically incomes are recorded on a cash basis while expenses are recorded on an accrual basis.
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
Question #3
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Under GST, the 'Taxable Event' is:
Correct Answer: Option A
Explanation:
GST is levied on 'supply' rather than manufacture or sale alone.
GST is levied on 'supply' rather than manufacture or sale alone.
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
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