Tax Book 2023

Method of Accounting & Records Chapter- 11

(b) cash basis

(c) both ‘a’ or ‘b’

(d) none of above

Q.18 Method of accounting for companies for business income is ____.

(a) Accrual basis

(b) cash basis

(c) both ‘a’ or ‘b’

(d) none of above

Q.19 A long term contract is a contract which is not completed in __.

(a) one year

(b) two years

(c) three years

(d) four years

Q.20 A long term contract may be for ____:

(a) Manufacture

(b) installation

(c) lease of assets

(d) all of above

Q.21 A person deriving income from other sources may keep his books of account at his ____.

(a) College

(b) university

(c) residence

(d) all of above

Q.22 A person may add ____ in the prescribed forms, according to his own requirements.

(a) Columns

(b) particulars

(c) both ‘a’ and ‘b’

(d) none of above

Q.23 A person with a business income up to Rs.____ is required to maintain the vouchers of
purchases and expenses.
(a) 100,000
(b) 200,000
(c) 300,000
(d) 5 00,000

Q.24 __ issued is the minimum document that is required to be maintained by a salaried
taxpayer.
(a) Salary certificate
(b) salary slips
(c) detail of personal expenses
(d) all of above

Q.25 Certificate for the tax deducted at source is the evidence of _____.

(a) Filing of income tax return