Advance tax is income tax that is: MCQ with Answer and Explanation

Question

Share Report Error

Advance tax is income tax that is:

A. paid after the end of the financial year

B. paid only by companies

C. paid in advance in instalments during the financial year

D. refunded by the government

Answer: Option C

Solution (By JKSSB Mock Tests)

Advance tax is paid in advance in instalments during the financial year instead of a lump sum at the end.

This question belongs to: Economy GK Economy Set 1

Request complete Subject PDF

Discuss this Question (0)

No comments yet. Be the first to start the discussion!

Practice More Economy Set 1 Questions

Question #1

The 'International Monetary Fund' Extended Fund Facility provides:

A. medium-term support for structural balance of payments problems

B. short-term loans

C. grants to all countries

D. only technical assistance

View Answer & Solution Discuss

Get Complete Subject PDF for Economy GK

Correct Answer: Option A

Explanation:
The Extended Fund Facility provides medium-term support for countries with structural BoP problems.

This question belongs to: Economy GK Economy Set 1

Question #2

The 'Goods and Services Tax' on construction services is:

A. 18% for commercial construction

B. 5%

C. 28%

D. 12%

View Answer & Solution Discuss

Get Complete Subject PDF for Economy GK

Correct Answer: Option A

Explanation:
Commercial construction services attract 18% GST.

This question belongs to: Economy GK Economy Set 1

Question #3

The 'Sustainable Development Goals' were adopted by the United Nations in which year?

A. 2016

B. 2020

C. 2015

D. 2000

View Answer & Solution Discuss

Get Complete Subject PDF for Economy GK

Correct Answer: Option C

Explanation:
The Sustainable Development Goals were adopted in 2015.

This question belongs to: Economy GK Economy Set 1

Explore All Economy Set 1 MCQs