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

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Advance tax is income tax that is:

A. paid only by companies

B. paid after the end of the financial year

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

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Practice More Economy Set 1 Questions

Question #1

The 'Estimates Committee' in Parliament examines:

A. judicial appointments

B. foreign policy

C. CAG reports

D. budget estimates and efficiency of expenditure

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Correct Answer: Option D

Explanation:
Estimates Committee examines budget estimates and efficiency of expenditure.

This question belongs to: Economy GK Economy Set 1

Question #2

The 'Central Statistics Office' has been merged with which organization to form the National Statistical Office?

A. NITI Aayog

B. Labour Bureau

C. Registrar General of India

D. National Sample Survey Office

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Correct Answer: Option D

Explanation:
CSO and NSSO were merged to form the National Statistical Office.

This question belongs to: Economy GK Economy Set 1

Question #3

The 'ASEAN' grouping has how many member countries?

A. 10

B. 12

C. 8

D. 14

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Correct Answer: Option A

Explanation:
ASEAN has 10 member countries.

This question belongs to: Economy GK Economy Set 1

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