Tax Deduction at Source means: MCQ with Answer and Explanation

Question

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Tax Deduction at Source means:

A. the taxpayer pays tax after assessment

B. the payer deducts tax at the time of payment and deposits it with the government

C. tax is waived

D. tax is paid by the employer after salary payment

Answer: Option B

Solution (By JKSSB Mock Tests)

TDS requires the payer to deduct tax at source and deposit it with the government.

This question belongs to: Economy GK Economy Set 1

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Question #1

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The 'Reserve Bank of India' was nationalized on:

A. 1 January 1949

B. 15 August 1947

C. 1 January 1947

D. 26 January 1950

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Correct Answer: Option A

Explanation:
The RBI was nationalized on 1 January 1949.

This question belongs to: Economy GK Economy Set 1

Question #2

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Which of the following is a tool to measure income inequality?

A. Phillips Curve

B. Laffer Curve

C. Lorenz Curve

D. Engel Curve

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Correct Answer: Option C

Explanation:
The Lorenz Curve plots the cumulative percentage of income against the cumulative percentage of population and is used to measure income inequality (along with the Gini coefficient).

This question belongs to: Economy GK Economy Set 1

Question #3

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The 'Goods and Services Tax' on goods and services is a tax on:

A. consumption

B. property

C. income

D. wealth

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Correct Answer: Option A

Explanation:
GST is a tax on consumption of goods and services.

This question belongs to: Economy GK Economy Set 1

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