The 'Advance Tax' is payable in instalments by: MCQ with Answer and Explanation

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The 'Advance Tax' is payable in instalments by:

A. only companies

B. all citizens

C. only salaried individuals

D. persons whose estimated tax liability exceeds Rs 10,000

Answer: Option D

Solution (By JKSSB Mock Tests)

Advance tax is payable if estimated tax liability exceeds Rs 10,000 in a year.

This question belongs to: Economy GK Economy Set 1

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Practice More Economy Set 1 Questions

Question #1

The concept of 'Effective Demand' was introduced by:

A. John Maynard Keynes

B. Supply-side economists

C. Classical economists

D. Monetarists

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Correct Answer: Option A

Explanation:
Keynes introduced the concept of effective demand, which is the level of aggregate demand that is equal to aggregate supply and determines the level of employment and output.

This question belongs to: Economy GK Economy Set 1

Question #2

The 'Stand-Up India' scheme provides loans from Rs 10 lakh to:

A. Rs 1 crore

B. Rs 10 crore

C. Rs 5 crore

D. Rs 50 lakh

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Correct Answer: Option A

Explanation:
Stand-Up India provides loans from Rs 10 lakh to Rs 1 crore.

This question belongs to: Economy GK Economy Set 1

Question #3

The 'Central Information Commission' is a:

A. executive body

B. statutory body

C. constitutional body

D. private body

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Correct Answer: Option B

Explanation:
The Central Information Commission is a statutory body under RTI Act.

This question belongs to: Economy GK Economy Set 1

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