The 'Annual Information Statement' in income tax is: MCQ with Answer and Explanation

Question

Share Report Error

The 'Annual Information Statement' in income tax is:

A. a statement of foreign travel

B. a statement of specified financial transactions

C. a statement of taxes only

D. a bank statement

Answer: Option B

Solution (By JKSSB Mock Tests)

AIS is a statement of specified financial transactions.

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

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

A. Phillips Curve

B. Engel Curve

C. Laffer Curve

D. Lorenz Curve

View Answer & Solution Discuss

Get Complete Subject PDF for Economy GK

Correct Answer: Option D

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 #2

The 'base year' for the current CPI-IW series is:

A. 2011-12

B. 2016

C. 2001

D. 2012

View Answer & Solution Discuss

Get Complete Subject PDF for Economy GK

Correct Answer: Option B

Explanation:
The current CPI-IW series has base year 2016.

This question belongs to: Economy GK Economy Set 1

Question #3

The 'Food Corporation of India' procures food grains at:

A. minimum export price

B. Minimum Support Price

C. market price

D. free of cost

View Answer & Solution Discuss

Get Complete Subject PDF for Economy GK

Correct Answer: Option B

Explanation:
FCI procures food grains at Minimum Support Price.

This question belongs to: Economy GK Economy Set 1

Explore All Economy Set 1 MCQs