The 'Form 16' is issued by an employer to an employee and shows: MCQ with Answer and Explanation

Question

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The 'Form 16' is issued by an employer to an employee and shows:

A. stock holdings

B. loan details

C. bank account balance

D. salary paid and tax deducted

Answer: Option D

Solution (By JKSSB Mock Tests)

Form 16 shows salary and TDS details.

This question belongs to: Economy GK Economy Set 1

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Question #1

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Under NPA classification, a substandard asset is one that has remained NPA for:

A. less than 6 months

B. more than 5 years

C. 12 months or less

D. only 30 days

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Correct Answer: Option C

Explanation:
A substandard asset is one that has remained NPA for up to 12 months.

This question belongs to: Economy GK Economy Set 1

Question #2

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The 'occupational safety, health and working conditions code' was passed in which year?

A. 2020

B. 2019

C. 2021

D. 2022

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Correct Answer: Option A

Explanation:
The OSH Code was passed in 2020.

This question belongs to: Economy GK Economy Set 1

Question #3

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The 'Input Tax Credit' under GST allows a taxpayer to:

A. avoid filing returns

B. deduct tax paid on inputs from output tax liability

C. refund all taxes paid

D. pay tax only on exports

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Correct Answer: Option B

Explanation:
Input Tax Credit permits deduction of input tax from output tax liability to avoid cascading.

This question belongs to: Economy GK Economy Set 1

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