The 'Form 26AS' is an income tax document that shows: MCQ with Answer and Explanation

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The 'Form 26AS' is an income tax document that shows:

A. salary only

B. tax deducted and deposited against PAN

C. stock holdings

D. bank statements

Answer: Option B

Solution (By JKSSB Mock Tests)

Form 26AS shows tax deducted and deposited against a PAN.

This question belongs to: Economy GK Economy Set 1

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Question #1

Which of the following is an automatic stabiliser in the fiscal system?

A. Discretionary increase in infrastructure spending

B. One-time stimulus package

C. Progressive income tax structure

D. Change in repo rate by the central bank

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Correct Answer: Option C

Explanation:
Progressive income taxes automatically increase the tax burden during expansions and reduce it during contractions, stabilising disposable income without new legislation.

This question belongs to: Economy GK Economy Set 1

Question #2

The 'bank rate' in India is currently aligned with:

A. CRR

B. reverse repo rate

C. repo rate

D. MSF rate

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Correct Answer: Option D

Explanation:
The bank rate is aligned with the MSF rate.

This question belongs to: Economy GK Economy Set 1

Question #3

The 'Finance Commission' recommends distribution of which tax proceeds between the Centre and states?

A. net proceeds of divisible taxes

B. corporate tax only

C. Customs duties only

D. central excise duties only

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Correct Answer: Option A

Explanation:
The Finance Commission recommends distribution of net proceeds of divisible taxes between Centre and states.

This question belongs to: Economy GK Economy Set 1

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