The 'General Anti-Avoidance Rule' in India was introduced in which year? MCQ with Answer and Explanation

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The 'General Anti-Avoidance Rule' in India was introduced in which year?

A. 2017

B. 2018

C. 2010

D. 2020

Answer: Option A

Solution (By JKSSB Mock Tests)

GAAR came into effect in India in April 2017.

This question belongs to: Economy GK Economy Set 1

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Question #1

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Which of the following is a characteristic of the informal sector in developing economies?

A. High capital intensity and formal contracts

B. Complete absence of employment

C. High degree of regulation

D. Easy entry, small scale and labour intensity

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Correct Answer: Option D

Explanation:
The informal sector is characterised by easy entry, small-scale operations, labour-intensive technology, lack of formal contracts and limited regulation.

This question belongs to: Economy GK Economy Set 1

Question #2

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The 'Income Tax Act' in India was enacted in which year?

A. 1956

B. 1965

C. 1961

D. 1972

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Correct Answer: Option C

Explanation:
The Income Tax Act was enacted in 1961.

This question belongs to: Economy GK Economy Set 1

Question #3

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Which of the following is NOT a measure of economic inequality?

A. Human Development Index as a pure inequality measure

B. Theil index

C. Gini coefficient

D. Lorenz curve

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Correct Answer: Option A

Explanation:
HDI is a composite measure of development (health, education, income). Gini coefficient, Lorenz curve and Theil index are specific measures of inequality.

This question belongs to: Economy GK Economy Set 1

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