The 'Income Tax Act' in India was enacted in which year? MCQ with Answer and Explanation

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

A. 1972

B. 1956

C. 1961

D. 1965

Answer: Option C

Solution (By JKSSB Mock Tests)

The Income Tax Act was enacted in 1961.

This question belongs to: Economy GK Economy Set 1

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Practice More Economy Set 1 Questions

Question #1

The Kisan Credit Card scheme provides farmers with:

A. free land

B. crop insurance only

C. subsidized fertilizers only

D. short-term and long-term credit facilities for agricultural needs

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Correct Answer: Option D

Explanation:
The Kisan Credit Card provides farmers with timely credit for cultivation and other agricultural needs.

This question belongs to: Economy GK Economy Set 1

Question #2

Advance tax is income tax that is:

A. paid in advance in instalments during the financial year

B. paid only by companies

C. paid after the end of the financial year

D. refunded by the government

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Correct Answer: Option A

Explanation:
Advance tax is paid in advance in instalments during the financial year instead of a lump sum at the end.

This question belongs to: Economy GK Economy Set 1

Question #3

The 'Goods and Services Tax' on engineering services is:

A. 28%

B. 12%

C. 5%

D. 18%

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Correct Answer: Option D

Explanation:
Engineering services attract 18% GST.

This question belongs to: Economy GK Economy Set 1

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