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. 1961

B. 1965

C. 1972

D. 1956

Answer: Option A

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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Question #1

The Food Corporation of India is responsible for:

A. procurement, storage and distribution of food grains

B. controlling inflation

C. regulating stock exchanges

D. providing crop loans

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Correct Answer: Option A

Explanation:
FCI handles procurement, storage and distribution of food grains for the public distribution system.

This question belongs to: Economy GK Economy Set 1

Question #2

The 'India-UAE Comprehensive Economic Partnership Agreement' came into force in which year?

A. 2023

B. 2022

C. 2020

D. 2021

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Correct Answer: Option B

Explanation:
India-UAE CEPA came into force in May 2022.

This question belongs to: Economy GK Economy Set 1

Question #3

In the context of elasticity, if the cross elasticity of demand between two goods is positive, the goods are:

A. Substitutes

B. Inferior goods

C. Giffen goods

D. Complements

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Correct Answer: Option A

Explanation:
A positive cross elasticity of demand indicates that the goods are substitutes; a rise in the price of one increases the demand for the other.

This question belongs to: Economy GK Economy Set 1

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