The 'Income Tax Assessment' in India is done by: MCQ with Answer and Explanation

Question

Share Report Error

The 'Income Tax Assessment' in India is done by:

A. NITI Aayog

B. Income Tax Department

C. RBI

D. SEBI

Answer: Option B

Solution (By JKSSB Mock Tests)

Income Tax assessment is done by the Income Tax Department.

This question belongs to: Economy GK Economy Set 1

Request complete Subject PDF

Discuss this Question (0)

No comments yet. Be the first to start the discussion!

Practice More Economy Set 1 Questions

Question #1

The Skill India Mission aims to:

A. promote imports

B. reduce population growth

C. train a large number of people in various skills

D. provide direct income support

View Answer & Solution Discuss

Get Complete Subject PDF for Economy GK

Correct Answer: Option C

Explanation:
Skill India aims to provide skill training to the workforce and improve employability.

This question belongs to: Economy GK Economy Set 1

Question #2

In the context of economic theory, the 'Law of Demand' may not hold in the case of:

A. Normal goods

B. Giffen goods and Veblen goods

C. Necessary goods only

D. All inferior goods

View Answer & Solution Discuss

Get Complete Subject PDF for Economy GK

Correct Answer: Option B

Explanation:
The law of demand does not hold for Giffen goods (where income effect outweighs substitution effect) and Veblen goods (where higher price increases demand due to prestige value).

This question belongs to: Economy GK Economy Set 1

Question #3

The 'Goods and Services Tax' rate on concerts and sporting events is:

A. 12%

B. 5%

C. 18%

D. 28%

View Answer & Solution Discuss

Get Complete Subject PDF for Economy GK

Correct Answer: Option C

Explanation:
Concerts and sporting events attract 18% GST.

This question belongs to: Economy GK Economy Set 1

Explore All Economy Set 1 MCQs