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

Explanation:
Adverse selection occurs when asymmetric information exists before a contract is signed, leading to the selection of undesirable parties (e.g., high-risk individuals buying more insurance).

Explanation:
Trade deficit is a component of the balance of payments (external sector). Revenue, fiscal and primary deficits are concepts related to the government budget.

Explanation:
Services by foreign diplomatic missions are exempt from GST.