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

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

A. SEBI

B. Income Tax Department

C. NITI Aayog

D. RBI

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

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Question #1

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Which of the following is NOT a component of Gross Domestic Product (GDP) calculated by the expenditure method?

A. Private final consumption expenditure

B. Net factor income from abroad

C. Government final consumption expenditure

D. Gross fixed capital formation

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Correct Answer: Option B

Explanation:
GDP by expenditure method includes private final consumption expenditure, government final consumption expenditure, gross fixed capital formation, and net exports. Net factor income from abroad is used to convert GDP into GNP, not a component of GDP itself.

This question belongs to: Economy GK Economy Set 1

Question #2

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The 'Sovereign Wealth Fund' is a state-owned investment fund that invests in:

A. only gold

B. only government bonds

C. various financial assets including equities and real estate

D. only domestic infrastructure

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Correct Answer: Option C

Explanation:
Sovereign wealth funds invest in financial assets such as equities, bonds and real estate.

This question belongs to: Economy GK Economy Set 1

Question #3

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The term 'Non-Performing Asset' (NPA) in banking refers to:

A. Cash reserves of the bank

B. Government securities held by banks

C. A loan on which interest or principal is overdue for a specified period

D. An asset that generates income regularly

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Correct Answer: Option C

Explanation:
An NPA is a loan or advance where interest or principal remains overdue for a period of more than 90 days (as per RBI norms for term loans).

This question belongs to: Economy GK Economy Set 1

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