The 'Income Tax Department' in India works under: MCQ with Answer and Explanation

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The 'Income Tax Department' in India works under:

A. RBI

B. SEBI

C. Ministry of Finance

D. NITI Aayog

Answer: Option C

Solution (By JKSSB Mock Tests)

Income Tax Department is under the Ministry of Finance.

This question belongs to: Economy GK Economy Set 1

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Question #1

The 'SAARC' grouping includes how many member countries?

A. 6

B. 10

C. 8

D. 12

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Correct Answer: Option C

Explanation:
SAARC has 8 member countries.

This question belongs to: Economy GK Economy Set 1

Question #2

The term 'Special Drawing Rights' can be used by member countries of the IMF for:

A. Only purchasing gold

B. Settling international payments and as a reserve asset

C. Only financing fiscal deficit

D. Only domestic transactions

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Correct Answer: Option B

Explanation:
SDRs are international reserve assets that can be exchanged for freely usable currencies and used in transactions among IMF members and prescribed holders.

This question belongs to: Economy GK Economy Set 1

Question #3

In the context of demand theory, the law of demand states that, ceteris paribus:

A. Income and quantity demanded are inversely related

B. Price and quantity demanded are positively related

C. Price and quantity demanded are inversely related

D. Price and supply are inversely related

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Correct Answer: Option C

Explanation:
The law of demand states that, other things remaining constant, the quantity demanded of a commodity falls when its price rises and rises when its price falls, indicating an inverse relationship between price and quantity demanded.

This question belongs to: Economy GK Economy Set 1

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