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. NITI Aayog

C. Ministry of Finance

D. SEBI

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 'White Revolution' in India is associated with which brand?

A. Safal

B. Amul

C. Mother Dairy

D. NDDB

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Correct Answer: Option B

Explanation:
The White Revolution, or Operation Flood, is associated with Amul and dairy cooperatives.

This question belongs to: Economy GK Economy Set 1

Question #2

The 'Export Promotion Capital Goods' scheme allows import of capital goods at:

A. only after export

B. higher duty

C. zero duty subject to export obligation

D. prohibited duty

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Correct Answer: Option C

Explanation:
EPCG allows import of capital goods at zero or concessional duty subject to export obligations.

This question belongs to: Economy GK Economy Set 1

Question #3

The 'Income Tax Act' in India was enacted in which year?

A. 1972

B. 1956

C. 1965

D. 1961

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Correct Answer: Option D

Explanation:
The Income Tax Act was enacted in 1961.

This question belongs to: Economy GK Economy Set 1

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