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. Ministry of Finance

B. SEBI

C. NITI Aayog

D. RBI

Answer: Option A

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

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The 'Universal Account Number' is related to which social security scheme?

A. EPF

B. Pension

C. Insurance

D. Maternity benefit

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Correct Answer: Option A

Explanation:
UAN is the universal account number for EPF members.

This question belongs to: Economy GK Economy Set 1

Question #2

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The 'Paris Agreement' on climate change was adopted in which year?

A. 2012

B. 2015

C. 2016

D. 2018

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Correct Answer: Option B

Explanation:
The Paris Agreement was adopted in 2015.

This question belongs to: Economy GK Economy Set 1

Question #3

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The term 'Quantitative Easing' refers to:

A. Large-scale purchase of assets by the central bank to inject liquidity

B. Increase in CRR

C. Reduction in government expenditure

D. Increase in policy interest rates

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Correct Answer: Option A

Explanation:
Quantitative easing is an unconventional monetary policy tool whereby a central bank purchases large quantities of financial assets to inject liquidity into the economy when interest rates are already near zero.

This question belongs to: Economy GK Economy Set 1

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