The 'Income Tax Return' in India is filed by individuals whose income exceeds: MCQ with Answer and Explanation

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The 'Income Tax Return' in India is filed by individuals whose income exceeds:

A. Rs 1 lakh

B. Rs 5 lakh

C. the basic exemption limit

D. Rs 10 lakh

Answer: Option C

Solution (By JKSSB Mock Tests)

Individuals must file ITR if income exceeds the basic exemption limit.

This question belongs to: Economy GK Economy Set 1

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Question #1

The term 'revenue-neutral rate' in GST context means a rate that:

A. maximizes tax revenue

B. maintains the same revenue collection as pre-GST indirect taxes

C. eliminates all taxes

D. only applies to direct taxes

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Correct Answer: Option B

Explanation:
Revenue-neutral rate is the GST rate that preserves the existing indirect tax revenue.

This question belongs to: Economy GK Economy Set 1

Question #2

The concept of 'Pareto Efficiency' implies that:

A. All markets are perfectly competitive

B. Income is equally distributed

C. Resources can be reallocated to make someone better off without making anyone worse off

D. No reallocation can make one person better off without making someone else worse off

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Correct Answer: Option D

Explanation:
A Pareto efficient allocation is one where it is impossible to make any individual better off without making at least one individual worse off.

This question belongs to: Economy GK Economy Set 1

Question #3

The 'Merchandise Exports from India Scheme' was replaced by which scheme from 2021?

A. EPCG

B. SEIS

C. MEIS

D. RoDTEP

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Correct Answer: Option D

Explanation:
MEIS was replaced by the Remission of Duties and Taxes on Exported Products scheme.

This question belongs to: Economy GK Economy Set 1

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