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. the basic exemption limit

B. Rs 10 lakh

C. Rs 5 lakh

D. Rs 1 lakh

Answer: Option A

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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Practice More Economy Set 1 Questions

Question #1

Real Time Gross Settlement is a payment system that:

A. settles transactions in batches

B. settles only retail transactions

C. settles high-value transactions individually in real time

D. does not require a bank account

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Correct Answer: Option C

Explanation:
RTGS settles high-value transactions individually and in real time.

This question belongs to: Economy GK Economy Set 1

Question #2

In the context of public goods, the free-rider problem leads to:

A. Efficient provision by private firms

B. No role for government

C. Over-provision of public goods by the market

D. Under-provision of public goods by the market

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Correct Answer: Option D

Explanation:
Because individuals can enjoy the benefits of a pure public good without paying, they have an incentive to free-ride, resulting in under-provision if left to the private market.

This question belongs to: Economy GK Economy Set 1

Question #3

Which of the following best describes 'Stagflation'?

A. High growth with low inflation

B. Low inflation with high unemployment

C. Deflation with full employment

D. High inflation accompanied by high unemployment and stagnant growth

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Correct Answer: Option D

Explanation:
Stagflation is a situation of simultaneous high inflation, high unemployment and stagnant or negative economic growth, posing a policy dilemma.

This question belongs to: Economy GK Economy Set 1

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