The 'self-assessment tax' is paid by a taxpayer: MCQ with Answer and Explanation

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The 'self-assessment tax' is paid by a taxpayer:

A. on the basis of self-computation before filing return

B. after assessment by the department

C. by employer only

D. only after a notice

Answer: Option A

Solution (By JKSSB Mock Tests)

Self-assessment tax is computed and paid by the taxpayer before filing return.

This question belongs to: Economy GK Economy Set 1

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Practice More Economy Set 1 Questions

Question #1

The 'Goods and Services Tax' rate on newspapers is:

A. 0%

B. 18%

C. 12%

D. 5%

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Correct Answer: Option A

Explanation:
Newspapers are exempt from GST.

This question belongs to: Economy GK Economy Set 1

Question #2

The 'National Curriculum Framework for Foundational Stage' was introduced as part of:

A. Digital India

B. Skill India

C. National Education Policy 2020

D. Make in India

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Correct Answer: Option C

Explanation:
NCF-FS is part of the implementation of NEP 2020.

This question belongs to: Economy GK Economy Set 1

Question #3

The term 'Open Market Operations' are conducted by the RBI to:

A. Manage liquidity and influence short-term interest rates

B. Fix the long-term fiscal deficit target

C. Regulate the stock market directly

D. Determine tax rates

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Correct Answer: Option A

Explanation:
Open Market Operations involve the buying and selling of government securities by the RBI to inject or absorb liquidity and thereby influence money market interest rates.

This question belongs to: Economy GK Economy Set 1

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