The 'Tax Deduction and Collection Account Number' is used for: MCQ with Answer and Explanation

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The 'Tax Deduction and Collection Account Number' is used for:

A. depositing TDS and TCS

B. getting PAN

C. filing income tax returns only

D. opening a bank account

Answer: Option A

Solution (By JKSSB Mock Tests)

TAN is used for depositing tax deducted or collected at source.

This question belongs to: Economy GK Economy Set 1

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Question #1

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Which of the following is a feature of the long-run average cost curve under constant returns to scale?

A. Continuously rising

B. U-shaped due to fixed factors

C. Continuously falling

D. Horizontal

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Correct Answer: Option D

Explanation:
Under constant returns to scale, long-run average cost remains constant as output expands, resulting in a horizontal LAC curve.

This question belongs to: Economy GK Economy Set 1

Question #2

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The 'Goods and Services Tax' replaced which of the following state taxes?

A. Entry tax

B. Corporate tax

C. Wealth tax

D. Income tax

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Correct Answer: Option A

Explanation:
GST subsumed entry tax and other indirect taxes.

This question belongs to: Economy GK Economy Set 1

Question #3

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In the context of the Indian economy, the 'GST' is an example of:

A. A direct tax

B. An indirect tax with dual structure (Centre and States)

C. A corporate tax only

D. A wealth tax

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Correct Answer: Option B

Explanation:
Goods and Services Tax is a comprehensive indirect tax levied on the supply of goods and services, with a dual structure involving both the Centre and the States.

This question belongs to: Economy GK Economy Set 1

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