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. getting PAN

B. depositing TDS and TCS

C. opening a bank account

D. filing income tax returns only

Answer: Option B

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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Practice More Economy Set 1 Questions

Question #1

The 'Balance of Payments' current account includes which of the following?

A. External commercial borrowing

B. Foreign direct investment

C. Portfolio investment

D. Net income from abroad

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Correct Answer: Option D

Explanation:
Net income from abroad is part of the current account.

This question belongs to: Economy GK Economy Set 1

Question #2

Which of the following was NOT part of the 1991 economic reforms?

A. Abolition of industrial licensing for most industries

B. Nationalization of commercial banks

C. Opening up to foreign investment

D. Reduction of import tariffs

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Correct Answer: Option B

Explanation:
Nationalization of commercial banks was done earlier in 1969 and 1980, not in the 1991 reforms.

This question belongs to: Economy GK Economy Set 1

Question #3

The 'Goods and Services Tax' on lottery, betting and gambling is part of the:

A. 12% slab

B. 5% slab

C. 18% slab

D. 28% slab plus cess

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Correct Answer: Option D

Explanation:
Lottery, betting and gambling are in the 28% slab.

This question belongs to: Economy GK Economy Set 1

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