Current Affairs MCQs Quiz for UPSC, IAS, UPPSC/UPPCS, MPPSC. BPSC, RPSC & All State PSC Exams
Date: 18 February 2023
Q1. Consider the following statements-
1. In India, Income tax is not applicable for income earned
from agriculture activities.
2. Tax avoidance is the legal practice of seeking to minimize a tax bill by
taking advantage of a loophole or exception to the rules, or adopting an
unintended interpretation of the tax code.
3. India has joined the Inclusive Framework of G20 countries to reduce the
impact of illicit trade and smuggling.
Which of the statements given above is/are correct?
a) 1 and 2 only
b) 1 and 3 only
c) 3 only
d) 1, 2 and 3
Answer: (A)
Explanation:
- As per section 10(1) of Income Tax Act 1961, agricultural income earned by the taxpayer in India is exempt from tax. Thus statement 1 is correct.
- Tax avoidance is the legal practice of seeking to minimize a tax bill by taking advantage of a loophole or exception to the rules, or adopting an unintended interpretation of the tax code. Therefore, statement 2 is also correct.
- In 2021, India joined the Inclusive Framework of G20 countries to reduce the impact of MNE tax abuse. Thus statement 3 is NOT correct.
Q2. Consider the following statements regarding the United Nations Convention on the Law of the Sea (UNCLOS):
1. UNCLOS was adopted in 1982 and entered into force in 1994.
2. The convention provides a comprehensive framework for the use and
conservation of the world's oceans and their resources.
3. The International Seabed Authority (ISA) is the regulatory body established
by UNCLOS to regulate mining activities in the international seabed area.
Which of the statements given above is/are correct?
a) 1 and 2 only
b) 2 and 3 only
c) 1 and 3 only
d) 1, 2 and 3
Answer: (D)
Explanation:
- UNCLOS was adopted in 1982 and entered into force in 1994. So, statement 1 is correct.
- The convention provides a comprehensive framework for the use and conservation of the world's oceans and their resources. So, statement 2 is correct.
- The International Seabed Authority (ISA) is the regulatory body established by UNCLOS to regulate mining activities in the international seabed area. So, statement 3 is correct.
Q3. Consider the following statements:
1. The Methane Challenge is an initiative by UNEP to
encourage oil and natural gas companies to adopt cost-effective technologies and
practices that improve operational efficiency and reduce methane emissions.
2. It is binding on oil and natural gas companies.
Which of the statement/s given above is/are correct?
a) 1 only
b) 2 only
c) Both 1 and 2
d) Neither 1 nor 2
Answer: (D)
Explanation:
- The Methane Challenge is an initiative by U.S. Environmental Protection Agency to encourage oil and natural gas companies to adopt cost-effective technologies and practices that improve operational efficiency and reduce methane emissions. Hence statement 1 is incorrect.
- It is a voluntary program where EPA partners with oil and gas operators through the Methane Challenge Partnership. Hence, statement 2 is incorrect.
Q4. Consider the following statements about the Mayor:
1. Tenure of the Mayors of cities in India is fixed 5 years.
2. He is the first citizen of the city.
Which of the above statements is/are correct?
a) 1 only
b) 2 only
c) Both 1 and 2
d) Neither 1 nor 2
Answer: (B)
Explanation:
- Tenure of Mayors of cities in India varies from 1 year to 5 years. Statement 1 not correct
- Governs the local civic body.
- Fixed tenure varies in different towns.
- The first citizen of city. Statement 2 correct
- Has two varied roles — Representation and upholding of the dignity of the city during ceremonial times and presiding over discussions of the civic house with elected representatives in a functional capacity.
Q5. Consider the following statement about Economic Survey:
1. The Survey provides a detailed report of the national
economy for the year along with forecasts. It touches upon everything from
agriculture to unemployment to infrastructure.
2. It is prepared by the Economic Division of the Department of Economic Affairs
(DEA).
Which of the statement/s given above is/are correct?
a) 1 only
b) 2 only
c) Both 1 and 2
d) Neither 1 nor 2
Answer: (C)
Explanation:
What is the Economic Survey?
- The Survey provides a detailed report of the national economy for the year along with forecasts. It touches upon everything from agriculture to unemployment to infrastructure. (Hence option 1 is correct)
- It is prepared by the Economic Division of the Department of Economic Affairs (DEA). The comments or policy solutions contained in the Survey are not binding on the government (Hence option 2 is correct)
Additional Information-
- GDP growth: The Survey said India’s growth estimate for FY23 is higher than for almost all major economies. “Despite strong global headwinds and tighter domestic monetary policy, if India is still expected to grow between 6.5 and 7.0 per cent, and that too without the advantage of a base effect, it is a reflection of India’s underlying economic resilience; of its ability to recoup, renew and re-energise the growth drivers of the economy,” said the Survey.
- Inflation: The RBI has projected headline inflation at 6.8% in FY23, outside its comfort zone of 2% to 6%. High inflation is seen as one big factor holding back demand among consumers. However, the Survey sounded optimistic about the inflation levels and trajectory, saying “it is not high enough to deter private consumption and also not so low as to weaken the inducement to invest.”
- Unemployment: The Survey said “employment levels have risen in the current financial year”, and that “job creation appears to have moved into a higher orbit with the initial surge in exports, a strong release of the “pent-up” demand, and a swift rollout of the capex.”
Solution. As both statements are correct, The correct option is (c).
