GK

1.

A recent news in a business newspapers read: “Indirect tax collections grew by 6.2% in the April-December period of this fiscal“. Which among the following is / are indirect taxes?
1. Excise
2. Custom
3. Service Tax
4. Property Tax
Choose the correct option from the codes given below:
[A]Only 1 & 2
[B]Only 1, 2 & 3
[C]Only 3 & 4
[D]1, 2, 3 & 4

2.As of 2014, the number of public sector banks in India is__?

[A]25
[B]27
[C]29
[D]22

3.A Non-Performing Asset of a non-agricultural loan book shall be a loan or advance where___:

[A]Interest and/or instalment of principal remain overdue for 90 days in respect of term loan
[B]The debtor is declared insolvent
[C]Payment of interest/instalment of principal has been irregular
[D]All of the above

4.Which one of the following is the new sub-category of the commercial real estate sector (CRE) as per the latest RBI directive?

[A]Residential projects
[B]Commercial projects
[C]Industrial projects
[D]SEZ projects

5.Though ULIPs (Unit Linked Insurance Plan) are considered to be a better investment vehicle it has failed to capture the imagination of the retail investors in India because of which of the following reasons?

[A]Regulatory jurisdictional fight between SEBI and IRDA
[B]They don’t offer better tax benefits
[C]They offer lesser returns compared to traditional insurance policies
[D]All of the above

6.The Shome committee which was appointed to look into the guidelines of General Anti Avoidance Rules (GAAR) has recommended retrospective application of tax law only in rarest of rare cases. Which of the following recommendation/s is/are made by this panel?

1.To correct anomalies in the statues of Tax laws,
2.To protect the tax base from abusive tax planning schemes with a purpose to avoid tax
3.To correct technical/procedural defects that impairs a substantive law
Choose the correct option from the codes given below:
[A]1 only
[B]2 only
[C]3 only
[D]1, 2 and 3

7.Recently the Cabinet Committee on Economic Affairs (CCEA) has deferred its decision on Accelerated Irrigation Benefit Programme (AIBP) for the 12th five year plan (FYP), because of which of the following reasons?

[A]Because of non-approval by Planning commission
[B]Reports suggesting underutilisation of full potential of irrigation projects created under 10th FYP
[C]To readdress changing nature of irrigation requirements
[D]All of the above

8.What is the current share of manufacturing sector in GDP?

[A]14.5%
[B]16%
[C]18%
[D]21%

9.Which one of the following was the purpose of appointment of Rangachary committee?

[A]Taxation of software Development Centres & IT Sector
[B]Taxation of Biotechnology and Pharmacy sector
[C]Taxation of MSME sector
[D]None of the above

10.Which of the following best defines a floating-rate bond?

[A]A bond with a fixed interest rate and has better yield than varying interest rate bond
[B]A bond with a fixed interest rate and has lower yield than varying interest rate bond
[C]A bond with a varying interest rate and has better yield than fixed interest rate bond
[D]A bond with a varying interest rate and has lower yield than fixed interest rate bond