HomeDaily QuizUPSC Daily Quiz | 1 August 2024 UPSC Daily Quiz | 1 August 2024Daily Quiz, July 2024 | By admin /5 Daily Quiz - 1 August Tarun IAS offers a variety of courses and resources for UPSC aspirants, including a section for daily current affairs and quizzes. The institute was established with the goal of providing high-quality education and preparing students for the IAS exams. They aim to offer education that is up to date, challenging, and accessible regardless of the student's location or the time of dayTarun IAS emphasizes the importance of Current Affairs in both the prelims and mains of the UPSC exams, offering extensive materials and notes on the subject. Her For the most current and specific daily MCQs related to current affairs or any other subject, please click on the link below. 1 / 5 Q1. How does indexation help in tax savings on long-term capital gains from the sale of assets? It reduces the cost of acquisition of the asset by adjusting it for inflation. It increases the selling price of the asset to account for inflation. It lowers the income tax slab for individuals with long-term capital gains. It provides a complete exemption from long-term capital gains tax. Explanation:Relevance: The Union Finance Minister has done away with indexation for computing long-term capital gains (LTCG) tax.Option (a) is correct: Indexation is a method used to adjust the purchase price of an asset for inflation. By increasing the purchase price, the capital gains (the difference between the selling price and purchase price) are reduced. This lower capital gain leads to a lower tax liability. Indexation ensures that taxpayers are taxed on real gains rather than gains at prevailing prices, which are a result of general increase in prices, and not economic growth, during the course.Options (b), (c), and (d) are not correct. Indexation does not affect the selling price, tax slabs, or provide complete exemption. It solely impacts the calculation of the purchase price for tax purposes.Therefore, option (a) is the correct answer.Value AdditionCapital Assets means any kind of property owned by an individual whether or not connected with business or profession such as immovable property, jewellery, bonds, stocks, mutual funds, patents, trademarks etc. However, some assets are not classified as capital assets in India – for example, agricultural land in rural India, clothes and furniture held for personal use, certain types of bonds, and so on. The tax levied on profit or gain earned on selling/transferring such capital assets is called capital gains tax.Depending on the holding period of capital assets, capital gains tax can be Long term Capital Gains Tax (LTCG) or Short term Capital Gains Tax (STCG). Such holding period can vary for different categories of capital assets.Subject: Current Affairs | EconomyLevel of Difficulty: Easy | FactualReferences:https://www.thehindu.com/business/Economy/discarding-indexation-for-long-term-capital-gains-explained/article68470234.ece#:~:text=The%20story%20so%20far%3A%20Finance,has%20not%20drawn%20much%20enthusiasm. 2 / 5 Q2. Arrange the following districts of India in descending order of their exposure to landslides in terms of key socio-economic parameters:1) Rudraprayag2) Thrissur 3) Rajauri 4) Wayanad Select the correct answer using the code given below. 4, 1, 2, 3 2, 4, 1, 3 1, 2, 3, 4 3, 2, 1, 4 Explanation:Relevance: Wayanad is grappling with the horror of a deadly landslide disaster.Wayanad, which is grappling with the horror of a deadly landslide disaster, was among several places in Kerala that had been featured high on a national-level database created by the Indian Space Research Organisation (ISRO) in 2023 based on exposure to landslides in terms of “key socio-economic parameters”.Among 147 districts in 17 States and two Union Territories, Wayanad is ranked 13th, while Thrissur, Palakkad, Malappuram and Kozhikode are ranked third, fifth, seventh and 10th, respectively, in the Landslide Atlas of India prepared by the National Remote Sensing Centre, one of the ISRO centres, in February 2023.Rudraprayag in Uttaranchal was ranked first in the landslide atlas, which specifically looked at landslide-prone Western Ghats and Himalayan regions.Tehri Garhwal and Rajauri were at the 2nd and 4th spot respectively.Hence, the correct order is: Rudraprayag - Thrissur - Rajauri - Wayanad Therefore, option (c) is the correct answer.Subject: Current Affairs | GeographyLevel of Difficulty: Difficult | FactualReferences:https://www.thehindu.com/news/national/kerala/wayanad-was-among-kerala-districts-that-ranked-high-on-isro-landslide-atlas/article68467556.ece 3 / 5 Q3. Consider the following:1) Members of the Rajya Sabha2) Attorney General of India3) Union Ministers who are not members of either Lok Sabha or Rajya Sabha4) President of IndiaHow many of the above are eligible for Parliamentary Privileges? Only one Only two Only three All four Explanation:Relevance: The Madras High Court has held that the breach of privilege proceedings initiated against Members of the Legislative Assembly (MLAs) could continue even after the dissolution of the Assembly to which they had been elected and such incomplete proceedings could not be considered to have lapsed after the election of the next Assembly.Parliamentary privileges refer to the special rights, immunities, and exemptions enjoyed by the two Houses of Parliament, their committees, their members, and those persons who are entitled to speak and take part in the proceedings of a House of Parliament or any of its committees. Parliamentary privileges are available to:1. Members of the Rajya Sabha2. Members of the Lok Sabha3. Union Ministers who are not members of either Lok Sabha or Rajya Sabha4. Attorney General of IndiaParliamentary privileges are not available to the President of India.Therefore, option (c) is the correct answer.Subject: Current Affairs | PolityLevel of Difficulty: Easy | FactualReferences:https://www.thehindu.com/news/national/tamil-nadu/breach-of-privilege-proceedings-against-mlas-can-continue-even-after-dissolution-of-assembly-madras-high-court/article68467532.ece#:~:text=The%20Madras%20High%20Court%20on,have%20lapsed%20after%20the%20election 4 / 5 Q4. Tarang Shakti, which was recently in the news, refers to: A new indigenous missile developed by India. A solar power project undertaken by the Indian government. A multinational air exercise hosted by India. A new agricultural technology for increasing crop yield. Explanation:Relevance: The Indian Air Force is all set to host its largest multilateral exercise, Tarang Shakti.Tarang Shakti is the name of India's first multinational air exercise. It involves the participation of several countries and aims to enhance cooperation and interoperability among air forces.Therefore, option (c) is the correct answer.Subject: Current Affairs | MiscellaneousLevel of Difficulty: Easy | FactualReferences:https://www.thehindu.com/news/national/iafs-largest-multilateral-exercise-tarang-shakti-to-see-participation-of-over-150-aircraft/article68469453.ece 5 / 5 Q5. With reference to the Index of Eight Core Industries, consider the following statements:1) It is a monthly production index.2) It has 2011-12 as the base year.3) It is compiled by the Central Statistics Office.Which of the statements given above are correct? 1 and 2 only 2 and 3 only 1 and 3 only 1, 2 and 3 Explanation:Relevance: The Core sector growth slips to 20-month low of 4%.The Index of Eight Core Industries is released by the Office of Economic Adviser, Department for Promotion of Industry and Internal Trade (DPIIT), Ministry of Commerce and Industry. Hence, statement 3 is not correct.Index of Eight Core Industries has the base: 2011-12. Hence, statement 2 is correct.The Eight Core Industries comprise 40.27 % of the weight of items included in the Index of Industrial Production (IIP).The Index of Eight Core Industries is a monthly production index, which is also considered as a lead indicator of the monthly industrial performance. Hence, statement 1 is correct.Since April, 2014, Electricity generation data from Renewable sources are also included. ICI measures combined and individual performance of production in selected eight core industries.The eight core industries are, in descending order of their weights:Petroleum Refinery Products (weight: 28.04%) Electricity (weight: 19.85%) Steel (weight: 17.92 %)Coal production (weight: 10.33 %) Crude Oil (weight: 8.98 %) Natural Gas (weight: 6.88 %) Cement (weight: 5.37%)Fertilizer (weight: 2.63 %) Therefore, option (c) is the correct answer.Subject: Current Affairs | EconomyLevel of Difficulty: Moderate | FactualReferences:https://www.thehindu.com/business/Industry/key-infra-sectors-growth-slows-down-to-4-in-june/article68468692.ece#:~:text=Growth%20in%20India's%20eight%20core,first%20time%20in%20five%20months. Your score is 0% Restart quiz
