UPSC Daily Quiz | 1 August 2024

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.

Subject: Current Affairs | Economy

Level of Difficulty: Easy | Factual

References:

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.

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 | Geography

Level of Difficulty: Difficult | Factual

References:

https://www.thehindu.com/news/national/kerala/wayanad-was-among-kerala-districts-that-ranked-high-on-isro-landslide-atlas/article68467556.ece

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 Sabha
  • 2. Members of the Lok Sabha

• 3. Union Ministers who are not members of either Lok Sabha or Rajya Sabha

• 4. Attorney General of India

• Parliamentary privileges are not available to the President of India.

Therefore, option (c) is the correct answer.

Subject: Current Affairs | Polity

Level of Difficulty: Easy | Factual

References:

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

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 | Miscellaneous

Level of Difficulty: Easy | Factual

References:

https://www.thehindu.com/news/national/iafs-largest-multilateral-exercise-tarang-shakti-to-see-participation-of-over-150-aircraft/article68469453.ece

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 | Economy

Level of Difficulty: Moderate | Factual

References:

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.