UPSC Quiz – 2024 : IASbaba’s Daily Current Affairs Quiz 13th March 2024

IASbaba Daily Prelims Quiz

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The Current Affairs questions are based on sources like ‘The Hindu’, ‘Indian Express’ and ‘PIB’, which are very important sources for UPSC Prelims Exam. The questions are focused on both the concepts and facts. The topics covered here are generally different from what is being covered under ‘Daily Current Affairs/Daily News Analysis (DNA) and Daily Static Quiz’ to avoid duplication. The questions would be published from Monday to Saturday before 2 PM. One should not spend more than 10 minutes on this initiative.

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Question 1 of 5

1. Question

Consider the following statements about Bureau of Indian Standards (BIS)

It is the successor of the Indian Standards Institution (ISI), which was created in 1947 to ensure quality control and competitive efficiency.
BIS is functioning under the administrative control of the Ministry of Consumer Affairs, Food and Public Distribution.
Certification by the BIS is mandatory for milk powder, X-ray equipment, and gas cylinders.

How many of the statements given above are correct?

a) Only one
b) Only two
c) All three
d) None of the above

Correct

Solution (c)

Statement Analysis

Statement 1

Statement 2

Statement 3

Correct

· BIS is the National Standard Body of India established under the BIS Act 2016 for the harmonious development of the activities of standardization, marking, and quality certification of goods and for matters connected therewith or incidental thereto.

· The BIS is the successor of the Indian Standards Institution (ISI), which was created in 1947 to ensure quality control and competitive efficiency in the rapid industrialization expected in the early decades of India’s independence.

· The agency is headquartered in New Delhi and maintains regional and branch offices throughout the country.

· BIS is functioning under the administrative control of the Ministry of Consumer Affairs, Food and Public Distribution.

· BIS has been providing traceability and tangibility benefits to the national economy in a number of ways: providing safe, reliable quality goods; minimizing health hazards to consumers; promoting exports and imports substitute; control over proliferation of varieties etc. through standardization, certification, and testing.

· It operates product certification schemes through which it grants licenses to manufacturers covering practically every industrial discipline, from agriculture and textiles to electronics.

· Certification by the BIS is mandatory for certain classes of products—such as milk powder, X-ray equipment, and gas cylinders—that directly affect public health and safety.

· In other cases, voluntary, or optional certification or self-certification by the manufacturer may be permitted.

Context: The Government of India recently initiated a scheme through the Bureau of Indian Standards (BIS) for the upgradation and strengthening of the laboratory network in the country.

Incorrect

Solution (c)

Statement Analysis

Statement 1

Statement 2

Statement 3

Correct

· The agency is headquartered in New Delhi and maintains regional and branch offices throughout the country.

· BIS is functioning under the administrative control of the Ministry of Consumer Affairs, Food and Public Distribution.

· It operates product certification schemes through which it grants licenses to manufacturers covering practically every industrial discipline, from agriculture and textiles to electronics.

· Certification by the BIS is mandatory for certain classes of products—such as milk powder, X-ray equipment, and gas cylinders—that directly affect public health and safety.

· In other cases, voluntary, or optional certification or self-certification by the manufacturer may be permitted.

Context: The Government of India recently initiated a scheme through the Bureau of Indian Standards (BIS) for the upgradation and strengthening of the laboratory network in the country.

Question 2 of 5

2. Question

Consider the following statements about Minimum Alternate Tax (MAT)

The Finance Act, 1987 introduced MAT in the form of a tax on book profits in Income Tax Act, 1961.
When MAT for a company is greater than its normal tax liability, the difference between MAT and normal tax liability is called MAT Credit.

Choose the correct statement:

a) 1 only
b) 2 only
c) Both 1 and 2
d) Neither 1 nor 2

Correct

Solution (c)

Statement Analysis

Statement 1

Statement 2

Correct

· MAT is a tax mechanism intended to guarantee that businesses, particularly those who make significant profits, pay the government a minimum amount of tax.

· It was implemented in India in 1987 as a component of the Income Tax Act, 1961, and is applicable to all businesses operating in India or from other countries.

· The Finance Act, 1987 introduced MAT in the form of a tax on book profits in Section 115J of Income Tax Act.

· This tax was implemented to make sure that no person with a significant amount of income would be able to avoid paying taxes due to any exemptions.

· All companies are required to pay corporate tax based on which is higher of the following:

· Normal Tax Liability: Tax computed as per the normal provisions of the Income-tax Law, i.e., by applying the relevant tax rate to the taxable income of the company.

· Minimum Alternate Tax (MAT): Tax computed at 15% (previously 18.5%) on book profit plus cess and surcharge.

· MAT is calculated on the “book profits” of a company, which is different from the taxable profits computed under the regular provisions of the Income Tax Act.

· What is MAT credit? When the amount of MAT for a company is greater than its normal tax liability, the difference between MAT and normal tax liability is called MAT Credit.

Context: The Mumbai bench of the Income Tax Appellate Tribunal (ITAT) recently observed that the assessee was entitled to claim credit for Minimum Alternate Tax (MAT) under the Vivad se Vishwas (VSV) Scheme for the year under consideration.