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
- Integrated Goods and Service Tax (IGST) is chargeable on ex-factory inter-State supplies.
- The salary of a director in a company is not liable to be taxed under Goods and Services Tax (GST).
Select the correct statements
Correct
Solution (c)
AAR bench has clarified that if the director, is an employee of the company, there will be no incidence of GST. However, if the director is a non-executive director (ie: a nominated director), and provides his or her services to the company, then the remuneration paid is subject to GST.
AAR ruled that Integrated Goods and Service Tax (IGST) is chargeable on ex-factory inter-State supplies.
Incorrect
Solution (c)
AAR bench has clarified that if the director, is an employee of the company, there will be no incidence of GST. However, if the director is a non-executive director (ie: a nominated director), and provides his or her services to the company, then the remuneration paid is subject to GST.
AAR ruled that Integrated Goods and Service Tax (IGST) is chargeable on ex-factory inter-State supplies.
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Question 2 of 5
2. Question
The terms ‘Asu’, ‘Madhura’, ‘Vistaara’ and ‘Chitra’ is associated with
Correct
Solution (a)
There are four types of poets: Asu kavi — the spontaneous poet; madhura kavi — one whose verses are pleasing; vistaara kavi — one whose poetry is elaborate and chitra kavi — one whose words come together to form an image.
Source: https://www.thehindu.com/society/faith/wizard-of-words/article31773255.ece#:~:text=There%20are%20four%20types%20of,together%20to%20form%20an%20image.
Incorrect
Solution (a)
There are four types of poets: Asu kavi — the spontaneous poet; madhura kavi — one whose verses are pleasing; vistaara kavi — one whose poetry is elaborate and chitra kavi — one whose words come together to form an image.
Source: https://www.thehindu.com/society/faith/wizard-of-words/article31773255.ece#:~:text=There%20are%20four%20types%20of,together%20to%20form%20an%20image.
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Question 3 of 5
3. Question
‘Li’, a folk song was in news recently. It is primarily associated with which of the following states?
Correct
Solution (b)
Li is folk songs of the Chakesang tribe of Nagaland. Literally, Li means Folksong in the Chokri language spoken by the Chakhesang tribe of Nagaland. It often takes the place of conversation and is known to beautifully communicate feelings, ideas and engage people in a circle of warmth and friendship.
Incorrect
Solution (b)
Li is folk songs of the Chakesang tribe of Nagaland. Literally, Li means Folksong in the Chokri language spoken by the Chakhesang tribe of Nagaland. It often takes the place of conversation and is known to beautifully communicate feelings, ideas and engage people in a circle of warmth and friendship.
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Question 4 of 5
4. Question
Consider the following statements with respect to ‘Employee Stock Option Plans (ESOPs)’.
- It allows an employee to own equity shares of the employer company over a certain period of time.
- ESOPs are taxed at two instances.
Select the correct statements
Correct
Solution (c)
To compensate for the salary cuts, many companies are offering employee stock option plans (Esops). The benefit allows employees to buy stocks in the company where they work at a lower price than the fair market value (FMV).
Esops are taxed twice. Once, when the employee purchases the stocks, and second, when an employee sells them. The taxation is different for listed and unlisted companies.
Incorrect
Solution (c)
To compensate for the salary cuts, many companies are offering employee stock option plans (Esops). The benefit allows employees to buy stocks in the company where they work at a lower price than the fair market value (FMV).
Esops are taxed twice. Once, when the employee purchases the stocks, and second, when an employee sells them. The taxation is different for listed and unlisted companies.
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Question 5 of 5
5. Question
‘Pitambar’, ‘Prabha’, ‘Rajendra Sonia’ and ‘Roma’ are varieties of
Correct
Solution (a)
‘Pitambar’, ‘Prabha’, ‘Rajendra Sonia’ and ‘Roma’ varieties of Turmeric.
Incorrect
Solution (a)
‘Pitambar’, ‘Prabha’, ‘Rajendra Sonia’ and ‘Roma’ varieties of Turmeric.
