Current Affairs MCQ for UPSC Exams – 13 February 2016

Current Affairs MCQ for UPSC Exams – 13 February 2016

Q.1- Which of the following is correct according to the Undisclosed Foreign Income and Assets Bill, 2015?

1. The Bill will apply to Indian residents
2. It seeks to replace the Income Tax (IT) Act, 1961 for the taxation of foreign income.
3. The penalty for nondisclosure of foreign income or assets would be equal to four times the amount of tax payable, in addition to tax payable at 30%.

A. 1, 2
B. 1, 3
C. 2, 3
D. All

Q.2- Consider the following statements and mark the correct option?

1. Compost making requires dry breaking of material into humus
2. Compost is a key ingredient in organic farming
A. 1 only
B. 2 only
C. Both
D. None

Q.3- Recently NSEL has been merged with which of the following?

A. NAFED
B. NCDEX
C. FTIL
D. None of the above

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