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Question 1

Which section of Income Tax Act, 1961 allows Finance Ministry to notify rules to share information about individual assesses?

Solution:
Answer : Option D
  • Finance Ministry notifies rules to share information about individual assesses to help in identifying eligible beneficiaries under PM-KISAN Yojana.
  • Information about individual assesses is not normally shared by Income Tax Department.
  • But, Income Tax Act, 1961 has a section 138 that allows Joint Secretary (Farmers Welfare) to get information about income tax assesses.
  • The sub-clause (ii) of clause (a) of sub-section (1) of Section 138 of the IT Act, 1961 allows the exception for information sharing.

Hence, (d) is the correct answer.


Question 2

Which of the following has recently appealed to Ministry of Personnel, Public Grievance/ Pensions to ask banks for sending Form XVI by post?

Solution:
Answer : Option A
  • Coimbatore Consumer Cause (CCC) has appealed to Ministry of Personnel, Public Grievance/ Pensions to ask banks for sending Form XVI by post.
  • As of now, banks are calling pensioners to branch for collection of Form XVI, which is used for filing Income Tax Return.

Hence, (a) is the correct answer.


Question 3

RBI has approved Route One Investment Company (ROIC)'s proposal to raise its stake in

Solution:
Answer : Option D
  • RBI has approved ROIC's proposal to raise its stake in IndusInd Bank from 4.96% to 10%.
  • Route One Investment Company (ROIC)'s stake or shareholding will be increased up to 10% of IndusInd Bank's paid-up voting equity capital.

Hence, (d) is the correct answer.


Question 4

Which of the following has recently downgraded Long-Term Issuer Default Rating (IDR) of Future Retail?

Solution:
Answer : Option B
  • Long-Term Issuer Default Rating (IDR) of Future Retail has been downgraded by Fitch.
  • Company's earlier rating was CCC+. It has been now downgraded to C.
  • Fitch has also downgraded rating on company's $500 million 5.6% senior secured notes from CCC+ to C.

Hence, (b) is the correct answer.


Question 5

Government has notified Consumer Protection (E-Commerce) Rules, 2020. The rules will be applied to all electronic retailers

Solution:
Answer : Option E
  • Consumer Protection (E-Commerce) Rules, 2020 have been notified by government.
  • The new rules mandate that e-commerce companies should display country of origin on products and expiry date of goods.
  • The rules will be applied to all electronic retailers registered in India or abroad and selling goods and services to Indian consumers.
  • The new rules also require display of total price of goods and services and other charges.
  • Additionally, details about return, refund, exchange, warranty and guarantee, delivery and shipment should also be displayed.

Hence, (e) is the correct answer.


Question 6

Competition Commission of India has recently approved acquisition of ___________.

Solution:
Answer : Option D
  • Acquisition of Krishnapatnam port by APSEZL has been approved by Competition Commission of India.
  • After the approval, Adani Ports and Special Economic Zone Limited (APSEZL) will acquire equity shareholding and management control in Krishnapatnam Port Company Limited (KPCL). 

Hence, (d) is the correct answer.


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