[Mission 2023] Current Affairs Quiz , 3 Jun 2023

Solution: b)

Statement 2 is incorrect.

The physical temperature of an object determines the wavelength of the radiation it emits. The hotter the object, the shorter the wavelength of peak emission.

X-rays come from objects that are millions of degrees Celsius — such as pulsars, galactic supernova remnants, and black holes.

Source

Solution: b)

Statement 3 is incorrect.

Investors from 21 countries including the US, the UK, France, Australia, Japan have been exempted from the levy of angel tax for investment in unlisted Indian startups. Countries like Singapore, Netherlands and Mauritius, which constitute the major chunk of foreign direct investment in India, have not been included in the exemption list.

What are the notified categories of exempted investors from angel tax?

• Central Board of Direct Taxes (CBDT) listed excluded entities which include those registered with Sebi as Category-I FPI, Endowment Funds, Pension Funds and broad-based pooled investment vehicles where the number of investors in such vehicle or fund is more than 50, and the residents of 21 specified nations, including the US, UK, Australia, Germany and Spain.
• Other nations mentioned in the notification are Austria, Canada, Czech Republic, Belgium, Denmark, Finland, Israel, Italy, Iceland, Japan, Korea, Russia, Norway, New Zealand and Sweden.

What is angel tax? Which startups were excluded from its levy?

• The Finance Act, 2023, had amended Section 56(2)(viib) of the Income-tax Act.
• The provision, colloquially known as the ‘angel tax’ was first introduced in 2012 to deter the generation and use of unaccounted money through the subscription of shares of a closely held company at a value that is higher than the fair market value of the firm’s shares.
• The provision stated that when an unlisted company, such as a start-up, receives equity investment from a resident for issue of shares that exceeds the face value of such shares, it will be counted as income for the start-up and be subject to income tax under the head ‘Income from other Sources’ for the relevant financial year.

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Solution: c)

Option 2 is incorrect.

The Aral Sea in Central Asia, Lake Mar Chiquita in Argentina, the Dead Sea in the Middle East, and the Salton Sea in California have mainly dried due to unsustainable water consumption. Whereas, increasing temperature and PET caused the complete disappearance of Lake Gowd-e-Zareh in Afghanistan, Toshka lakes in Egypt, and marked drying of Lake Kara-Bogaz-Gol in Turkmenistan, Lake Khyargas in Mongolia, and Lake Zonag in China.

Source

Solution: b)

The parliament building’s construction took six years, from 1921 to 1927, and it was originally called the Council House and housed the Imperial Legislative Council, the legislature of British India.

It is popularly believed that the circular shape of the Chausath Yogini temple at Mitawli village in Madhya Pradesh’s Morena provided inspiration for the Council House design.

Source

Solution: b)

Statement 2 is incorrect.

Agriculture was included in the List II (State List) in the Seventh Schedule of the Constitution. More importantly, agricultural education was detached from the other streams of higher education and attached to the occupied field of agriculture in List II. Thus, Entry 14 in List II reads: “Agriculture, including agricultural education and research…”; Entry 15 reads: “…veterinary training and practice”; and Entry 21 reads: “Fisheries”.

Indeed, education was included in List III (Concurrent List).

The ICAR has had a unique legal status. It was established in 1929 (“I”, then, stood for Imperial) as a department of the Government of India though it was also a society registered under the Societies Registration Act. After independence, the Department of Agricultural Research and Education (DARE) was set up in 1973 in the Ministry of Agriculture. The major functions of DARE were to facilitate agricultural research and education, coordinate between the Centre and the States, and attend to matters related to the ICAR.