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Daily Current Affairs
12 August, 2025
1. The Revised Income Tax Bill, 2025 replaces which Act that has been in force for over six decades?
A) Income Tax Regulation Act, 1965
B) Income Tax Act, 1961
C) Direct Tax Act, 1970
D) Fiscal Responsibility Act, 1960
E) Taxation of Income Act, 1964
Answer: B) Income Tax Act, 1961
Explanation: The Revised Income Tax Bill, 2025 aims to replace the Income Tax Act, 1961, which has been in force for more than 60 years, incorporating major reforms and simplifying compliance.
2. Under the Revised Income Tax Bill, 2025, which provision has been removed to simplify property taxation?
A) Tax on rental income
B) Wealth tax on immovable property
C) Notional rent on vacant property
D) Stamp duty charges
E) Capital gains tax on property sale
Answer: C) Notional rent on vacant property
Explanation: The Bill removes the provision for notional rent on vacant property to rationalise property taxation and provide relief to property owners.
3. In 2025, rural tap water coverage under Jal Jeevan Mission reached:
A) 70%
B) 75%
C) 78%
D) 81%
E) 85%
Answer: D) 81%
Explanation: Jal Jeevan Mission, launched in August 2019, increased rural tap water coverage from 17% in 2019 to 81% in 2025, benefiting over 15.68 crore rural households.
4. Which tax applies specifically to companies to ensure they pay a minimum tax based on book profits?
A) AMT
B) MAT
C) GST
D) Dividend Tax
E) TDS
Answer: B) MAT
Explanation: Minimum Alternate Tax (MAT) applies to companies, ensuring they pay a minimum tax (around 15%) on book profits even if deductions reduce their taxable income.
5. As per the new rules, LLPs with only capital gains income and no specified deductions are:
A) Subject to MAT
B) Subject to AMT
C) Exempt from AMT
D) Subject to GST
E) Required to pay double tax
Answer: C) Exempt from AMT
Explanation: The amendment exempts LLPs whose income consists only of capital gains and who do not claim specified deductions from Alternate Minimum Tax (AMT) liability.
6. In SEBI’s reforms, which term replaces “sponsor or manager” in FPI regulations?
A) Fund Controller Entity (FCE)
B) Fund Management Entity (FME)
C) Capital Market Manager (CMM)
D) Portfolio Supervision Unit (PSU)
E) Investment Governance Entity (IGE)
Answer: B) Fund Management Entity (FME)
Explanation: SEBI updated terminology in its proposals, replacing “sponsor or manager” with “Fund Management Entity” (FME) in Foreign Portfolio Investor (FPI) regulations.
7. What is the new proposed minimum investment threshold for Large Value Funds (LVFs) under SEBI’s reforms?
A) ₹5 crore
B) ₹10 crore
C) ₹25 crore
D) ₹50 crore
E) ₹70 crore
Answer: C) ₹25 crore
Explanation: SEBI proposed lowering the minimum investment threshold for LVFs from ₹70 crore to ₹25 crore to broaden participation while maintaining investor sophistication.
8. Which of the following is NOT a feature of SEBI’s proposed SWAGAT-FI framework?
A) Automatic FPI + FVCI registration for eligible investors
B) Extension of registration validity to 10 years
C) Mandatory separate demat accounts for FPI and FVCI investments
D) Removal of the 50% contribution cap for NRIs/OCIs/RIs in eligible entities
E) Single window compliance process
Answer: C) Mandatory separate demat accounts for FPI and FVCI investments
Explanation: SWAGAT-FI allows a single demat account with regulatory tagging, not mandatory separate accounts, simplifying investment processes.
9. NABARD celebrated National Handloom Day 2025 in Assam under which theme?
A) Handloom for Women Empowerment
B) Handloom for Economic Growth
C) Handloom for Reinvigorating the Rural Economy of Assam
D) Handloom for Self-Reliant India
E) Handloom for Sustainable Development
Answer: C) Handloom for Reinvigorating the Rural Economy of Assam
Explanation: NABARD’s 2025 event in Guwahati focused on revitalising Assam’s rural economy through handloom promotion and women’s empowerment.
10. Which institution collaborated with NABARD to prepare a Handloom Roadmap for Assam?
A) IIT Guwahati
B) IIT Roorkee
C) NIFT Shillong
D) Assam Agricultural University
E) Ministry of Textiles
Answer: B) IIT Roorkee
Explanation: NABARD collaborated with IIT Roorkee to create a long-term development roadmap for Assam’s handloom sector.
