1. The Revised Income Tax Bill, 2025 is set to take the place of which law, in force for over sixty years?
Answer: B. The 2025 Bill is meant to supersede the Income Tax Act of 1961, which has lasted over 60 years, bringing in major reforms and easier compliance.
2. Which provision was dropped from the Revised Income Tax Bill, 2025 to make taxation of property simpler?
Answer: D. By removing the notional rent rule for vacant property, the Bill rationalises property taxation and gives relief to owners.
3. What share of rural households had tap water connections under Jal Jeevan Mission in 2025?
Answer: E. The mission began in August 2019 when coverage stood at 17%. By 2025 it had climbed to 81%, benefiting more than 15.68 crore rural households.
4. Which tax is levied on companies so that they pay a floor amount based on their book profits?
Answer: B. Minimum Alternate Tax makes sure a company pays about 15% on its book profits even when deductions shrink its taxable income.
5. Under the new rules, how are LLPs whose income is only capital gains, with no specified deductions, treated?
Answer: D. The amendment frees LLPs that earn solely capital gains and claim no specified deductions from any Alternate Minimum Tax liability.
6. Which term do SEBI's reforms use in FPI regulations in place of 'sponsor or manager'?
Answer: A. In its proposals SEBI changed the wording so that 'Fund Management Entity' now stands where 'sponsor or manager' appeared in the Foreign Portfolio Investor rules.
7. SEBI's reforms propose what new minimum investment for Large Value Funds (LVFs)?
Answer: C. SEBI suggested cutting the LVF entry threshold from Rs 70 crore down to Rs 25 crore, widening participation while keeping the investors sophisticated.
8. Which of these is NOT part of SEBI's proposed SWAGAT-FI framework?
Answer: D. SWAGAT-FI permits one demat account with regulatory tagging rather than forcing separate accounts, which makes investing easier.
9. What was the theme under which NABARD marked National Handloom Day 2025 in Assam?
Answer: A. The 2025 programme in Guwahati centred on reviving Assam's rural economy by promoting handloom and empowering women.
10. Which institute worked with NABARD to draw up a Handloom Roadmap for Assam?
Answer: C. NABARD teamed up with IIT Roorkee to prepare a long-term development plan for the handloom sector in Assam.
11. Which statement about India's elephants is supported by the notes?
Answer: B. The wild count rose to 29,964 in 2017; corridors number 150 and train deaths 186.
12. Apart from sleeping sickness, which disease had Kenya eliminated earlier, in 2018?
Answer: A. Kenya had previously eradicated Guinea worm disease in 2018.
13. How many hazardous chemicals are addressed by the Contaminated Sites Rules, 2025, under earlier regulations?
Answer: D. The rules address 189 hazardous chemicals identified under previous regulations.
14. The review says India accounted for what share of global real-time payment volume in FY 2025?
Answer: E. The share was 48.5%; 41.7% was the rise in UPI volume.
15. Tuvalu gained independence from the United Kingdom in which year?
Answer: C. Tuvalu, formerly the Ellice Islands, became independent in October 1978.