1. Which of the following indicates most approximate figure for Budget 2019-20 of Railways:-

(a) 55,000 Crore

(b) 65,000 Crore

(c) 75,000 Crore

(d) 85,000 Crore

Ans: b

Exp: In the Interim Budget 2019-20, the Railways has been allocated Rs.64,587 crore. The Railways’ overall capital expenditure programme is of Rs.1,58,658 crore. This was stated by the Union Minister for Finance, Corporate Affairs, Railways & Coal, Shri Piyush Goyal, while presenting the Interim Budget 2019-20 in Parliament today.

2. ‘Non-Functional Upgradation (NFU)’ is related to

(a) Aircraft upgradation

(b) Seventh Central Pay commission

(c) Submarine upgradation

(d) Skills Training

Ans: b

Exp: The Armed Forces have been demanding the grant of NFU based on recommendations of the Central Pay Commission like the Grade A Services and even the Central Armed Police Forces now to have parity in pay scales.

3. Which of the following indicates most approximate figure for Budget 2019-20 of Defence:-

(a) 3,00,000 Crore

(b) 4,00,000 Crore

(c) 5,00,000 Crore

(d) 6,00,000 Crore

Ans: a

Exp: Rs. 3,05,296 crore have been provided in the Budget Estimates for 2019-20, compared to Rs. 2,82,733 crore provided in 2018-19 Budget Estimates. The figures were revised to Rs. 2,85,423 crore in the Revised Estimates of 2018-19. While presenting the Interim Budget 2019-20 in Parliament today the Union Minister for Finance, Corporate Affairs, Railways and Coal Sh. Piyush Goyal said “Our Defence Budget will be crossing Rs.3,00,000 crore for the first time in 2019-20. For securing our borders and to maintain preparedness of the highest order, if necessary, additional funds would be provided.”

4. With reference to Advance Pricing Agreement, which of the following statements is/are correct?

1. It is an ahead-of-time agreement between a taxpayer and a tax authority on an appropriate transfer pricing methodology (TPM) for a set of transactions at issue over a fixed period of time

2. Taxpayers may enter into APAs with more than one tax authority – i.e., bilateral or multilateral APAs

Select the correct answer using the code given below:

(a) 1 only

(b) 2 only

(c) Both 1 and 2

(d) Neither 1nor 2

Ans: c

Exp:

Advance Pricing Agreement- In advance pricing agreement (APA) is an ahead-of-time agreement between a taxpayer and a tax authority on an appropriate transfer pricing methodology (TPM) for a set of transactions at issue over a fixed period of time

Taxpayers may enter into APAs with more than one tax authority – i.e., bilateral or multilateral APAs

5. ‘Country-by-Country (CbC) Report’ recently seen in news is related to :

(a) International Terrorism

(b) Sea Piracy

(c) Tax administrations

(d) None of the above

Ans: c

Exp: The BEPS Action 13 report (Transfer Pricing Documentation and Country-by-Country Reporting) provides a template for multinational enterprises (MNEs) to report annually and for

each tax jurisdiction in which they do business the information set out therein. This report is called the Country-by-Country (CbC) Report.