Consider the following statements regarding Section 147A of the Income Tax Act:1.The Supreme Court recently stayed a High Court decision that declared Section 147A of the Income Tax Act, 1961 unconstitutional.2.Section 147A exclusively deals with the taxation of agricultural income and land acquisition compensations.Which of the statements given above is/are correct?
UPSC · current affairs quiz
Daily news quiz · 20 September 2026
Prelims-style MCQs from the 20 September 2026 daily news summary. Choose an option to see if you are right — two questions on each topic.
With reference to the legal terms associated with tax administration, a 'Stay Order' refers to which of the following?
Consider the following statements regarding the Merchant Discount Rate (MDR) framework in India:1.A zero-MDR policy has been applied to UPI and RuPay debit cards since 2020.2.The policy of zero-MDR is regulated directly and exclusively by the Ministry of Rural Development.Which of the statements given above is/are correct?
What is the primary function of the Unified Payments Interface (UPI) as mentioned in financial frameworks?
Consider the following statements regarding Merchant Discount Rate (MDR) on UPI transactions:1.MDR is payable by the merchant accepting payments and is not deducted from the consumer's account.2.Person-to-person UPI transfers remain completely zero-rated under current guidelines.Which of the statements given above is/are correct?
In the context of digital financial transactions, a 'Person-to-Merchant Payment' refers to: