1.. Consider the following statements about General Anti-avoidance rules:
- It allows tax officials to deny tax benefits, if a deal is found without any commercial purpose other than tax avoidance.
- It has been mooted in the backdrop of the exploitation of DTAA between India and foreign countries by investors.
- It does not allow tax officials to target participatory notes.
- It was first proposed as a part of proposed Direct Tax Code of India in 2009.
Which of the statement(s) given above is/are correct?
2.. Exchange rate is an important determinant of India’s foreign trade. In this regard which of the following is/are not true with respect to India?
- When the real exchange rate is more than the nominal exchange rate the rupee is said to be undervalued.
- US FED taper has resulted in appreciation in the rupee thus making Indian exports uncompetitive.
- A devaluation is said to occur when exchange rate is increased by the government.
Select the correct answer using the codes given below.
(a) 1, 2, and 3
(b) 2 and 3 only
3..Tarapore Committee was associated with which one of the following?
4.. Consider the following statements regarding Double Taxation Avoidance Agreements (DTAAs):
- DTAAs are Bilateral treaties that promote cross-border economic activity.
- Under the revised India Mauritius Treaty, India shall have the right to tax capital gains arising from selling of shares by a Mauritius investor acquired before or after April 01, 2017 in a company resident in India.
- DTAAs provide mechanism for exchange of information that could help unearth all of India’s black money.
Which of the statements given above is/are correct?
(a) 3 only
(b) 1 only
(c) 2 and 3 only
(d) 1 and 2 only
5.. With reference to currency appreciation, consider the following statements:
- It may lead to increase in exports.
- It may help in controlling inflation.
- Increase in NRI deposits leads to currency appreciation.
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