Tag: government and taxes

Questions Related to government and taxes

Central Government or tribunal is not bound to follow advice of the advisory committee.

commercial applications public sector enterprises role of government and development policies government companies government and taxes

  1. True

  2. False

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Correct Option: B
Explanation:

The Advisory committee shall consist of not more than 5 persons with suitable qualification.The central Govt, is not bound to constitute an Advisory Committee and even if it is constituted neither the Central Govt, nor the Company Law Board or the National Company Law Tribunal is bound to accept its advice.

Company Law Board is constituted as quasi-judicial body.

commercial applications public sector enterprises role of government and development policies government companies government and taxes

  1. True

  2. False

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Correct Option: A
Explanation:

This statement is True , due to the following reasons:

(i) The company Law Board was established by the Companies (Amendment) Act,1963 with the aim of better and convenient administration of the companies.
(ii) The Company Law Board was constituted by the Central Government .
(iii)The Company Law Board is an independent quasi - judicial body.
(iv) It is constituted to exercise some of the judicial and quasi - judicial functions which were previously exercise by the court or the Central Government.
(v) It was constituted on 1st February,1964.
(vi) But with effect from 31st May,1991 Company Law Board was constituted by the Central Government as an independent quasi - judicial body.
(vii) The company Law Board shall consist maximum nine members.
(viii) One of the member shall be appointed by the Central Government as the Chairman.
(ix) The Company Law Board has the power to discover and inspect the documents to be used as evidence.
(x) To examine witness on oath.
(xi) Granting adjournment,etc.

Ministry responsible for administration of Companies Act, 1956 ______________.

commercial applications public sector enterprises role of government and development policies government companies government and taxes

  1. State Government

  2. Central Government

  3. Local Government

  4. None of these

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Correct Option: B
Explanation:

The Ministry of Corporate Affairs (MCA) is an Indian government ministry.ThisMinistry is primarily concerned with administration of the Companies Act 2013, the Companies Act 1956, the Limited Liability Partnership Act, 2008 & other allied Acts and rules & regulations frame.

National Tribunal shall not have power to review its own decisions.

commercial applications public sector enterprises role of government and development policies government companies government and taxes

  1. True

  2. False

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Correct Option: B
Explanation:

National Company Law Tribunal has powers to review its own decisions(within 2 years from the date of order).

 To ensure fair play and avoidance of judicial error, the procedural laws provide for appeals, revisions and reviews, and allow parties to file innumerable applications and raise vexatious objections as a result verdict get delayed. 
Appeals against the order of the NCLT will go to NCLAT, exclusively dedicated for this purpose. 

High Court shall have jurisdiction irrespective of place of registered office of the company.

commercial applications public sector enterprises role of government and development policies government companies government and taxes

  1. True

  2. False

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Correct Option: A

Ministry of Finance is primarily responsible for administration of Companies Act.

commercial applications public sector enterprises role of government and development policies government companies government and taxes

  1. True

  2. False

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Correct Option: B

Official liquidators have an important role to play in the winding up of a company.

commercial applications public sector enterprises role of government and development policies government companies government and taxes

  1. True

  2. False

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Correct Option: A
Explanation:

This statements is True because of the following reasons:

(i) The liquidator is a person who helps the court to complete the liquidation proceedings i.e. in releasing the assets of the company and distributing them among the creditors and  contributors most fairly.
(ii) It may be noted that only 'Official Liquidator' can function  as  liquidator in compulsory  winding up of a company under the order of the court and the court has no power to appoint private persons as liquidators.
(iii)The liquidator has to complete the liquidation proceeding in a just  and fair manner.
(iv) He has to see that justice is done to the creditors and other connected with the company which is closed down.
(v) The role played by liquidators is responsible and delicate and it need a fairs approach  openness and sound judgement.
(vi) Thus, official liquidations have an important role to play in the winding up of a company. 

Minister responsible for assisting his senior minister in administration of Companies Act_________________.

commercial applications public sector enterprises role of government and development policies government companies government and taxes

  1. prime Minister

  2. Chief Minister

  3. President

  4. Ministry of Corporate Affairs

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Correct Option: D
Explanation:

The Ministry of Corporate Affairs is an Indian government ministry. This Ministry is primarily concerned with the administration of the Companies Act 2013, the Companies Act 1956, the Limited Liability A corporate affairs manager is responsible for creating and communicating a favorable public image for his employer or client. He often does this through media campaigns designed to reach investors, consumers, employees, industry analysts, customers, government agencies and other stakeholders.

The role of public sector was redefined. In July _________ Government identified nin central public sector enterprises as 'Navaratnas'.

commercial applications public sector enterprises role of government and development policies government companies government and taxes

  1. $2007$

  2. $1997$

  3. $1967$

  4. $1957$

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Correct Option: B
Explanation:

Navaratna companies can invest up to Rs 1,000 crore without explicit government approval. "Miniratnas" can afford less extensive financial autonomy.

The salary/emoluments of which of the following is exempted from income tax?

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  1. The President

  2. The Chief Justice of India

  3. The Election Commissioner

  4. None of the above

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Correct Option: A
Explanation:

The President is the first citizen of the country and also the highest official. The salary and emoluments is decided by the President's (Emoluments and) Pensions Act, $1951$ which was amended recently where the President's salary was hiked to five lakhs and is tax free.