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Bitcoin Soars Past $110K Amid US Crypto Bill Why in the News? Bitcoin reached an all-time high of $110,000 after the US Senate advanced the GENIUS Act, a bipartisan crypto regulation bill. The legislation focuses on stablecoin regulation, boosting investor confidence and signaling a pro-crypto shift in US policy. Impact on Bitcoin and Market Confidence: …
Read MoreRBI Approves Record ₹2.68 Lakh Cr Dividend Transfer Why in the News? The RBI Board approved a record surplus transfer of ₹2.68 lakh crore to the Central Government for FY 2024-25. This decision, under the revised Economic Capital Framework, will support fiscal consolidation amid domestic and global economic uncertainties. The move comes as part of …
Read MoreGENERAL SCENARIO OF INDIAN TAXATION Origin of Tax: The term “tax” comes from “taxation,” indicating an estimation process. Historical Presence: Direct taxation has been a part of India’s financial system since ancient times. Purpose of Taxation: Taxes are collected by the government to fund projects that boost the economy and improve citizens’ standard of living. …
Read MoreWhy in the news? Net direct tax collections exceed 2023-24 target, driven by personal income tax surge; corporate tax contribution declines. About the Growth in Tax Kitty: India’s net direct tax collections rose by 17.7% in 2023-24, reaching ₹19.58 lakh crore. This surpassed both the Budget estimates and revised estimates by 7.4% and ₹73,000 crore …
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