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Syllabus: GS-3: Mobilization of Resources , Fiscal Policy Focus: The Income-tax Bill, 2025, introduced in the Lok Sabha, aims to replace the Income-tax Act, 1961, by removing outdated provisions, simplifying tax laws, and reducing litigation. It introduces clear tabular formats, eliminates redundant sections, and replaces the ‘Assessment Year’ with ‘Tax Year’, ensuring a more transparent …
Read MoreWhy in the news? The debate on land acquisition laws resurfaces following discussions on South Africa’s property expropriation policies, drawing comparisons with the United States and India’s evolving legal frameworks for balancing public interest and private property rights. Evolution of Eminent Domain Laws: Eminent domain laws allow the state to acquire private property for public …
Read MoreWhy in the news? The Union Budget for 2025-26 focuses on growth with increased capital expenditure, but concerns arise over falling tax revenues, AI infrastructure needs, and a shift from fiscal deficit to debt-GDP ratio, reducing transparency. Union Budget 2025-26: Key Takeaways Positive Aspects: GDP Growth Projections: Nominal GDP growth for 2025-26 is estimated at …
Read MoreWhy in the news? The Joint Committee of Parliament on the Waqf (Amendment) Bill, 2024, chaired by Jagdambika Pal, adopted its draft report with amendments to 14 clauses. The report will be submitted to Lok Sabha Speaker Om Birla tomorrow. Draft Report Adoption: The Joint Committee of Parliament (JPC) on the Waqf (Amendment) Bill, 2024 …
Read MoreKWIN City, a rapidly growing twin city of Bengaluru, has been earmarked for multiple infrastructure projects, including a smart city initiative, expressway expansion, and an industrial hub. The government has allocated ₹5000 crore for land acquisition, but the process has been marred by allegations of corruption, illegal land grabbing, and favoritism towards influential individuals. There …
Read MoreWhy in the news? The National Organ and Tissue Transplant Organisation (NOTTO) announced a policy granting 42 days of special leave for central government employees donating organs, encouraging organ donation and supporting donors’ recovery and well-being. Central Government Employees Granted Leave for Organ Donation: The National Organ and Tissue Transplant Organisation (NOTTO) announced a special …
Read MoreWhy in the news? The PAN 2.0 Project, approved by the CCEA, modernizes taxpayer registration services with technology-driven processes, aligning with the Digital India vision for streamlined and efficient governance. Overview: The Cabinet Committee on Economic Affairs (CCEA), chaired by Prime Minister Narendra Modi, approved the PAN 2.0 Project for the Income Tax Department. The …
Read MoreWhy in the news? The Union Cabinet has approved the continuation of fortified rice supply under welfare schemes until 2028, aiming to reduce anaemia and micronutrient deficiency in vulnerable populations. About the Cabinet Decision and Financial Commitment: The Union Cabinet, chaired by PM Narendra Modi, approved the supply of free fortified rice under PMGKAY and …
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