UPSC Daily Current Affairs

INCREASE IN STT ON F&O TRADE

Jul 29, 2024

### Basics and Definitions: 1. Securities Transaction Tax (STT): Read More...

CUSTOMS DUTY ON GOLD, SILVER REDUCED TO 6%

Jul 27, 2024

### What is the Decision? Union Finance Minister Nirmala Sitharaman has proposed significant reductions in customs duties on gold, silver, and platinum: Read More...

INFRASTRUCTURE FOCUS IN UNION BUDGET 2024-25

Jul 27, 2024

Strong emphasis on infrastructure development in the Union Budget 2024 which aims to accelerate growth and improve living standards across India. ### Key Highlights: Read More...

UNION BUDGET 2024-25

Jul 27, 2024

### Basics and Definitions: 1. Capital Gains Tax: Read More...

ANGEL TAX AND ITS ABOLITION:UNION BUDGET 2024-25

Jul 27, 2024

### What is Angel Tax? Angel tax is a tax levied on the capital raised by unlisted companies via the issue of shares to investors, where the share price exceeds the fair market value of the shares. The excess amount is treated as income and taxed accordingly. This t... Read More...

UNION BUDGET 2024-25

Jul 27, 2024

The Union Budget 2024 marks a significant step in India's journey towards inclusive growth and economic resilience. With a focus on job creation, infrastructure development, support for MSMEs, and affordable housing, the Budget addresses critical national needs while reducing the fiscal deficit to 4.9%. ### Key Initiatives: ### Job Creation: - Manufacturing Sector: Read More...

TAX BASE WIDENING AND DEEPENING: BUDGET 2024-25

Jul 27, 2024

1. **What is tax base widening?** A: Tax base widening is the process of increasing the number of taxpayers by bringing more individuals, businesses, or economic activities into the tax net. This involves identifying and including previously untaxed or undertaxed entities. 2. **What is tax base deepening?** A: Tax base deepening is the strategy of increasing the amount of tax collected from existing taxpayers by reducing exemptions, closing loopholes, change of rates and ensuring more comprehensive coverage of taxable income or transactions. ... Read More...

RIVER INTERLINKING IN INDIA: PROGRESS REPORT

Jul 27, 2024

What is River Interlinking? River interlinking in India is a large-scale initiative designed to connect the country’s rivers. This involves transferring surplus water from regions with excess water to those with water scarcity through a vast network of canals and reservoirs. Read More...

FISCAL CONSOLIDATION:BUDGET 2024-25

Jul 27, 2024

WHAT IS FISCAL CONSOLIDATION? • Fiscal consolidation refers to policies aimed at reducing government deficits and debt accumulation. • It involves measures to improve the fiscal health of the economy by increasing revenue and reducing unnecessary expenditures. WHAT ARE THE CURRENT TARGETS FOR FISCAL CONSOLIDATION? • Finance Minister Nirmala Sitharaman has projected a fiscal deficit of 4.9% of GDP for 2024-25. • The government aims to reduce the Centre’s fiscal deficit to 4.5% of GDP by FY26.... Read More...

INDEXATION BENEFIT :CBDT

Jul 27, 2024

WHAT IS INDEXATION BENEFIT? • Indexation benefit is a method used to adjust the purchase price of an investment to account for inflation. • It helps in reducing the tax liability on long-term capital gains by considering the effect of inflation. HOW IS INDEXATION BENEFIT CALCULATED? • The Cost Inflation Index (CII) is used to calculate the indexed cost of acquisition. • Formula: Indexed Cost of Acquisition = (Original Purchase Price * CII of the Year of Sale) / CII of the Year of Purchase. ... Read More...

Boosting India's Manufacturing Sector

Jul 27, 2024

1. Q: Why hasn't India's manufacturing sector grown significantly in recent years? A: Despite policy reforms, the sector has stagnated due to infrastructure gaps, land and financial market distortions, and excessive focus on large enterprises over smaller ones. 2. Q: What are the main structural constraints holding back India's manufacturing growth? A: Key constraints include poor rural infrastructure, land market distortions, focus on large enterprises rather than small ones, and divergence between industrialization and urbanization. Read More...

Productivity and Its Determinants

Jul 27, 2024

FAQs: 1. What is productivity? Productivity is a measure of economic efficiency that shows how effectively economic inputs (such as labor and capital) are converted into outputs (goods and services). In the context of labor, it typically refers to the amount of output produced per unit of labor input. 2. What are the main determinants of productivity discussed in the article? The article mentions several determinants of productivity: - Education and skills (including digital and green skills) - H... Read More...

ISRO : Air Breathing Propulsion System-FAQs:

Jul 27, 2024

1. What is Air Breathing Propulsion Technology? Air Breathing Propulsion Technology is a system that uses atmospheric oxygen to burn fuel, potentially making spacecraft lighter and more efficient compared to traditional rocket engines that carry their own oxidizer. 2. When and where was the experiment conducted? The experiment was conducted on July 22, 2024, at 07:00 am, launched from the Satish Dhawan Space Centre in Sriharikota, India. 3. What vehicle was used for the experiment? The experiment used an RH-560 So... Read More...

MSME Challenges: Formalisation and Credit

Jul 27, 2024

1. What are MSMEs? Micro, Small and Medium-scale Enterprises - small businesses that play a significant role in India's economy. 2. What is the main focus of this article? The challenges faced by MSMEs, particularly in formalisation and access to credit, as highlighted in the Economic Survey. 3. What is the Economic Survey? An annual document prepared by the Ministry of Finance that reviews the economic developments in India over the past year. 4. What percentage of India's manuf... Read More...

REGULATING GIG-BASED WORK

Jul 27, 2024

WHAT IS GIG WORK? Gig work involves short-term, flexible jobs typically facilitated through online platforms or mobile apps. Workers perform tasks on a freelance or contract basis rather than as traditional employees. Read More...