Current Affairs: National and International news
- The Indian government has announced that public sector entities will be exempt from the Minimum Public Shareholding (MPS) norm. The MPS norm mandates that listed companies must have at least 25% of their shares held by the public. However, this exemption will apply to public sector entities regardless of the government’s direct or indirect holding.
- NTPC Limited and Gujarat Gas Limited (GGL) have commissioned India’s first green hydrogen blending project in the piped natural gas (PNG) network of NTPC Kawa’s township, Surat. The project, which aims to supply H2-NG (natural gas) to households in the Kawas township, was made possible through the electrolysis of water using power from a 1.
- Defense minister Rajnath Singh recently inaugurated the Siyom bridge in Arunachal Pradesh, along with 27 other infrastructure projects completed by the Border Roads Organisation (BRO). These projects, costing a total of 724 crore rupees, will significantly improve India’s border infrastructure, particularly along the Chinese border from Ladakh to Arunachal Pradesh. ContentsSiyom BridgeImportance of Improved Border.
- The Gaan Ngai festival is a major event in the state of Manipur, celebrated by the Zeliarong community every year after the harvest season. On January 4, 2023, the community will come together to show their gratitude for a good harvest, pray for a prosperous year ahead, and mark the beginning of the new year.
- Income tax return: Explain that salaried individuals and pensioners can avail of an exemption by default without any investment or expenditure and can get a certain amount of exemption.
Actually, salaried individuals and pensioners can avail of Standard Deductions while paying income tax. Standard Deduction was removed for a few years, but then the Modi government did what no one could do.
- Standard Deduction: It was once again introduced by the Modi government in the budget of the year 2018. The then Finance Minister Arun Jaitley re-announced the standard deduction in the 2018 budget. In Budget 2018, Rs 40,000 was announced as a standard deduction again.
Interestingly, the provision of standard deduction was available earlier. However, it was abolished in the Finance Act 2005.
- Income Tax Exemption
The deduction provided in the form of a standard deduction can be claimed by all salaried employees irrespective of the requirement of any investment. At the same time, in the Interim Budget 2019, presented on February 1, 2019, before the 2019 Lok Sabha elections, an important announcement was made regarding the standard deduction.
- Standard Deduction: The interim budget presented on 1 February 2019 included several tax benefits for the salaried and middle class. In this budget, the exemption of Rs 10,000 was increased and the amount of standard deduction was increased from Rs 40,000 to Rs 50,000. Now, while paying income tax, salaried people get a rebate of Rs 50,000 as a standard deduction. This will go a long way in helping taxpayers reduce their tax outgo.
- Tax While Budget 2020, New Tax Regime was introduced in the tax system. Under the new tax regime, taxpayers have the option of paying concessional tax rates. However, major deductions and exemptions are not allowed under this new regime. If the taxpayer pays tax for filing a return in the new tax regime, then the standard deduction is not allowed on salary income.
- Today, a rally has started in the capital Ranchi to free Tirtharaj Sammed peak from tourism. This rally will go near the Raj Bhavan and His Excellency will submit a memorandum to the Governor.
On the other hand, in Gujarat’s Surat also, thousands of Jain community people took to the streets to protest against the declaration of the Jain pilgrimage site as a tourist destination. The protesters handed over the memorandum to the Collector by marching on foot from the Sargam Shopping Center in the Parlepoint area of Surat to the collector’s office.
- The Government of India has sponsored the proposal for the International Year of Millets (IYM) 2023, which has been accepted by the United Nations General Assembly (UNGA). This has given the Government of India an opportunity to celebrate IYM and establish India as the global hub of millets. Prime Minister Narendra Modi.
- January 4 is celebrated as World Braille Day. This is the first Braille Day. For this, the United Nations General Assembly passed a resolution on November 6, 2018. The reason for celebrating Braille Day on January 4 is that this day is the birthday of Louis Braille, the inventor of the Braille script joint.
- The 720 MW Mangdechhu hydroelectric project, which was implemented with India’s assistance, was recently handed over to the Druk Green Power Corporation (DGPC) in Bhutan. With this handover, both countries have successfully completed four major hydroelectric projects. What is Mangdechhu Hydroelectric Project? 720 MW project
- Malaysia Prime Minister: Opposition leader Anwar Ibrahim appointed as the new PM Anwar Ibrahim will be sworn in as the 10th Prime Minister of Malaysia. The General Election ended in an unprecedented hung parliament with neither of the two main alliances, one led by Anwar and the other by the ex-premier Muhyiddin Yassin, immediately able to secure enough seats.
