Here are today’s important headlines with key details for UPSC, SSC, IBPS and other competitive examinations.
Lok Sabha Passes Taxation Laws Bill 2016
- The Lok Sabha on November 29, 2016, passed the Taxation Laws (Second Amendment) Bill, 2016 to amend the Income Tax Act, 1961 and Finance Act, 2016. The Bill was introduced in Lok Sabha on November 28, 2016. It imposes a higher rate of tax and penalty in respect of undisclosed incomes.
- The Bill proposes to introduce the Pradhan Mantri Garib Kalyan (PMGK) Yojana, 2016. Under the scheme, taxpayers will be required to declare their undisclosed income possessed in the form of cash or deposited in banks, post offices or Reserve Bank of India before a notified date. The money from PMGK will be used for projects in irrigation, infrastructure, primary education, primary health, housing, toilets and livelihood.
Provisions of the Bill
- The cess will be known as the Pradhan Mantri Garib Kalyan Cess and will be used for welfare of weaker sections.
- The taxpayer has to deposit 25 percent of the undisclosed income into the Pradhan Mantri Garib Kalyan Deposit Scheme, 2016. The deposit will not earn any interest and can be withdrawn only after four years from the date of deposit.
- People, who will declare their undisclosed wealth in denominations of banned Rs 1000 and Rs 500 currency notes under the PMGKY scheme, will have to pay a tax at the rate of 30 percent of the undisclosed income.
- Additionally, 10 percent penalty and PMGK Cess at the rate of 33 percent of tax will be levied on the undisclosed income.
- If taxpayer does not admit his undisclosed income, he will be levied with flat 60 percent penalty plus a cess of 25 percent of tax, which will amount a levy of 75 percent tax in total.
Asia’s first cycle highway inaugurated in Uttar Pradesh
- Asia’s first and longest cycle highway was inaugurated in Uttar Pradesh on November 29, 2016. The 207-km-long cycle highway runs between Etawah and Agra.
- The cycle highway has been constructed by the Uttar Pradesh public works department.
- It runs parallel to the main highway. It is about 7-feet-wide and is separated by a divider from main highway which ensures the safety of cyclists. The track begins from the lion safari in Etawah. Along its path it dots 92 villages across the two districts. It crosses the natural beauty of the Chambal and Yamuna rivers.
Australia’s Great Barrier Reef suffers worst coral die-off on record
- The Australians scientists on November 29, 2016, announced that the Great Barrier Reef suffered from its worst coral die-off ever recorded. The scientists stated that warm seas around the Great Barrier Reef have killed two-thirds of a 700 kilometers stretch of coral in the past nine months.
- The northern region of the reef had escaped with minor damage in earlier bleaching events in 1998 and 2002.
How did it get damaged?
- Bleaching of the 2300-kilometre long reef was one of the foremost reasons of the damage. Bleaching occurs when abnormal environmental conditions, such as warmer sea temperatures, cause corals to expel tiny photosynthetic algae, which in turn drain them of their colour.
- The coral uses the organic products of photosynthesis to help it grow. Therefore, algae are vital for them. The loss of algae makes the host vulnerable to disease, which will eventually make them die. However, coral can recover if the water temperature drops and the algae are able to recolonise them.
About Great Barrier Reef
- The Great Barrier Reef is the world’s largest coral reef system. It is composed of over 2900 individual reefs and 900 islands. The reef is located in the Coral Sea, off the coast of Queensland, Australia. The reef is so vast that it can be seen from outer space.
- It is also the world’s biggest single structure made by living organisms. This reef structure is composed of and built by billions of tiny organisms, known as coral polyps.
Here is a list of last few articles on Current Affairs and the Monthly Bullet on Current Affairs for SSC, Banking, UPSC and other competitive exams
Monthly Bullet Pdf for November2016