IMPORTANT DAYS

Income Tax Day 2024 (Aaykar Diwas) celebrated on July 24

 Income Tax Day 2024 celebrated annually on July 24.

 Aims to spread awareness about the importance of taxes and encourage citizens to contribute to national development by paying taxes.

 The 165th Income Tax Day was celebrated in 2024.

 Income tax was introduced in India on July 24, 1860, by Sir James Wilson to offset losses incurred by the British government after the First War of Independence in 1857.

 The Income Tax Department designated July 24 as Income Tax Day in 2010.

 Functions under the Department of Revenue, Ministry of Finance.

 Overseen by the Central Board of Direct Taxes (CBDT).

 Responsible for the administration of direct taxes, including personal income tax and corporate tax.

 Provisional figures up to April 21, 2024, indicate personal income tax collections, including Securities Transaction Tax (STT), reached ₹12.01 lakh crore for the fiscal year 2023-24.

 Central Board of Direct Taxes (CBDT):- A statutory body established under the Central Revenue Act, 1963.

 Administers and oversees the Income Tax Department.

 Handles matters related to the imposition and collection of direct taxes.

 Headquarters located in New Delhi.

BANKING, ECONOMY AND FINANCE

Bhartiya Bhasha Anubhag will be established by the Government of India

 The government will set up the Bhartiya Bhasha Anubhag (Indian Languages Department) to facilitate translations to and from Hindi.

 ₹56 crore has been allocated for this initiative to develop a translation platform.

 As per the Official Languages Act, 1963, both Hindi and English are used for communication between Ministries and State governments.

 For the first time, real-time proceedings of the Lok Sabha are available in 10 different languages.

 A budget of ₹88 crore has been set aside for the comprehensive development of islands in Union Territories.

 An allocation of ₹700 crore has been made for the modernization of forensic capacities.

 Additionally, ₹150 crore has been designated for enhancing national forensic infrastructure.

 Funding for the Crime and Criminal Tracking Network Systems (CCTNS) has been increased significantly from ₹264 crore to ₹520 crore for the fiscal year 2024-25.

 The budget for border infrastructure maintenance and capital outlay has been increased by ₹211 crore.

 A substantial allocation of ₹1,050 crore has been made for the Vibrant Villages Programme to support rural development.

Fiscal deficit target reduced to 4.9% in Budget 2024

 The fiscal deficit target for the current financial year has been set at 4.9% of GDP, announced by Union Finance Minister Nirmala Sitharaman.

 This target is lower than the 5.1% set in the interim budget on February 1 and the 5.9% target for the previous fiscal year, 2023-24.

 The fiscal deficit measures the difference between total revenue and total expenditure, indicating the level of government borrowing required.

 The government is dedicated to fiscal consolidation, aiming to reduce the deficit to below 4.5% of GDP by the fiscal year 2025-26.

 Lowering the fiscal deficit will enhance India's prospects for an improved sovereign rating, aligning with the goal of reducing the deficit to below 4.5% of GDP by 2025/26.

 A record surplus transfer of 2.11 trillion rupees ($25.3 billion) from the Reserve Bank of India has significantly aided in reducing the fiscal deficit.

 The surplus transfer from the Reserve Bank of India is more than double the amount estimated in February, providing a substantial boost to government finances.

 The government's strategic management of finances, including the significant surplus transfer from the RBI, reflects a strong commitment to achieving fiscal targets and improving economic stability.

INTERNATIONAL NEWS

UK Foreign Secretary David Lammy's Visit to New Delhi on July 24, 2024

 UK Foreign Secretary David Lammy met with S Jaishankar, the Indian Minister of External Affairs, and Prime Minister Narendra Modi.

 A major highlight of the meetings was the announcement of the Technology Security Initiative, aimed at enhancing cooperation in key sectors.

 The initiative targets sectors such as semiconductors, artificial intelligence, critical minerals, and telecommunications.

 The goal is to elevate the strategic partnership between India and the UK to a higher level through the Technology Security Initiative.

 Both nations agreed to bolster defence and security cooperation, particularly in the Indo-Pacific region and beyond.

 Lammy also met with India's National Security Advisor (NSA) Ajit Doval to discuss the initiative.

 The Technology Security Initiative will be overseen and managed by the NSAs of both countries.

 The initiative will support the development of an expanded "Future Telecoms Partnership" between India and the UK.

 During their discussions, Jaishankar and Lammy reviewed the Roadmap 2030 for enhancing bilateral relations between India and the UK.

BOOKS AND AUTHORS

"The Prisoner of Bhopal" Commemorates 40th Anniversary of the Bhopal Gas Tragedy

 Tim Walker, an award-winning designer turned author, released a historical fiction novel for young readers titled "The Prisoner of Bhopal."

 The novel commemorates the 40th anniversary of the Bhopal gas tragedy.

 Tim Walker, originally a graphic designer, shifted to children’s literature at age 45, building a successful writing career focused on complex global issues.

 Walker's personal connection to the Bhopal gas tragedy inspired the novel.

 His storytelling skills have produced a novel that both educates and engages readers about this significant historical event.

 "The Prisoner of Bhopal" is a testament to Walker's ability to address serious topics in a way that resonates with young readers.

 The novel aims to raise awareness and understanding of the Bhopal gas tragedy among the younger generation.