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- The Income Tax Bill 2025, recently introduced in Parliament, has introduced a new concept of the ‘Tax Year.’
- About the ‘Tax Year’ Concept:
- Currently, income tax laws use the term "assessment year" to refer to the year following the financial year in which income is earned. This often creates confusion during the filing of taxes or depositing self-assessment and advance tax payments.
- The new bill proposes a unified 'Tax Year,' which will directly align with the financial year (April 1 – March 31) in which income is earned and taxes are filed. The 'Tax Year' will now run from April 1 to March 31, replacing the assessment year system.
- Benefits of the Tax Year:
- The primary benefit of the Tax Year concept is the elimination of confusion between the Previous Year and Assessment Year. It also brings India in line with global standards, as many countries already follow the singular Tax Year system.
- Additionally, the new system will simplify the computation of advance tax since taxpayers will only need to refer to the Tax Year, rather than dealing with the complexities of the Previous Year and Assessment Year.
- Example of How the Tax Year Will Work:
- Under the Income Tax Act of 1961, if a person earns income during the period from April 1, 2024, to March 31, 2025, this time period is referred to as the Previous Year, and the assessment for this income will be done in 2025-26, which is known as the Assessment Year.
- In the new draft bill, income earned between April 1, 2025, and March 31, 2026, will simply be referred to as Tax Year 2025-26.
- Four days after the resignation of the Chief Minister of Manipur, President’s Rule was implemented in the northeastern state, which has been grappling with ethnic violence for the past two years.
- About Article 356:
- Article 356 of the Indian Constitution addresses the imposition of President's Rule in a State or Union Territory. It is based on the provisions of the Government of India Act, 1935.
- There are two main conditions for the imposition of President's Rule:
- If the President receives a report from the state Governor or is otherwise convinced that the state government cannot function according to the provisions of the Constitution.
- Under Article 365, if a state fails to comply with directions issued by the Union Government on matters it is empowered to, the President’s Rule can be invoked.
- In simpler terms, President's Rule suspends the state government and places the state's administration under the control of the Central Government, represented by the Governor appointed by the Centre. This is also known as State Emergency or Constitutional Emergency.
- Key Details:
- Parliamentary approval is required for the imposition of President's Rule, which must be granted within two months of the proclamation. The approval needs only a simple majority.
- The initial period of President's Rule is six months, but it can be extended up to three years with Parliamentary approval every six months.
- The 44th Amendment of the Constitution (1978) places limits on extending President's Rule beyond one year unless:
- A national emergency is declared.
- The Election Commission certifies that it is impossible to conduct state assembly elections.
- What Happens After President’s Rule is Imposed?
- The President assumes the functions of the state government, and the state is governed by the Governor on the President’s behalf.
- The Governor may also take assistance from the state’s Chief Secretary or any advisors appointed by the President.
- The state legislature’s powers are assumed by the President, which may involve suspending or dissolving the legislative assembly.
- During this period, the Parliament takes over the legislative duties of the state, passing bills and the state budget.
- The President or a designated authority is authorized to make laws, approve expenditures, and pass ordinances, subject to Parliament’s approval.
- Any laws or regulations passed during President's Rule remain in force even after it ends, although they may be amended or repealed by the new state legislature.
- Revocation of President's Rule:
- The President’s Rule can be revoked by a subsequent proclamation, which does not require Parliamentary approval.
- Researchers recently documented the first-ever daytime sighting of an adult abyssal anglerfish, also known as the 'black demon fish' or 'black seadevil fish.'
- About Black Seadevil Fish:
- The Black Seadevil Fish, also known as the abyssal or humpback anglerfish, is a deep-sea predator renowned for its eerie appearance and remarkable hunting adaptations.
- Scientific Name: Melanocetus johnsonii
- It is a member of the anglerfish family (Melanocetidae).
- Due to its dark coloration, sharp teeth, and menacing shape, it is often referred to as the "black devil."
- Habitat:
- This fish is found in the deep ocean, usually at depths of more than 2,000 meters (6,600 feet), thriving in environments with complete darkness and immense pressure.
- Features:
- The Black Seadevil has an enormous head, glassy fangs, and a flexible body that can expand to swallow prey larger than itself.
- It uses a unique "fishing rod" with a glowing lure on its nose to attract prey.
- Its gelatinous body helps it survive the extreme pressure found at such depths.
- Conservation Status:
- IUCN Red List: Least Concern