CURRENT-AFFAIRS

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• Recently, the Prime Minister commemorated the birth anniversary of Chandra Shekhar Azad.
• About Chandra Shekhar Azad:
  • Chandra Shekhar Azad was a revered figure in India's struggle for independence.
  • Born as Chandra Shekhar Tiwari on July 23, 1906, in Bhavra village, Madhya Pradesh, Azad embraced the spirit of revolution from a young age.
  • His determination to fight for India's freedom was ignited early on, and at just 15 years old, he joined Mahatma Gandhi's Non-Cooperation Movement.
  • Azad was disheartened by Gandhi's decision to suspend the movement following the violent incident at Chauri Chaura in February 1922.
  • He became an active member of the Hindustan Republican Association (HRA), which later evolved into the Hindustan Socialist Republican Association (HSRA) under his leadership.
  • Azad collaborated closely with fellow revolutionaries, including the iconic Bhagat Singh, in their quest to overthrow British colonial rule.
  • His strategic brilliance was evident in significant acts of resistance such as the Kakori Train Robbery (1926), the attempt on the Viceroy's train (1926), and the killing of Saunders in Lahore (1928) as retaliation for Lala Lajpat Rai's death.
  • Azad's courage and leadership made him a symbol of defiance against the British authorities, living a fugitive life to evade capture.
  • In a dramatic standoff with British police at Alfred Park, Allahabad, in January 1931, Azad fought fiercely but ultimately chose to take his own life rather than be apprehended, declaring he would never be caught alive.

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• Recently, the Union government highlighted that the Goods and Services Tax (GST) has reduced the tax burden on the average citizen.
• About Tax Incidence:
  • Tax incidence, an economic concept, refers to how the burden of a tax is distributed among various stakeholders, such as buyers and sellers, or producers and consumers.
• There are two main aspects to tax incidence:
  • The initial incidence (or statutory incidence) of a tax is the initial responsibility assigned by law to remit tax payments to the government. This specifies who must physically pay the tax to the government.
  • The final incidence (or economic incidence) of a tax is the ultimate impact on the distribution of economic welfare within society. It determines how the tax burden affects consumers, workers, and investors.
  • For instance, while corporate income taxes are legally borne by companies, their economic burden may be shifted to others, such as consumers facing higher prices, workers receiving lower wages, or shareholders experiencing reduced returns.
  • The difference between initial and final tax incidence is termed tax shifting.
  • The impact of tax incidence is influenced by the price elasticity of supply and demand.
  • Goods with elastic demand are sensitive to price changes (e.g., luxury items), while goods with inelastic demand (e.g., essential goods like petrol or cigarettes) experience less change in demand despite price increases due to taxes.
  • Taxes on inelastic goods tend to shift the tax burden to consumers, who continue purchasing despite higher prices.

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• The Indian Navy's INS Brahmaputra warship, undergoing refitting at Mumbai Dockyard, tragically capsized following a fire incident, resulting in significant damage and one sailor reported missing.
• About INS Brahmaputra:
  • INS Brahmaputra is the lead ship of the indigenous 'Brahmaputra' class guided missile frigates. This class, a successor to the Talwar class, represents an upgraded version of the Godaviri class frigates.
  • The subsequent vessels in the class, INS Betwa and INS Beas, also bear names of Indian rivers.
  • Constructed by the state-run Garden Reach Shipbuilders and Engineers Limited (GRSE), INS Brahmaputra was commissioned into the Indian Navy in April 2000.

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• Recently, the finance minister, in her Union Budget address, announced plans to develop corridor projects for the Vishnupad Temple in Gaya and the Mahabodhi Temple in Bodh Gaya, Bihar.
• About Vishnupad Temple:
  • Located in Bihar, the Vishnupad Temple is dedicated to Lord Vishnu.
  • It was constructed in 1787 under the directive of Queen Ahilyabai Holkar of Ahmadnagar.
  • Situated on the banks of the Falgu River, the temple is notable for its architecture, standing approximately 100 feet tall and supported by 44 pillars.
  • Devotees visit during pitra paksha, a period in the Hindu calendar for rituals honoring ancestors.
• Key Facts about Mahabodhi Temple:
  • The Mahabodhi Temple is situated to the east of the Mahabodhi Tree, where Gautam Buddha is believed to have attained nirvana.
  • Located in Bodh Gaya, central Bihar, along the Niranjana River, it is an ancient site dating back to Emperor Asoka's era in the 3rd century B.C., with the current structure dating from the 5th–6th centuries.
  • This temple, recognized as one of the earliest Buddhist brick temples, has been pivotal in the evolution of brick architecture.
  • Designated as a UNESCO World Heritage Site in 2002, it holds profound significance for Buddhists worldwide.

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• India is planning to seek licenses from the International Seabed Authority (ISA) to explore deep-sea minerals in the Pacific Ocean, with a particular focus on the Clarion-Clipperton Zone (CCZ).
• About the Clarion-Clipperton Zone (CCZ):
  • Situated in the North Pacific Ocean between Hawaii and Mexico, the CCZ is a vast plain.
  • It is renowned for its extensive deposits of polymetallic nodules, shaped like potatoes, containing minerals crucial for electric vehicles and solar panels, such as manganese, nickel, copper, and cobalt.
  • These nodules were first discovered by British sailors in 1873 and take millions of years to form.
  • The CCZ is home to up to 30 cetacean populations, including globally endangered species like blue whales, amid concerns over the impact of deep-sea mining.
  • Currently, 17 exploratory licenses for deep-sea mining have been granted within the CCZ.

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• Recently, during the presentation of the Union Budget 2024-25 in Parliament, the Union Minister for Finance proposed the complete abolition of the 'angel tax' across all categories of investors.
• About Angel Tax:
  • Angel tax was imposed on the capital raised by unlisted companies from Indian investors through the issuance of shares, if the issue price of shares exceeded the fair market value of the company.
  • The excess amount raised above the fair market value was treated as income and subjected to tax.
  • The provision originated from section 56(2)(viib) of the Income Tax Act, 1961, initially introduced in 2012 to curb the misuse of share sales for laundering black money.
  • It was levied at a rate of 30.9% on the net investments exceeding the fair market value.
  • In 2019, the Government provided an exemption from angel tax for startups meeting specific criteria:
  • The startup must be recognized by the Department for Promotion of Industry and Internal Trade (DPIIT) as an eligible startup.
  • The total amount of paid-up share capital and share premium of the startup should not exceed ₹25 crores, excluding funds raised from NRIs, Venture Capital Firms, and specified companies.
  • Angel investors were eligible for 100% tax exemption on investments that exceeded the fair market value, provided they had a net worth of ₹2 crores or an annual income exceeding ₹25 lakh in the preceding three fiscal years.