New Income Tax Bill:
- The Union Cabinet, led by Prime Minister Narendra Modi, has approved the new Income Tax Bill.
- Proposed as a replacement for the Income Tax Act of 1961, the new bill aims to simplify direct tax laws, eliminate uncertainties, and reduce legal disputes.
- The current Income Tax Act of 1961 governs direct taxes, including personal income tax, corporate tax, and securities transaction tax.
- Previously, gift tax and wealth tax were also included under this act.
At present, the act comprises 23 chapters with 298 sections. - Over time, several taxes, such as wealth tax, gift tax, fringe benefits tax, and banking cash transaction tax, have been abolished.
- Further amendments were required after the introduction of the new income tax regime in 2022 to expand the law.
Pudhumai Penn and Tamil Pudhalvan Schemes:
- The Tamil Nadu government has reported a continuous increase in higher education enrollment due to the Pudhumai Penn and Tamil Pudhalvan schemes, which provide a monthly stipend of ₹1,000 to students.
- The Pudhumai Penn scheme will also be extended to female students studying in Tamil medium in government-aided schools.
- Launched in 2022, the Moovalur Ramamirtham Ammaiyar Pudhumai Penn Scheme ensures higher education opportunities for female students from economically weaker families.
- According to the state budget, students who studied in government schools from 6th to 12th grade and enrolled in colleges will receive ₹1,000 per month.
- To ensure higher education access for government school students, the ‘Tamil Pudhalvan’ scheme has been introduced from the upcoming financial year.
- Under this scheme, students who studied in government schools from 6th to 12th grade and pursue higher education will receive ₹1,000 per month in their bank accounts, helping them purchase textbooks, general knowledge books, and magazines.
Information Highlights:
- Sanjay Malhotra has been appointed as the Governor of the Reserve Bank of India.
- The Tamil Nadu Police Department’s ‘Smart Police’ app has been selected by the National Crime Records Bureau as the best computer awareness initiative in the country.
- The ‘Smart Police’ app was developed to enhance patrolling operations of the Tamil Nadu Police Department.
- The 68th All India Police Conference is set to commence in Ranchi, Jharkhand.
- In the Chennai Open ATP Challenger tennis tournament doubles category, Japan’s Shintaro-Kaido duo won the championship title, while the Indian duo Ramnathan-Myneni secured second place.
- Switzerland’s Belinda Bencic won the Abu Dhabi Open women’s tennis championship.
- A 12-foot-tall bronze statue of Portuguese footballer Cristiano Ronaldo has been unveiled at Times Square in New York, USA.
