Indian Income Tax Act Overhaul

National Current Affairs Of February 2025: Income Tax Overhaul

• The Union Cabinet in India approved a new Income Tax Bill designed to replace the Income Tax Act 1961.
• The new bill aims to simplify, modernize, and streamline India's tax system for comprehensibility and efficiency.
• The bill will be introduced in Parliament and then sent to the Standing Committee on Finance for evaluation and discussion.
• The Income Tax Act, 1961 needs updating owing to multiple amendments, making it complex for taxpayers.
• The Bill focuses on simplified language, reduced disputes, tax certainty, and modernized framework.
• It aims to simplify tax laws without introducing new taxes, emphasizing compliance ease over rate increases.
• The new bill will use clear, concise language, easily understood by ordinary taxpayers.
• It provides tax certainty and dispute resolution mechanisms for reduced litigation and efficient tax matter settlement
• Compliance will be simplified for businesses and individuals - eliminating redundant documentation, streamlining tax returns, and reducing tax forms.
• CBDT invited public inputs in four areas simplification of language, reduced litigation and compliance, as well as removal of obsolete provisions.
• 6,500 suggestions were considered from taxpayers, businesses, and industry experts.
• The bill involves review by the Standing Committee on Finance, and it must be passed before Presidential assent and notification for implementation.
• Reduced tax ambiguities leads to fewer dispute cases, while simpler language offers better clarity & transparency
• Compliance ease allows individuals/businesses spend less time tax filing.
• A stable, transparent tax system encourages economic growth.
• The Union Cabinet approved a three-year extension for the National Commission for Safai Karamcharis (NCSK).
• Approved NCSK extension till March 31, 2028.
• The financial outlay for this is ₹50.91 crore.
• The objective is to improve socio-economic conditions, enhance working conditions, and ensure zero fatalities in hazardous cleaning.

Key Functions of NCSK

• NCSK suggests actions to eliminate inequalities, scheme evaluation monitors and evaluates rehabilitation programs.
• Grievance redressal investigates complaints
• The agency monitors work conditions regarding wages, health, and safety.
• NCSK reports to governments on issues affecting Safai Karamcharis and monitors implementation of the 2013 Act.
• It handles complaints, and advises governments on policy matters.
• Established in August 1994, NCSK focuses on sanitation workers' welfare and rights.

Cabinet Approvals: Skill India Program

• The Union Cabinet extended the Skill India Programme (SIP) till 2026, with ₹8,800 crore outlay.
• The aim is to build a skilled, future-ready workforce.

Details on components in the SIP

• PM Kaushal Vikas Yojana 4.0 (PMKVY 4.0): NSQF-aligned, short-term training focused on AI, 5G, Cybersecurity, Green Hydrogen, Drones.
• The courses include micro-credentials spanning 7.5-30 hours
• Skill Hubs: IITS, NITS, KVs, JNVs, Sainik Schools will serve as hubs for skill enhancements
• PM National Apprenticeship Promotion Scheme (PM-NAPS): youth (14-35 years) for on-the-job vocational training with with stipend of 25% via DPT
• Jan Shikshan Sansthan (JSS) Scheme: Community-based vocational training for women, rural youth (15-45 years).
• The aim here is promote self-employment & wage-based jobs, aligned with PM JANMAN & ULLAS.
• Enhances certification via DigiLocker and National Credit Framework.
• Stronger global workforce and international mobility with global skill certifications.

Important State Events in February

• Andhra Pradesh: The 'Mana Mitra', a WhatsApp Governance initiative accessible via WhatsApp was Launched.
• Meta partnership expands reach using blockchain / AI.
• Arunachal Pradesh: Foundation Day on February 20th, Transition from a Union Territory in 1987 with shared borders with Bhutan, China, Myanmar.
• Assam: Hosting world's biggest Jhumur dance with over 7,500 participants scheduled for Advantage Assam 2.0 Investment Summit
• Gujarat: Ranjana Desai-led panel will draft State UCC within 45 days.
• First BHS inland mangrove in Guneri village, Kutch district, for rare ecosystem globally
• Haryana: 'Har Khet-Swasth Khet' campaign improving soil health via collection of over 70 lakh farmland samples tested and analyzed.

Key Events: State-wide

• Protection Rules address human-wildlife conflict via new rules for eliminating blue bulls
• India's first Ferret Research Facility near New Delhi boosting biomedical research and vaccine development.
• Himachal Pradesh: Approved cannabis (hemp) farming in pilot project to explore medicinal applications of Indian State
• Green Hydrogen Plant: India’s first Green State targeting Green Hydrogen development and Nalagarh launch
• Jharkhand: Imposes Ban on One-Year sale, manufacture, and distribution of gutkha and pan masala
• Karnataka: Introduces Ellie, animatronic elephant which speaks, teaching children about the cruelty in circuses and her rescue to a wildlife sanctuary
• Investment to boost India's semiconductor ecosystem and land in Whitefield to expand R&D, grows its supply chain.
• Karnataka topped the governance performance index excelling local body management, finances, surpassed Kerala, and also Uttar Pradesh showed.

New initiatives, India

• Kerala: KHSIP was improved with support from World Bank aimed to improve infrastructure, improve disease prevention, and citizens healthcare.
• 'nPROUD' initiative will launch making it the first state scientifically collects that disposes of expired and unused.
• Eye screening initiative for chronic eye diseases partnership was improved with 'Remidio's' screening program.
• N Biren Singh (Manipur): Resigned amid escalation of violent conflict and political pressure.
• President's Rule was introduced in Manipur following the Chief Minister was resigned
• Madhya Pradesh: First tiger breeding Centre which has secured approval by the CZA in Rewa district Near Mukundpur white.
• First Global Capability Centers (GCC): Policy 2025 attracting cities into global Operational, will launch modernising urban land surveys across 152 Union.

Other launches, India

• The Mizoram Foundation was marked on February 20, 1987 becoming the 23rd State Lushai Hills.
• India Inaugurates its First Open-Air Art Wall Museum in the building for the India Meteorological Department
• Advanced Fire App: Combat increasing forest in forest fires.
• Vaibhav Singh, Vaibhav Singh: Developed an advanced Forest Fire App
• Vaibhav Singh , inspiration from Canada, Australia, and South Africa. The app enhances fire detection, response efficiency, and real-time tracking of firefighting teams
• Land Amendment, Uttarakhand cabinet on February 19 2025, to regulate it, it imposed a ban on agricultural land purchases at it, and the bill in ongoing budget.

Games & Sports

• The 38th concluded in Haldwani, Uttarakhand Showcasing India's and eco-friendly approach, highlighting efforts to reduce environmental.

Developments & Power

• THDC, with a unit of Khurja, marked entering marks the commercial operations on the THDC with a potential source
• Budget: Uttar Pradesh Budget a focus that reflects 9.8% has research & development, It infrastructure welfare schemes, and a placed, artificial intelligence.
• Kashi: Kashi Tamil Sangamam will highlight highlights IKS in highlights cultural.

Union Ministries

• Union territories 'Chandrayaan Se Chunao Tak' Initiative was used by the Election Commission of India boost in West Delhi.
• Rekha Gupta, BJP Shalimar Bagh MLA, fourth Delhi at Ramlila Maidan.
• All India: Chair of, Dr Jitendra Singh (Minister of State Personnel, Public Grievances, and pension) and 1 All India Pension Adalat on 13.02.05.
• BHARAT TEX: 2025, One of the textiles events Bharat Mandapam from textiles
• The CSB International; conference focusing, aiming enhancement.
• RSS: the size headquarters BJP.

February, India

• Al driven: of 4 2025 to transform Indian Agri Hub tackle challenges.
• Union Minister Shri launched Watershed Yatra Soil conserve management, livelihoods.
• Temple, Johannesburg The president for worship exchange.
• Ministry of awareness medicinal.
• Pk, tile protects artificial Moon by 10 the.