CURRENT AFFAIRS

A windfall tax is a one-time tax levied by governments on companies or industries that earn unexpectedly large profits due to circumstances beyond their control. 

In today’s globalized economy, individuals and companies often earn income across borders. 

Prime Minister Narendra Modi paid tribute to Shri Harichand Thakur on his birth anniversary.

The Defence Research and Development Organisation (DRDO) successfully test fired Long Range Glide Bomb (LRGB) ‘Gaurav’ from Sukhoi-30 MKI fighter aircraft.

An Advance Pricing Agreement (APA) is a formal and binding agreement between a taxpayer and a tax authority, which determines the transfer pricing methodology to be applied to certain international transactions for a fixed period in the future.

Goods and Services Tax (GST) is a comprehensive, destination-based indirect tax levied on the supply of goods and services in India. 

Recently, Tahawwur Rana, an accused in the 26/11 Mumbai attack, has been extradited from the US to India. Extradition treaties in India are governed by the 'Extradition Act, 1962'.

Inheritance Tax is a direct tax levied on individuals who inherit assets or property from a deceased person. 

The Ministry of Panchayati Raj launched the Panchayat Advancement Index (PAI) to measure the overall development of Gram Panchayats.

Inverted Duty Structure (IDS) is a phenomenon within the indirect tax system, particularly under the Goods and Services Tax (GST), where the import duties on raw materials or input goods are higher than the tax rates levied on finished goods.