●What is Dividend Distribution Tax
•It is a tax levied on dividends that a company pays to its shareholders out of its profits 【 for example: If OYO earns $1 billion in 2019 and distribute $ 500 million to its 5 shareholders then that $ 500 million will also be taxed again besides the total company’s profit (@ 1 billion)】
•Under Section 115-O, the Income Tax Act, any domestic firm which is declaring or distributing dividend has to pay DDT at the rate of 15 per cent on the gross amount of dividend
[And an additional tax is also imposed on the shareholder, who receives over Rs. 10 lakh in dividend income in a financial year.]
●Insurance cover on bank FDs, deposits increased to ₹5 lakh
•Deposit insurance is providing insurance protection to the depositor’s money by receiving a premium.
•The government has set up Deposit Insurance and Credit Guarantee Corporation (DICGC) under RBIto protect depositors if a bank fails.
•Every insured bank pays premium amounting to 0.001% of its deposits to DICGC every year【@ ₹1/1000】
•The ₹1 lakh insurance limit includes both principal and interest dues across your savings bank accounts, current accounts, fixed deposits and recurring deposits held with the bank
◽The DICGC does not include the following types of deposits:
•Deposits of foreign governments.
•Deposits of central/state governments.
•Deposits of the state land development banks with the state co-operative bank etc.
●Brexit Deal :-
•Well, The EU is an economic and political union involving 28 European countries. It allows free trade, which means goods can move between member countries without any checks or extra charge
[The UK joined in 1973 (when it was known as the European Economic Community) and it will be the first member state to withdraw.]
•UK faced with rising immigration locals worried about their jobs and the erosion of the English way of life wanted their government to clamp down on immigration
[ Infact now, Syrian refugees residing in the EU and millions of Turks about to join the EU.]
•And other factors as well like taking high tax from UK and spending in poor countries of EU etc…
◽Britain has officially left the European Union (EU) and has become the first country to leave the 28-member bloc.
[ from 23:00 GMT on 31 January 2020.]
•And yes!, Under new PM Mr Johnson’s deal, a customs border will effectively be created between Northern Ireland and Great Britain
•It is a disease that appears as yellow stripes of powder or dust on leaves and leaf sheaths of the wheat crop
•This occurs when the rust colonies in the leaves drain the carbohydrates from the plant and reduce the green leaf area.
[Rain, dew and fog favour the disease’s development]
•Yield(crop) due to the disease can be affected by between 5 and 30 per cent
•In India, it is a major disease in the Northern Hill Zone and the North-Western Plain Zone
●What is Anticipatory bail
•The provision of anticipatory bail under Section 438 was introduced when CrPC was amended in 1973.
•Section 438 is a procedural provision concerned with personal liberty of each individual, who is entitled to the benefit of the presumption of innocence
•As opposed to ordinary bail, which is granted to a person who is under arrest, in anticipatory bail, a person is directed to be released on bail even before arrest made
◽Sub-section (1) of Section 438 of CrPC,1973 provision reads:
“When any person has reason to believe that he may be arrested on an accusation of having committed a non-bailable offence, he may apply to the High Court or the Court of Session for a direction under this section; and that Court may, if it thinks fit, direct that in the event of such arrest, he shall be released on bail.”
•Constitution bench of the Supreme Court has ruled that an anticipatory bail cannot be limited to a fixed time period and can continue till the end of the trial
●A.P. flags off country’s first ‘fruit train
•A ‘fruit train’, said to be the first of its kind in the country, was recently flagged off from Tadipatri Railway Station in Andhra Pradesh
•The fruit train was carrying a load of 980 metric tonnes of locally grown bananas to the Jawaharlal Nehru Port in Mumbai, from where the consignment will be exported to Iran
•This is the first time in India that an entire train is being sent to the gateway port (JNPT) for export
●What is Dividend Distribution Tax