Current Affair 1:

Bharat Tex 2024 

 

Prime Minister Narendra Modi recently inaugurated Bharat Tex 2024, one of the largest-ever global textile events held in India, at Bharat Mandapam in Delhi. 

Bharat Tex 2024 is a prominent international industry platform, featuring exhibitions, knowledge sessions, thematic discussions, Government-to-Government (G2G) meetings, Business-to-Business (B2B) networks, the signing of Memoranda of Understanding (MoUs), product launches, thematic and interactive pavilions and various other activities. 

With the objectives of promoting India's textile prowess, fostering international collaborations, and stimulating economic growth, Bharat Tex 2024 aims to propel the Indian textile industry to new heights. 

Current Affair 2:

Gaganyaan Mission 

 

 

Read: 

Current Affair 3:

Double Taxation Avoidance Agreement (DTAA) 

 

News: 

Mauritius Government has decided to amend Double Taxation Avoidance Agreement (DTAA) with India in order to go with OECD’s proposal on Base Erosion and Profit Shifting. 

Now understand DTAA: 

Let's understand how DTAA works with the help of an example. Let's say you are a resident of India who has invested in a company located in the United States (US stocks). When you receive dividend or any income from these investments, then that will be subject to tax in both India and United States. But if India and US have a DTAA agreement, you will not have to pay double taxes. This income earned by you from the US will be taxed in either India or the US, depending on the terms of the agreement. 

The Double Tax Avoidance Agreement is a treaty signed by two countries. The agreement is signed to make a country an attractive destination as well as to enable NRIs to get relief from having to pay taxes multiple times. DTAA does not mean that the NRI can completely avoid taxes, but it does mean that the NRI can avoid paying higher taxes in both countries. DTAA also reduces the instances of tax evasion. 

The DTAA agreements cover a range of income such as income from employment, business profits, dividends, interest, royalties, capital gains, among others. These agreements specify guidelines as to which country holds the right to impose taxes on particular types of income. Typically, the country where the income is generated retains the primary right to levy taxes on it, whereas the country of residency may also impose taxes, at a lower rate. 

We will also see OECD’s proposal on Base Erosion and Profit Shifting: 

BEPS refers to tax planning strategies that exploit gaps and mismatches in tax rules to artificially shift profits to low or no-tax locations where there is little or no economic activity or to erode tax bases through deductible payments such as interest or royalties. Although some of the schemes used are illegal, most are not.  

This undermines the fairness and integrity of tax systems because businesses that operate across borders can use BEPS to gain a competitive advantage over enterprises that operate at a domestic level.  Moreover, when taxpayers see multinational corporations legally avoiding income tax, it undermines voluntary compliance by all taxpayers. 

Current Affair 4:

Features of the Sudarshan Setu: India's Longest Cable-Stayed Bridge 

 

News: 

The Prime Minister, Shri Narendra Modi today inaugurated Sudarshan Setu which connects Okha mainland and Beyt Dwarka island, built at a cost of around Rs. 980 crores. It is the longest Cable-stayed bridge in the country of around 2.32 Km. 

Background  

Sudarshan Setu boasts a unique design, featuring a footpath adorned with verses from Shrimad Bhagavad Gita and images of Bhagwan Krishna on both sides.  

It also has solar panels installed on the upper portions of the footpath, generating one megawatt of electricity.   

This bridge will ease the transportation and significantly reduce the time of devotees travelling between Dwarka and Beyt-Dwarka.  

Before the bridge's construction, pilgrims had to rely on boat transport to reach Beyt Dwarka. This iconic bridge will also serve as a major tourist attraction of Devbhumi Dwarka. 

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