Friday, 20 September 2013

Today's GK(19-9-13)



Freedom Fighter Jawaharlal Darda Conferred House of Commons Award Posthumously

Indian freedom fighter Jawaharlal Darda was posthumously conferred a Lifetime Achievement Award at UK's House of Commons on 12 September 2013. The Award was given for his contribution during India's independence movement and its journey afterwards.

Britain's Minister for Business Engagement with India Gregory Barker and Virendra Sharma, Chair of the Indo-British All Party Parliamentary Group jointly presented the award to late Jawaharlal Darda's son, Vijay Jawaharlal Darda, MP and Chairman and Editor-in-Chief of Lokmat, the most widely circulated Marathi language newspaper.

Jawaharlal Darda joined the country's freedom movement and became an active Congress leader and also founded the Lokmat group of newspapers in Maharashtra in 1971.

Jawaharlal Darda also served as minister in Maharashtra for several years and was founder-editor of his newspaper group, which has now grown to a state-wide chain in Marathi and English.

Nancy Gibbs Appointed as Managing Editor of Time Magazine

Veteran Time magazine writer Nancy Gibbs on 17 September 2013 appointed as the Managing Editor of Time Magazine.
Nancy Gibbs, 53, would be TIME’s 17th managing editor since its 1923 founding. She is the first woman to hold the position. Nancy Gibbs has been with Time Magazine  since 1985 and she also served as deputy managing editor.
Nancy Gibbs, who has co-authored two best-selling books about the modern presidency (the Preacher and the Presidents; Billi Graham in the White House(2007) and the President club: Inside the World's Most Exclusive Fraternity (2012)). she has written 174 cover stories - more than any other writer in TIME’s history across a range of subjects from politics to parenting.

She succeeded Richard Stengel as managing editor, TIME’s top editorial position.  Richard Stengel was named President Barack Obama’s nominee to serve as under secretary for public diplomacy and public affairs at the Department of State.

Since 2011, Gibbs has served as deputy managing editor, TIME’s number two post, where she has helped reshape TIME. It now reaches more than 50 million people across its digital and print platforms.

Time is an American weekly news magazine published in New York City. It was founded in 1923. Time has the world's largest circulation for a weekly news magazine, and has a readership of 25 million, 20 million of which are in the US.

India and Latvia signed agreement on Double Tax Avoidance Agreement

The Government of India on 18 September 2013 signed an agreement with Latvia on Double Tax Avoidance Agreement (DTAA) and the Prevention of Fiscal Evasion with respect to Taxes on Income.

The Agreement and the Agreed Note were signed by Salman Khurshid, External Affairs Minister of India and Mr. Edgars Rinkevics, Minister of Foreign Affairs of Latvia.

Latvia is the third Baltic country with which DTAA has been signed by India. Earlier DTAAs were signed with Lithuania and Estonia.

The DTAA provides that business profits will be taxable in the source if the activities of an enterprise constitute a permanent establishment (PE) in the source state. The Agreement provides for fixed place of permanent establishment (PE), building site, construction or assembly PE, service PE, Off-shore exploration/exploitation PE and agency PE.

Double Tax Avoidance Agreement contains following provisions

•  Dividends, interest and royalties and fees for technical services income will be taxed both in the country of residence and in the country of source. The low level of withholding rates of taxation for dividend, interest and  royalties    and fees for technical services (10 percent) will promote greater investments, flow of technology and technical services between India and Latvia.
• The Agreement incorporates provisions for effective exchange of information between tax authorities of the two countries in line with latest international standards, including exchange of banking information and supplying of  information without recourse to domestic interest.
• The Agreement included an article on assistance in collection of taxes. This article also included provision for taking measures of conservancy .The Agreement incorporates anti-abuse (limitation of benefits) provisions to ensure  that the benefits of the Agreements are availed of by the genuine residents of India and Latvia.
• The Agreement will provide tax stability to the residents of India and Latvia. It will also facilitate mutual economic cooperation between India and Latvia.
 
About Double Tax Avoidance Agreement (DTAA)


Double Tax Avoidance Agreement (DTAA) is a bilateral agreement between two countries. The main objective of DTAA is to avoid taxation of income in both countries (means double taxation of same income).

Delhi’s Humayun’s Tomb Unveiled after Years of Restoration Work

The Prime Minister of India, Manmohan Singh and His Highness the Aga Khan, a Swiss-born philanthropist and Muslim spiritual leader, unveiled the restored Humayun’s Tomb of New Delhi on 18 September 2013. Aga Khan is the name used by the Imam of the Nizari Ismailis since 1818. The restoration work took around seven years and was a part of the The Nizamuddin Urban Renewal Project.

The task of restoration was done by the Aga Khan Trust for Culture, in partnership with the Archaeological Survey of India, and with the support of the Sir Dorabji Tata Trust. The restoration work took place on the public private partnership (PPP) model and it is first of its kind on the India’s heritage site. The project was funded primarily by the Aga Khan Trust. Ratish Nanda was the Project director of this restoration work.

What all restoration took place at Humayun’s Tomb?

• The restoration project which comprised of areas of Sundar Nursery, Hazrat Nizamuddin Basti and Humayun's Tomb complex was signed in the year 2007. In order to execute this project, plasterers, tile-makers, stone-carvers and traditional masons were employed.
• The architectural elements were corrected and restored by the workers. The dome made of white marble, before restoration, allowed water to infiltrate into double-dome chamber. This was restored during the project.
• The stone joints were filled with the lime mortar, which is prepared by mixing the marble dust with lime.
• In order to restore original water disposal system, around a million kilos of concrete was used. The layer of concrete was then laid on flat roof which surrounds the dome.
• Restoration of the decorative star-shaped patterns on the facade of the 68 mini-mausoleums on the ground level was also done. It is at this place that the 160 members of Mughal dynasty including Dara Shikoh are buried.
• After four years of restoration, the tiles on roof canopies were restored in order to match the original five colours.
• 42 6m tall arches were also reconstructed.
• The gardens of the complex were also restored with the water flowing through all the fountains. The project of garden restoration was taken up by the Aga Khan Trust for Culture (AKTC) in association with the Archeological Survey of India in the year 1997 in order to mark the 50th a niversary of India's independence.
• All the water channels were re-laid almost exactly as before.
• More than 2500 trees as well as plants were introduced in the area according to the original landscape of the Humayun’s tomb.
• The wells were also re-excavated and incorporated into the rain water harvesting and irrigation system.
• Restoration work also took place on the edging stones, sandstone benches, water channels and walkways.
• Humayun’s Tomb also got two handcrafted Egyptian lamps with Islamic motifs in the main chamber and the west gate. These are much similar to the ones in Akbar's Tomb and the Taj Mahal in Agra. In order to hand these lamps, the 80-foot scaffolding was built. The lamps were hung from 16th-century iron hook which had the original lamp with gold tassel and went missing during Jat capture of Delhi. Made of brass, the lamp has inscriptions from Quran.

About the Humayun’s Tomb

• The construction of Humayun’s Tomb started in the year 1569, fourteen years after the death of Humayun. The tomb was built on the order of senior widow of Humayun- Hamida Banu Begam, also known as Haji Begam.
• It is the first distinct example of proper Mughal style, which was inspired by Persian architecture.
• The mausoleum is a synthesis of Persian architecture and Indian traditions-the former exemplified by the arched alcoves, corridors and the high double dome, and the latter by the kiosks, which give it a pyramidal outline from distance.
• The tomb stands in the centre of a square garden, divided into four main parterres by causeways (charbagh), in the centre of which originally ran shallow water-channels.
• A baradari (pavilion) occupies the centre of the eastern wall and a hammam (bath chamber) in the centre of northern wall.
• Mirak Mirza Ghiyath was the architect of the Humayun’s Tomb.
• The tomb was constructed at a cost of 15 lakh rupees (1.5 million).
• It holds special significance because it was the first garden-tomb in India.
• Humayun’s Tomb was a source of inspiration for other architectural innovations including the Taj Mahal.
• Located near crossing of Mathura Road and Lodhi Road, Humayun’s Tomb is the first example of Mughal architecture in India.
• Various Mughal rulers lie buried in the Humayun’s Tomb. It is important to note that Bahadur Shah Zafar also took refuge in this tomb with three other princes during the first war of independence.
• Humayun’s Tomb is the UNESCO World Heritage Site. It was designated the status of World Heritage Site in the year 1993. The World Heritage List includes 981 properties forming part of the cultural and natural heritage.

What is UNESCO World Heritage Site?

The UNESCO World Heritage Site is the place which is listed by UNESCO as special cultural or physical significance. The list of the World Heritage Sites is maintained by the international World Heritage Programme, administered in turn by the UNESCO World Heritage Committee. The UNESCO World Heritage Committee is composed of 21 state parties which in turn are elected by the General Assembly.

Net direct tax collections increased by 12.5 percent for the current financial year

Net direct tax collections for the current financial year (2013-14),up to 17th September 2013 increased 238325 crore Rupees from 211641 crore Rupees  compared to 2012-13 ,up to 17th September 2012, showing a growth of 12.5 percent. This data was released on 18 September 2013 by Department of Revenue of Finance Ministry of Government of India.

Corporation tax


Corporate tax collections were increased to 146610 crore Rupees from 135791 crore Rupees compared to 2012-13, which is a growth of 7.97 percent.

Income Tax

Income tax collections were increased to 89006 crore Rupees from 65752 crore Rupees compared to 2012-13, which is a growth of 21.08 percent.

Securities transaction tax (STT) and wealth tax

The collection of securities transaction tax (STT) and wealth tax stood at 2210 crore Rupees and 309 crore Rupees.

Out of the above net collections, contribution by way of advance tax up to the September quarter was 114324 crore Rupees which is an overall growth of 9.14 percent. Advance tax collections from corporate were 103374 crore Rupees,which is a growth of 7.97 percent.

Advance tax collections under personal income tax head is 10946 crore Rupees, showing a rise of 24 percent.

According to released data the top five advance tax payers were Oil and Natural Gas Commission (ONGC), State Bank of India (SBI), Reliance Industries Limited (RIL), Life Insurance Corporation (LIC) and HDFC Bank.

About Taxation system in India

India has a well-developed tax structure with clearly demarcated authority between Central and State Governments and local bodies.

Central Government levies taxes on income (except tax on agricultural income, which the State Governments can levy), customs duties, central excise and service tax.

Value Added Tax (VAT), stamp duty, state excise, land revenue and profession tax are levied by the State Governments.

Local bodies are empowered to levy tax on properties, octroi and for utilities like water supply, drainage etc.

In general Taxes are divided into two types. They are

• Direct Tax
• Indirect Tax

Direct Tax

 Direct Tax means the burden directly falls on the taxpayer. Direct tax includes following taxes

• Income Tax
• Corporation tax
• Securities Transaction tax (STT)
• Wealth Tax
• Capital Gains Tax

Income tax: Income tax is an annual tax imposed separately for each assessment year (also called the tax year). Assessment year commences from 1st April and ends on the next 31st March in India.

Corporate sector tax: Corporate Tax relates to the taxation of companies in India
Securities Transaction Tax (STT): Securities Transaction Tax or turnover tax, as is generally known, is a tax that is leviable on taxable securities transaction.

Wealth Tax: Wealth tax is a tax on the benefits derived from property ownership.

Capital Gains Tax: A capital gain is income derived from the sale of an investment. A capital investment can be a home, a farm, a ranch, a family business, work of art etc

Indirect Tax

Indirect tax means the burden is shifted from one tax payer to other. Indirect tax includes

• Central sales tax,
• Value Added Tax
• Excise duty
• Customs duty
• Service tax

Central Sales Tax (CST): Central Sales tax is generally payable on the sale of all goods by a dealer in the course of inter-state trade or commerce or, outside a state or, in the course of import into or, export from India.

Value Added Tax (VAT): VAT is a multi-stage tax on goods that is levied across various stages of production and supply with credit given for tax paid at each stage of Value addition. The state level VAT has replaced the existing State Sales Tax.

Excise Duty: Excise duty is levied on goods manufactured in India.

Customs Duty: Custom duties are levied by the Central Government of India on imported or exported goods.

Service Tax: Service tax is levied for providing services like telephone, insurance, banking etc.

Dutch Cyclist Sebastiaan Bowier Broke World Land Speed Record

Dutch cyclist Sebastiaan Bowier broke the land speed record on a bicycle, riding in Nevada, US on 15 September 2013.  Sebastiaan Bowier hit a speed of 133.78 kph.

Sebastiaan Bowier reached a rip-roaring 133.78 kph in the high-tech recumbent bike developed by students from Delft University of Technology and VU University Amsterdam.

This set a new world record, making him the world's fastest cyclist travelling 0.6 kph faster than the previous record holder, Canadian Sam Wittingham.

In addition to Sebastiaan's record-breaking speed, another cyclist in the Delft (Amsterdam) team, Wil Baselmans secured third place in the world record ranking with a speed of 127.43 kph, just behind Bowier and Wittingham.

The speeds were achieved on a 200 metre stretch of road, with a run-up of 8 km across a totally straight route in the Nevada desert, US. In this event the Delft team opted for a recumbent bike called VeloX3 using a shell with extremely low air resistance.

Tigmanshu Dhulia Won Best Director Award at Norway Bollywood Film Festival

Tigmanshu Dhulia won the best director award for Paan Singh Tomar movie at the 11th Norway Bollywood Film Festival at Loreskog cinema center in Oslo on 17 September 2013.

While filmmaker Rahul Mittra bagged the Best Producer award for his Saheb Biwi Aur Gangster Returns, Jimmy Sheirgill got the best actor award for the same film.

About the film

Paan Singh Tomar is Indian biographical film (2012) based on the true story of an athlete Paan Singh Tomar employed by the Indian Army and who won a gold medal at Indian National Games, but was forced to become a notorious bandit.

The film is directed by Tigmanshu Dhulia and produced by UTV Motion Pictures. Irrfan plays the title role, with Mahie Gill, Vipin Sharma and Nawazuddin Siddiqui portraying supporting roles.

About Norway Bollywood Film Festival

Norway Bollywood Film Festival aimed to create cultural understanding within people living in Norway, and help to increase the cultural exchange in Norway. The film festival inaugurated in 2003.

Each year the Bollywood Film festival is held at Oslo, Norway and features a rich mix of film programs designed to build and support the growing interest in the Indian entertainment industry. This includes programming that cultivates an audience for Hindi films while supporting the cause of promoting Indian films in the country.

The festival is one of the biggest film festivals in Scandinavia, attracting hundreds of Indians, Pakistanis and Norwegians each year, apart from top names from Bollywood.

Ratan Tata Nominated as Board Member of Carnegie Endowment for International Peace

India's industrialist Ratan Tata on 18 September 2013 nominated as a member of the board of trustees of the Carnegie Endowment for International Peace.

The Carnegie Endowment for International Peace is a foreign-policy think tank. It is a private, non-profit organization dedicated to advancing cooperation between nations and promoting active international engagement by the United States.

About Ratan Tata

• Ratan Tata was the chairman of Tata Sons, the holding company of the Tata Group, from 1991 until his retirement at the end of 2012.
• He was also chairman of the major Tata companies, including Tata Motors, Tata Steel, Tata Consultancy Services, Tata Power, Tata Global Beverages, Tata Chemicals, Indian Hotels, and Tata Teleservices.
• He is also a member of the Indian Prime Minister’s Council on Trade and Industry.

About Carnegie Endowment for International Peace

Carnegie Endowment for International Peace is the foreign policy think tank located in United States. It was established in 1910. It is also globally renowned with policy research centres in Moscow, Beijing, Beirut, and Brussels as well as a program in Almaty, Kazakhstan in addition to its headquarters in Washington, DC.

Justice Prafulla Chandra Pant Appointed New Chief Justice of the Meghalaya High Court

Justice Prafulla Chandra Pant, Judge of the High Court of Uttarakhand was on 19 September 2013 appointed as the new Chief Justice of the Meghalaya High Court. He was appointed by the President of India, Pranab Mukherjee. Justice Prafulla Chandra Pant took over from Justice T.Nandakumar Singh, who is the Acting Chief Justice of the Meghalaya High court since March 2013.

According to clause (1) of Article 217 of the Constitution of India every Chief Justice of the High Court shall be appointed by the President of India after consultation with the Chief Justice of India and the Governor of the concerned State. In the case of appointment of a Judge of the High court, the President will also consult the concerned Chief Justice High Court.

About Justice Prafulla Chandra Pant
  • He entered in U.P. Judicial Service in 1976.
  • He held different posts in judicial service at Ghaziabad, Pilibhit, Ranikhet, Bereilly and in 1990 he appointed as Additional District Judge in district Bahraich of Uttar Pradesh.
  • He also worked as Joint Registrar in High Court of Allahabad.
  • He has written books on subjects of law including on Marriage, Divorce and Other Matrimonial Disputes.
  • His commentary in Hindi on Code of Civil Procedure won first prize for the year 2000, from Government of India.
  • He wrote Sunder Nirnay Kaise Likhain (How to write good judgments) meant for new entrants in judicial services.
  • After creation of state of Uttarakhand he was the first Secretary, Judicial, of the state.
  • He also held the post of District and Sessions Judge at Nainital before being posted as Registrar General of High Court of Uttarakhand at Nainital.
  • He  took oath of office of AdditionalJudge of the High Court of Uttarakhand on 29th June 2004 and as Judge of High Court of Uttarakhand on 19 Febrary 200

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