Daily GK Update - 28th February 2015

1. Union Budget 2015 highlights

• No merit in going ahead with Direct tax Code as it exists today. Net impact of tax proposals Rs.15,068 crore.
• Yoga to be included under charitable activites.
• Indiviual taxpayer can get benefits up to Rs. 4,44,200.
• Transport allowance exemption to be increased to Rs. 1,600 per month.
• Rs. 50,000 contribution to new pension scheme. "To make India a pensioned society."
• Additional deduction of Rs. 25,000 for differently abled persons.
• Increase in limit of deduction of health insurance premium of Rs. 15,000 to Rs. 25,000. For senior citizens, limit will be Rs. 30,000. Very senior citizens - Rs. 30,000 deduction on expenses incurred.
• 2 per cent cess on services for Swachch Bharat.
• 100 per cent deduction for contribution to Swachch Bharat and Clean Ganga schemes.
• Service Tax rate increased to 14 per cent.

2. Three-point action plan to realise ‘Make in India’ dream

i. The non-controversial response lies in improving the business environment by making regulations and taxes less onerous, building infrastructure, reforming labour laws, and enabling connectivity.

ii. The next response could be in the form of ‘industrial policy’. This could focus on promoting manufacturing by providing subsidies, lowering the cost of capital, and creating special economic zones (SEZs) for manufacturing activity.

iii. This could focus on promoting manufacturing by providing subsidies, lowering the cost of capital, and creating special economic zones (SEZs) for manufacturing activity.

3. Now claim exemption up to Rs. 4,44,200

Methodology
Current exemption	Rs. 2.50 lakh
Exemption under tax saving schemes	Rs. 1.50 lakh
Exemption with new transportation allowance of Rs. 1,600 per month	Rs. 19,200 per year
New deductible health insurance premium	Rs. 25,000
Total	Rs. 4,44,200

4. Farmers open to ‘Khet Heen Kisan’

i. There was positive response from the farming community to the proposed ‘Khet Heen Kisan’ initiative, with a majority of farmers stating that it would do wonders if implemented successfully.

ii. This scheme is for the financial assistance to those farmers who do not own their lands.

iii. Organising farmers into groups and extending financial assistance to them through NABARD to take up farming will yield good results provided the government backs every group till results are achieved.

5. Justice Amitava Roy sworn in as Supreme Court judge

i. Justice Amitava Roy was sworn in as a judge of the Supreme Court (SC). Prior to this, he served as the Chief Justice of Odisha High Court.

ii. With his elevation, the strength of the SC judges has gone up to 29. SC has a sectioned strength of 31 judges. He will have tenure of three years.

iii. It should be noted that Amitava Roy was appointed as judge of SC through traditional collegium system rather than newly created National Judicial Appointments Commission (NJAC).

6. 28 February observed as National Science Day

i. Every year February 28 is celebrated as the National Science Day i.e. Rashtriya Vigyan Diwas (राष्ट्रीय विज्ञान दिवस). 

ii. In 2015, the theme of the day is “Science for Nation Building”. This year’s theme has been chosen for the purpose of raising public appreciation on scientific issues for the development of nation.

iii. This day marks the epoch-making discovery of Raman Effect by Indian physicist Chandrasekhara Venkata Raman (CV Raman) on February 28, 1928.In 1930, for this discovery he was awarded with the Nobel Prize in Physics.