Daily Cardio Workout on Current Affairs

Viola! The budget session has begun. So, it is time for you to gobble up each nitty gritties in the newspapers. So, lets get started.

The Finance Minister has announced certain amendments to be made in the RBI Act with regard to the political funding. In fact, they have formulated an entirely new mechanism for political funding. Name it.

Electoral Bonds System

(More details? Wait till the amendment comes.)

What is the tax reduction proposed for the income class between 2.5 lakh per annum to 5 lakh per annum?

From 10% to 5% 

Former Union Minister of State for External Affairs (Under Manmohan Singh Govt.) has passed away today. Name him.

E Ahmed

(He hails from Kerala.)

Defence Minister Manohar Parrikar has been given the showcause notice for making statements that amounts to abetment of bribery in a public meeting. Which may be the legal provisions that he would have violated?

Section 171b of IPC read with Section 123(1) of People's Representation Act.

What is the limit for cash donations to political parties according to the new budget?

Rs. 2000/- 

(Before it was Rs. 20,000/-)

Who is the new CBI Cheif?

Alok Verma

(He was the Delhi Police Cheif.)

Name the terrorist organisation under Hafiz Saeed which was blacklisted by both US and UK.

Jamaat ud Dawa

How much is the uniform rebate allowed for higher tax payers?

Rs. 12,500/-

What is the tax -to-GDP ratio attained in the 2016-17 period?

3.5%

(The target was 3.2%.)

What is the tax reduction for companies with turnover of less than 50 crore?

25% from the previous rate of 30%.

What is the rate of surcharge imposed on the 50 lakh to 1 cr income range?

10%