Current Affairs is the most important area in all competitive exams. But the difficulty level is very high. That’s why; many aspirants get confused, how to select Current Affairs for Preparation of Competitive Examination? In this Post, Daily Current Affairs 11 October 2023, we have tried to cover each and every point and also included all important facts from National/ International news that are useful for upcoming competitive examinations such as UPSC, SSC, Railway, State Govt. etc.
Daily Current Affairs – 11 October, 2023
Swaminarayan Akshardham, largest Hindu temple outside India inaugurated
The largest Hindu temple outside India, BAPS Swaminarayan Akshardham, has been inaugurated in New Jersey, the United States
Swaminarayan Akshardham is spread over 185 acres.
Mahant Swami Maharaj conducted the ‘Pran Prathistha’ ritual at the temple.
Akshardham in New Jersey marks the third such cultural complex globally.
The first Akshardham was created in Gandhinagar, the capital of Gujarat, India, in 1992, followed by Akshardham in New Delhi in 2005
Kenyan Kiptum breaks world record to win Chicago Marathon men’s title 2023
Kenya’s Kelvin Kiptum blazed his way to smash the world record by clocking a stunning 2:00:35 to win the Chicago Marathon 2023
The timing by World Athletics wiped off 34 seconds from the previous world mark of 2:01:09 set by his fellow countryman Eliud Kipchoge.
The Chicago course a World Athletics Platinum Label marathon produced fast times even in the women’s field, with Dutch star Sifan Hassan winning the women’s title at 2:13:44.
Country’s Oldest Think Tank USI To Hold First Ever Indian Military Heritage Festival
The United Service Institution of India (USI), the nation’s oldest think tank, is set to host the first-ever Indian Military Heritage Festival (IMHF), scheduled for October 21 and 22. This groundbreaking event aims to fill a void in the national discourse and cultural calendar by shedding light on India’s rich military history, contemporary security concerns, and the pursuit of self-reliance in military capabilities through the Atmanirbhar Bharat programs.
Unveiling India’s Military Heritage
The IMHF seeks to deepen our understanding of India’s extensive military heritage and traditions. It will explore various aspects, including indigenous historical knowledge systems, India’s role in the world wars, post-Independence challenges, and perspectives on war and conflict. Through insightful discussions, the festival aims to enlighten attendees from all walks of life about the multifaceted dimensions of India’s military history.
Addressing Knowledge Gaps
Despite growing interest in military history among the Indian populace, there remains a significant knowledge deficit concerning Indian military systems, customs, and history. The IMHF aims to bridge these gaps and enhance our comprehension of the intricate relationship between war, the armed forces, and society. It aligns with the Army’s Project Udbhav, a collaborative effort with the USI to uncover India’s ancient statecraft and strategic wisdom found in historical texts.
Educating Future Thought Leaders
The IMHF has a key objective of educating “future thought leaders” on comprehensive national security dynamics, with a special emphasis on India’s strategic culture, military heritage, education, modernization of security forces, and Atmanirbhar Bharat. Through panel sessions and discussions, the festival will delve into various topics, including military history, contemporary security issues, the welfare of armed forces personnel, and the role of Atmanirbhar Bharat in the defense sector.
Charting a Path for the Future
Over two days of engaging discussions, the IMHF will explore how we perceive our military history, contemporary security challenges, and the role of self-reliance in defense. It will also highlight India’s culture of gallantry and endeavor to develop an indigenous strategic vocabulary rooted in the country’s rich culture and history, thus paving the way for a more secure future.
A Showcase of Milestones
In conjunction with the National Museum, the IMHF will host an exhibition highlighting select milestones and achievements from India’s extensive military history. This exhibition will celebrate the nation’s enduring and illustrious military heritage. The Indian Military Heritage Festival is poised to be a landmark event that not only honors India’s military legacy but also fosters a deeper understanding of its significance in contemporary times.
About the United Service Institution of India
The United Service Institution of India, established in 1870 by Colonel (later Major General) Sir Charles MacGregor, a soldier-scholar, has a history closely connected with the development of the Indian Armed Forces. Its primary mission was to promote interest and knowledge in the art, science, and literature of the Defense Services. Initially, it was located in the old Town Hall at Shimla, nestled in the foothills of the Himalayas. Later, the Institution relocated to the Army Headquarters. Major General BK Sharma is the Director General of United Service Institution of India (USI).
NLC India Ltd Secures 810 MW Solar PV Project In Rajasthan
NLC India Ltd. (NLCIL), a Navaratna Central Public Sector Enterprise (CPSE) under the Ministry of Coal, has recently achieved a remarkable feat in the renewable energy sector by securing an 810 MW solar photovoltaic power project. This project is awarded by Rajasthan Rajya Vidyut Utpadan Nigam Limited (RRVUNL) and marks a significant step forward in NLCIL’s commitment to clean and sustainable energy solutions.
Tender Floated By RRVUNL on December 21, 2022
The journey towards this achievement started when RRVUNL floated a tender for an 810 MW solar photovoltaic power project on December 21, 2022. The project is strategically located in the Bikaner district of Rajasthan, a region known for its abundant solar radiation potential. NLCIL, with its expertise and dedication to renewable energy, successfully secured the entire capacity, positioning itself as a key player in the state’s renewable energy landscape.
Collaborative Efforts: The Letter of Intent (LoI)
A significant milestone in the project’s development is the issuance of the Letter of Intent (LoI) by RRVUNL. This letter solidifies the commitment of both NLCIL and RRVUNL towards the successful execution of this ambitious solar project. Under this collaboration, RRVUNL will provide the necessary land for the project and the power evacuation system connected to the State transmission utility.
Scaling New Heights: NLCIL’s Largest Renewable Energy Project
The 810 MW solar photovoltaic power project in Bikaner marks the largest renewable energy project undertaken by NLCIL. With this addition, the total power project capacity in Rajasthan will surge to 1.36 GW, out of which 1.1 GW is green power. This significant increase in renewable energy capacity will not only promote economies of scale but also optimize fixed costs, making renewable energy more accessible and cost-effective.
A Greener Rajasthan: Environmental Impact
One of the key advantages of this project is its location in Rajasthan, which receives abundant solar radiation throughout the year. This positioning is set to enhance the project’s Capacity Utilization Factor (CUF) significantly. Over its lifetime, the project is expected to generate more than 50 billion units of power. Moreover, it will offset over 50,000 tonnes of carbon dioxide emissions, contributing to a cleaner and greener Rajasthan.
NLCIL’s Commitment to Renewable Energy
Prasanna Kumar Motupalli, Chairman-cum-Managing Director of NLCIL, expressed the company’s dedication to renewable energy. NLCIL has already made history by becoming the first Central Public Sector Enterprise (CPSE) to install 1 GW of renewable energy capacity. The company is currently developing an additional 2 GW of renewable energy capacity across India, including this project. Their ultimate goal is to reach more than 6 GW of renewable energy capacity by 2030. This aligns perfectly with the Union government’s commitment to augment renewable energy capacity in the country.
North America’s first Gandhi Museum opens in Houston
The first free-standing Gandhi Museum in North America, dedicated to the life and legacy of Mahatma Gandhi is open to the public in the US city of Houston ,Texas.
Museum in the United States, dedicated to Gandhi, to preserve and promote his ever-lasting legacy of nonviolent conflict resolution.
The outer walls of the semi-circle-shaped museum depict various peace activists including Mahatma Gandhi, Martin Luther King Jr., Nelson Mandela, Betty Williams, and more.
Solar and Lunar Eclipse in October 2023: Date, Time and Facts
Solar and Lunar Eclipse in October 2023
October 2023 is set to be a remarkable month for astronomy enthusiasts and stargazers around the world. It will mark a rare celestial event when both Solar and Lunar eclipses will grace the night skies. These awe-inspiring natural phenomena offer a captivating glimpse into the cosmic dance of our celestial neighbors. Let’s delve into the details of these upcoming eclipses and what makes them so special.
Solar Eclipse in October 2023 Overview
Eclipse: Solar Eclipse 2023 or Surya Grahan 2023
Date: 14th October 2023
Start Time (New Delhi): 11:29 PM
End Time (New Delhi): 11:34 PM
What is Solar Eclipse?
The Solar Eclipse, a captivating celestial phenomenon, occurs when the moon positions itself between the Earth and the sun, temporarily blocking its radiant light. This cosmic dance has fascinated humanity for centuries, revealing the exquisite side of nature. On October 14, 2023, stargazers can witness an annular solar eclipse, where the sun forms a mesmerizing “ring of fire” around the moon. The spectacle will grace the night sky, commencing at 11:29 PM and concluding at 11:34 PM (New Delhi Time).
Lunar Eclipse in October 2023 Overview
Eclipse: Lunar Eclipse 2023 or Chandra Grahan 2023
Date: 28th October 2023
Start Time (New Delhi): 11:31 PM
End Time (New Delhi): 3:36 AM (October 29, 2023)
What is Lunar Eclipse?
The lunar eclipse, another celestial marvel, occurs when the Earth positions itself between the sun and the moon, casting a shadow on the moon’s surface. This captivating event takes place exclusively during a full moon. On 28th October 2023, the moon will gracefully traverse through Earth’s shadow, creating a partial lunar eclipse. This captivating lunar spectacle will unfold between 01:06 and 02:23 IST. Stargazers in various regions, including Asia, America, Europe and Africa, will be treated to this celestial spectacle. In New Delhi, the lunar eclipse will commence at 11:31 PM and conclude at 03:36 AM.
India’s Fiscal Deficit Rose To Rs 6.42 trillion, Which Is 36% Of The FY24 Target
According to the data, released by the Controller General of Accounts, the fiscal deficit for the April-August period in FY24 stood at Rs 6.42 trillion. This accounts for 36 per cent of the full-year target of Rs 17.87 trillion. Comparatively, during the same period in FY23, the fiscal deficit was 32.6 per cent of the full-year target.
It’s worth noting that India’s aim is to narrow its fiscal deficit to 5.9 per cent of gross domestic product (GDP) by the end of the current financial year, down from 6.4 per cent in the previous year.
Primary Deficit at Rs 2.75 Trillion
The primary deficit, which represents the fiscal deficit without considering interest payments, stood at Rs 2.75 trillion. This amounts to 38.9 per cent of the full-year target of Rs 7.06 trillion. In the same period last year, between April and August, the primary deficit was 28.2 per cent of the budgetary estimate. The primary deficit is a crucial metric as it reflects the government’s ability to meet its expenditure commitments without relying on borrowing for interest payments.
Revenue Deficit: Rs 2.84 Trillion
The revenue deficit for the April-August period in FY24 was recorded at Rs 2.84 trillion, constituting 32.7 per cent of the full-year estimate of Rs 8.70 trillion. The revenue deficit is a significant parameter as it highlights the mismatch between revenue receipts and revenue expenditure, which includes day-to-day expenses such as salaries and subsidies.
Strong Tax Revenue Performance
Despite the fiscal challenges, the net tax revenue in the first five months of FY24 reached Rs 8.04 trillion, which is 34.5 per cent of the annual estimate. This figure is notably higher than the Rs 7 trillion collected during the same period last year. A standout performer in tax collections was corporate tax, which witnessed a remarkable year-on-year growth of over 15 per cent, reaching Rs 2.39 trillion.
Total Expenditure: Rs 16.72 Trillion
The total government expenditure during the April-August period in FY24 amounted to Rs 16.72 trillion. This represented 37.1 per cent of the annual goal, which is notably higher than the Rs 13.90 trillion spent during the same period in the previous fiscal year. This increase in expenditure reflects the government’s efforts to stimulate economic growth and provide necessary support during challenging times.
Government Capital Expenditure: Rs 3.74 Trillion
In the first five months of FY24, government capital expenditure, which includes spending on building infrastructure and developmental projects, stood at Rs 3.74 trillion. This represents 37.4 per cent of the annual target, surpassing the Rs 2.52 trillion spent during the same period a year earlier. This focus on capital investment is expected to play a vital role in India’s economic recovery and long-term growth prospects.
Government’s Initiatives and Challenges Ahead
While the fiscal deficit remains a concern, the government’s efforts to boost tax revenues and increase capital expenditure demonstrate a commitment to addressing economic challenges and supporting growth. As the fiscal year progresses, it will be crucial to monitor these indicators closely to assess India’s progress towards achieving its fiscal targets and sustaining economic recovery.
IAF Chief unveils new Ensign as the force marks 91st anniversary
Indian Air Force chief Air Chief Marshal V.R. Chaudhari unveiled the new Indian Air Force ensign on its 91st anniversary at Bamrauli Air Force Station in Prayagraj of UP.
The new feature is the addition of the Air Force crest in the top right corner of the ensign, towards the fly side.
The occasion was also the first Air Force Day Parade to be commanded by a woman officer, Gp Capt. Shaliza Dhami, who is also the first woman officer of the IAF to command a combat unit.
Country’s Oldest Think Tank USI To Hold Indian Military Heritage Festival
The country’s oldest think tank, the United Service Institution of India (USI), is organizing the first Indian Military Heritage Festival (IMHF) to address the gap in the “national discourse and cultural calendar.”
Aim: To enhance our understanding of the country’s rich military heritage and traditions; contemporary security and strategy concerns; and the push to achieve self-reliance in military capability.
It is scheduled to be held on October 21 and 22.
International Day of the Girl Child 2023: History, Date, Significance and Theme
The International Day of the Girl, observed every year on October 11, is a global initiative dedicated to raising awareness about gender inequality and advocating for the rights and empowerment of girls. This article explores the significance, history, and theme of the International Day of the Girl 2023.
The Origins of International Day of the Girl
The International Day of the Girl was first celebrated in 2012. This day was established to focus attention on the unique challenges girls face and to promote their empowerment and the fulfillment of their human rights. The day was born out of the recognition that girls, like boys, deserve equal opportunities and rights.
International Day of the Girl 2023: Theme
The theme for the International Day of the Girl in 2023 is “Invest in Girls’ Rights: Our Leadership, Our Well-being.” This theme emphasizes the need to invest in girls, recognizing that their leadership and well-being are crucial for a fairer and more equal future.
Historical Significance
Beijing Declaration and Platform for Action
In 1995, the World Conference on Women held in Beijing resulted in a landmark achievement. Countries unanimously adopted the Beijing Declaration and Platform for Action, a progressive blueprint for advancing the rights of women and girls. This declaration was a pivotal moment as it was the first international document to explicitly call out the rights of girls.
The Rights of Girls
The United Nations underscores that girls have the inherent right to a safe, educated, and healthy life. This right is not just limited to their formative years but extends into their adulthood. Empowering girls during their adolescent years can have a profound impact on their ability to change the world. They can be today’s empowered girls and tomorrow’s leaders, workers, mothers, entrepreneurs, mentors, household heads, and political leaders.
Investment in Girls
Investing in adolescent girls is an investment in a brighter and more equitable future. It is a commitment to ensuring that half of humanity has an equal stake in addressing critical global challenges, including climate change, political conflicts, economic growth, disease prevention, and sustainable development.
The Role of Gender Equality in Sustainable Development
Achieving gender equality and empowering women and girls is an integral part of the 17 Sustainable Development Goals (SDGs) adopted by world leaders in 2015 as part of the Agenda for Sustainable Development 2030. Recognizing the rights of women and girls across all these goals is fundamental to achieving justice and inclusion, creating economies that work for all, and sustaining a shared environment for current and future generations.
World Mental Health Day 2023: Date, Theme and History
World Mental Health Day on October 10th is a global initiative that brings organizations and individuals together to commemorate the importance of mental well-being. By recognizing mental health as a universal human right and taking action to uphold this right, we can collectively strive for a world where mental health is valued, promoted, and protected for all. This occasion serves to enhance knowledge, raise awareness, and drive actions that promote and protect the mental health of all individuals as a fundamental human right.
Significance of World Mental Health Day 2023
Mental health is an inherent human right that belongs to everyone, regardless of their background or location. This right encompasses protection from mental health risks, access to available, accessible, acceptable, and high-quality care, and the pursuit of liberty, independence, and inclusion within the community.
The Importance of Good Mental Health
Good mental health is integral to overall well-being, impacting physical health, social connections, and livelihoods. Alarming statistics reveal that one in eight individuals globally lives with mental health conditions, with a rising prevalence among adolescents and young people.
Upholding Human Rights for Individuals with Mental Health Conditions
A critical aspect of recognizing mental health as a universal human right is ensuring that individuals with mental health conditions are not deprived of their rights or excluded from decisions concerning their health. Unfortunately, human rights violations against individuals with mental health conditions persist worldwide, including discrimination and exclusion from community life.
Access to Quality Mental Health Care
A significant challenge is the limited access to necessary mental health care services. Many individuals cannot access the care they require, and in some cases, the care they do receive may violate their human rights.
World Health Organization’s Role
The World Health Organization (WHO) continues to collaborate with its partners to promote and protect mental health as a basic human right. WHO is committed to taking urgent actions to ensure that everyone can exercise their human rights and access high-quality mental health care.
Join the World Mental Health Day 2023 Campaign
You are encouraged to participate in the World Mental Health Day 2023 campaign to learn more about your basic right to mental health and how to advocate for and protect the rights of others.
World Mental Health Day Theme 2023
World Mental Health Day 2023 provides a platform for individuals and communities to unite under the theme “Mental health is a universal human right.” The theme of World Mental Health Day 2023 serves as a catalyst for individuals and communities to address mental health challenges. Its primary objectives include boosting public awareness of mental health issues and facilitating support for those struggling with them. The theme encourages a deeper understanding of mental health conditions and the rights associated with them.
World Mental Health Day 2023 seeks to raise global awareness of the significance of mental health as a universal human right. The initiative aims to inspire individuals and communities to take proactive steps in supporting and safeguarding the mental health of all individuals, regardless of their circumstances.
Historical Background of World Mental Health Day
Founding of World Mental Health Day
World Mental Health Day was established by the World Federation for Mental Health (WFMH) in 1992. The initiative was spearheaded by Richard Hunter, the deputy secretary-general at the time.
Inaugural Theme
The first World Mental Health Day, held in 1994, featured the theme “Improving the Quality of Mental Health Services Throughout the World.” This campaign generated feedback reports from 27 countries and led to the inception of national mental health campaigns in Australia and England.
Important takeaways for all competitive exams:
- President of the World Federation for Mental Health: Dr. Nasser Loza;
- World Federation for Mental Health Founded: 1948.
‘India, Tanzania to sign 15 agreements with eye on USD 10 billion trade’
India and Tanzania are set to boost their bilateral cooperation as Tanzanian President Samia Suluhu Hassan visits India after an eight-year gap. The visit aims to elevate their relations to a strategic partnership and enhance trade and investment ties. Tanzanian Foreign Minister January Yusuf Makamba anticipates the signing of 15 agreements covering various areas of cooperation.
Elevation to a Strategic Partnership
- Tanzania considers the visit crucial, with expectations of elevating bilateral relations to a strategic partnership.
- Key focus on enhancing trade and investment ties.
Key Agreements and Areas of Cooperation
- Expectations of 15 agreements spanning government-to-government and private sector collaborations.
- Potential announcement of an extension of an Indian-assisted water project in Tanzania.
- India’s substantial contribution of USD 1 billion for water projects in Tanzania.
Business Forum and Bilateral Trade Goals
- Tanzanian President to address a business forum in New Delhi.
- Aiming to sign new deals and partnerships between Tanzanian and Indian companies.
- Objective: Enhance trade volumes and expand bilateral trade to USD 10 billion in the next three years.
Trade Settlement in National Currencies
- Appreciation of India’s initiative for trade settlement in national currencies.
- Benefits include favorable exchange rates and preservation of foreign exchange reserves.
- Technical details being worked out to facilitate increased trade.
Defense Cooperation
- Defense cooperation a pillar of the strategic partnership.
- Collaboration includes capacity building, training, technology transfer, joint patrols, and military exercises.
- Specific equipment needs of Tanzania to be determined in later discussions.
Official Visit Itinerary
- Tanzanian President to receive a ceremonial welcome at Rashtrapati Bhawan.
- Followed by an in-depth bilateral dialogue with Prime Minister Narendra Modi.
Location and Geography
Tanzania is an East African country known for its diverse geography, wildlife, and culture.
- Size: Largest country in East Africa
- Capital: Dodoma
- Language: Swahili and English
- Government: Presidential republic
- Independence: 1961
- Economy: Agriculture, mining, and tourism
- Currency: Tanzanian Shilling
- Religion: Christianity and Islam
- Wildlife: Tanzania is home to iconic animals like lions, elephants, and giraffes
- Tourism: Tourism is a significant industry in Tanzania, attracting visitors for safaris, trekking, and cultural experiences
Urban unemployment rate drops to 6.6% in Q1
The Ministry of Statistics and Programme Implementation (MoSPI) released its quarterly bulletin of the Periodic Labour Force Survey (PLFS), shedding light on the urban unemployment situation in India during the first quarter of the fiscal year.
Decline in Urban Unemployment Rate
- In the April-June quarter of this fiscal year, the urban unemployment rate in India dropped to 6.6%.
- This was the lowest level recorded since the PLFS bulletin was launched in 2018.
Gender-Based Analysis
- For males above the age of 15, the urban unemployment rate decreased from 6.0% in the previous quarter to 5.9%.
- For females in the same age group, the unemployment rate decreased from 9.2% to 9.1% during the same period.
Employment in Self-Employed Categories
- Both males and females saw an increase in employment in self-employed categories, including own account workers and helpers in household enterprises.
Youth Unemployment
- Among urban females aged 15-29, the unemployment rate slightly increased to 23.4% in April-June from 22.9% in the previous quarter but was lower than the 23.9% recorded in the same period the previous year.
- Urban males in the 15-29 age group also saw a slight increase in unemployment, rising to 15.9% from 15.6% in the previous quarter but lower than the 17.4% recorded in April-June 2022.
State-wise Variation
- Several states and union territories (UTs) reported higher urban unemployment rates than the national average. Notable ones include Himachal Pradesh (13.8%), Rajasthan (11.7%), Chhattisgarh (11.2%), Jammu and Kashmir (10.9%), and Kerala (10%).
- States/UTs with lower-than-national average unemployment rates included Delhi (2.7%), Gujarat (2.8%), West Bengal (4.4%), Bihar (6.1%), Maharashtra, and Haryana (6.5%).
Positive Labor Market Indicators
- Key labor market indicators, such as Labour Force Participation Rate (LFPR) and Worker Population Ratio (WPR), improved in urban areas for individuals aged 15 years and above compared to the pre-pandemic period.
- LFPR in April-June 2023 was 48.8%, higher than the pre-pandemic levels.
- WPR in the same period was 45.5%, also surpassing pre-pandemic figures.
- The current unemployment rate of 6.6% is lower than pre-pandemic unemployment rates.
Pandemic Impact
- During the first wave of the pandemic in 2020, urban unemployment rates had surged significantly.
- For urban females and males in the 15-29 years age group, the unemployment rates were exceptionally high at 36% and 34.3%, respectively, in April-June 2020.
Definition of Unemployment Rate
It is the percentage of people unemployed among those in the labor force. People are considered unemployed if they didn’t work for even one hour during the week but sought or were available for work for at least one hour during the same period.
India’s Net Direct Tax Collections Surge by 21.8%, Surpassing Half of Budget Projections
India has witnessed a remarkable increase in its net direct tax collections, with a substantial growth rate of 21.8% amounting to ₹9.57 lakh crore by October 9. This surge has exceeded over half of the annual Budget estimates. The boost is primarily attributed to a 32.5% rise in personal income tax revenues and a 12.4% increase in corporate taxes.
Factors Driving the Surge:
- Strong Personal Income Tax Growth: Personal income tax collections have seen a remarkable upswing of 32.5%. This highlights the robust contribution of individual taxpayers to the country’s tax revenue.
- Corporations Contribute Significantly: Corporate taxes have also played a crucial role in this tax collection surge, showing a healthy increase of 12.4%. This reflects the resilience of India’s corporate sector.
Challenges and Refunds:
- Withheld Refunds: Tax refunds amounting to ₹1.5 lakh crore have been disbursed to taxpayers. However, certain refunds are being withheld due to pending tax demands from the past. Taxpayers are being given an opportunity to address these pending issues.
- Validation Hurdles: Approximately 35 lakh taxpayers are facing difficulties related to bank account validation. This issue arises from incorrect bank branch codes provided by taxpayers, adding to the challenges in the refund process.
Refund Threshold and Outstanding Dues:
- Refund Threshold: For refunds up to ₹5,000, the Income Tax (IT) department is not imposing restrictions. However, for amounts exceeding this threshold, taxpayers are informed about any outstanding tax dues.
- Legacy Tax Demands: Some tax demands date back to as early as 2010-11. These could be legacy cases from the transition period when the department shifted from manual registers to an online system for recording assessment orders.
Technology Shift and Resolution:
- Reasons for Pending Demands: The pending tax demands may be attributed to the technological transition or errors made by tax officers in updating demands. Taxpayers are being encouraged to respond to queries. If they agree with the demand, it is adjusted against the refund. If contested, further actions are taken based on the data provided by taxpayers to update the system.
- Impact on Refunds: This procedural issue is responsible for holding up some tax refunds, emphasizing the need for a streamlined resolution process.
Filing Statistics:
- Filing Trends: As of September 23, a total of 7.09 crore income tax returns were filed, with 2.75 crore refunds already issued. By October 9, the number of filed returns had increased to 7.27 crore, and 7.15 crore returns were verified. In the previous year, 7.5 crore tax returns were filed, indicating steady tax compliance.
Budget Projections:
- Impressive Collection: The current direct tax collection, excluding refunds, accounts for 52.5% of the annual Budget estimates. Gross collections have reached ₹11.07 lakh crore, marking an 18% growth compared to the same period in the previous year. Corporate tax collections have grown by 7.3%, and personal income tax revenues have increased by 29.5%.
- Securities Transaction Tax: In addition to direct taxes, revenues from the Securities Transaction Tax have contributed significantly. The personal income tax kitty has experienced growth of 29.1% at the gross revenue level and 31.85% in net revenues.
