{"id":169925,"date":"2025-02-08T15:15:38","date_gmt":"2025-02-08T09:45:38","guid":{"rendered":"https:\/\/www.gkseries.com\/blog\/?p=169925"},"modified":"2025-02-08T15:15:38","modified_gmt":"2025-02-08T09:45:38","slug":"current-affairs-8-february-2025-by-gkseries","status":"publish","type":"post","link":"https:\/\/www.gkseries.com\/blog\/current-affairs-8-february-2025-by-gkseries\/","title":{"rendered":"Current Affairs 8 February 2025 By GkSeries"},"content":{"rendered":"\n<p><strong>Current Affairs<\/strong>\u00a0is the most important area in all competitive exams. But the difficulty level is very high. That\u2019s why; many aspirants get confused, how to select Current Affairs for Preparation of Competitive Examination? In this Post,\u00a0<strong>Daily Current Affairs 8 February 2025,<\/strong>\u00a0we 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\u00a0<strong>UPSC, SSC, Railway, State Govt. etc.<\/strong><\/p>\n\n\n\n<h1 class=\"wp-block-heading has-orange-light-background-color has-background\">Amrit Udyan 2025: Timing, Location<\/h1>\n\n\n\n<p>Amrit Udyan, formerly known as the Mughal Gardens, is a beautiful garden located inside Rashtrapati Bhavan, the official residence of the President of India. Renowned for its vibrant flowers, fountains, and distinctive layout, the garden opens its doors to the public annually for a special event known as Amrit Udyan Utsav. In 2025, this celebration will take place from February 2 to March 31, offering visitors an opportunity to experience its beauty.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Amrit Udyan 2025 \u2013 Date and Timings<\/h3>\n\n\n\n<p>Amrit Udyan, located in Rashtrapati Bhavan, Delhi, is open to visitors from February 2 to March 30, 2025. The garden invites guests from Tuesday to Sunday, operating hours are from 10:00 AM to 6:00 PM. It is closed on Mondays for maintenance. Certain special dates are set aside for specific groups, including senior citizens and defense personnel.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Overview of Amrit Udyan<\/h3>\n\n\n\n<p>Amrit Udyan&nbsp;covers 15 acres&nbsp;and has different sections like:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>East Lawn<\/li>\n\n\n\n<li>Central Lawn<\/li>\n\n\n\n<li>Long Garden<\/li>\n\n\n\n<li>Circular Garden<\/li>\n<\/ul>\n\n\n\n<h1 class=\"wp-block-heading has-orange-light-background-color has-background\">Shrachi Rarh Bengal Tigers Clinch Title of Hockey India League<\/h1>\n\n\n\n<p>The thrilling Men\u2019s Hockey India League (HIL) 2024-25 season concluded with Shrachi Rarh Bengal Tigers emerging victorious against Hyderabad Toofans with a 4-3 win in the final. The match took place at the Birsa Munda International Hockey Stadium in Rourkela and showcased a fierce competition between the two teams. Jugraj Singh\u2019s impressive hat trick, along with a vital late goal from Sam Lane, secured the championship for the Tigers.<\/p>\n\n\n\n<p>Key Points:&nbsp;<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Shrachi Rarh Bengal Tigers defeated Hyderabad Toofans 4-3.<\/li>\n\n\n\n<li>Birsa Munda International Hockey Stadium, Rourkela.<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Shrachi Rarh Bengal Tigers:\u00a0Jugraj Singh (25\u2032, 32\u2032, 35\u2032), Sam Lane (54\u2032).<\/li>\n\n\n\n<li>Hyderabad Toofans:\u00a0Gonzalo Peillat (9\u2032, 39\u2032), Amandeep Lakra (26\u2032).<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Winners (Tigers):\u00a0\u20b93 crore.<\/li>\n\n\n\n<li>Runners-up (Toofans):\u00a0\u20b92 crore.<\/li>\n<\/ul>\n\n\n\n<h1 class=\"wp-block-heading has-orange-light-background-color has-background\">World\u2019s First Kangaroo Embryos Created via IVF<\/h1>\n\n\n\n<p>In a historic scientific breakthrough, researchers have successfully created kangaroo embryos through in vitro fertilization (IVF) for the first time. This achievement could revolutionize the conservation of endangered marsupial species, helping to protect them from extinction.<\/p>\n\n\n\n<p>The research, published in the journal Reproduction, Fertility and Development, was conducted by scientists at the University of Queensland in Australia. Their findings emphasize the promise of assisted reproductive technologies (ART) in protecting species such as koalas, Tasmanian devils, northern hairy-nosed wombats, and Leadbeater\u2019s possums.<\/p>\n\n\n\n<p>Significance of This Breakthrough<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>The\u00a0first-ever kangaroo embryos\u00a0were developed using\u00a0IVF techniques, offering a\u00a0new approach to marsupial conservation.<\/li>\n\n\n\n<li>While assisted reproductive technologies such as IVF have been widely utilized in human and domestic animal reproduction, their use in marsupials has remained largely uncharted until this point.<\/li>\n\n\n\n<li>The success of this experiment opens new possibilities for applying IVF to endangered marsupial species, which could help prevent their extinction<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\">The Research Behind the World\u2019s First Kangaroo IVF Embryos<\/h2>\n\n\n\n<p>1. The Study\u2019s Objective<\/p>\n\n\n\n<p>The primary aim of this research was to&nbsp;develop reproductive preservation methods&nbsp;to:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Protect endangered marsupials\u00a0by ensuring their genetic material is preserved.<\/li>\n\n\n\n<li>Expand the use of IVF in marsupial reproduction.<\/li>\n\n\n\n<li>Address declining populations due to habitat destruction, climate change, and disease.<\/li>\n<\/ul>\n\n\n\n<p>Lead researcher Andres Gambini, a senior lecturer in animal science at the&nbsp;University of Queensland, stated:<\/p>\n\n\n\n<p>2. The Process of Creating Kangaroo Embryos Through IVF<\/p>\n\n\n\n<p>Scientists used&nbsp;eastern grey kangaroos&nbsp;as a&nbsp;model species&nbsp;to adapt IVF techniques that are&nbsp;already used in humans and domestic animals.<\/p>\n\n\n\n<p>Collection of Eggs and Sperm:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Since\u00a0eastern grey kangaroos\u00a0are\u00a0overabundant, their eggs and sperm were collected for research purposes.<\/li>\n\n\n\n<li>A total of 32 ovarian follicles\u00a0(sacs containing immature eggs) were cultured from a single female kangaroo.<\/li>\n\n\n\n<li>78% of these follicles showed growth, with\u00a012% doubling in size.<\/li>\n<\/ul>\n\n\n\n<p>Intracytoplasmic Sperm Injection (ICSI):<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Scientists used\u00a0ICSI, a method in which\u00a0a single sperm is directly injected into a mature egg.<\/li>\n\n\n\n<li>The technique allowed them to\u00a0successfully fertilize eggs, leading to the\u00a0formation of kangaroo embryos in the lab.<\/li>\n<\/ul>\n\n\n\n<h1 class=\"wp-block-heading has-orange-light-background-color has-background\">Zepto Becomes World\u2019s Second Most Downloaded Food &amp; Drink App<\/h1>\n\n\n\n<p>Zepto, the Indian quick commerce startup, has become the second most downloaded app worldwide in the food and drinks category, as reported by Sensor Tower. This ranking puts Zepto ahead of major players like KFC and Domino\u2019s, with McDonald\u2019s taking the lead. This milestone underscores the rapid expansion of India\u2019s quick commerce industry, with Blinkit, Zomato, and Swiggy also appearing in the top 10. Zepto\u2019s remarkable success is driven by a 300% growth in the latter half of 2024, supported by innovations like the \u201cbuy now, pay later\u201d option.<\/p>\n\n\n\n<p>Key Points:<\/p>\n\n\n\n<p>Zepto\u2019s Global Success<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Zepto ranked #2 among the world\u2019s most downloaded food and drink apps in 2024.<\/li>\n\n\n\n<li>McDonald\u2019s topped the list, while other global brands like KFC, Domino\u2019s, and Burger King followed.<\/li>\n\n\n\n<li>Zepto\u2019s competitor Blinkit secured the 10th position.<\/li>\n\n\n\n<li>Other Indian apps in the category<\/li>\n\n\n\n<li>Zomato (#5)<\/li>\n\n\n\n<li>Swiggy (#9)<\/li>\n<\/ul>\n\n\n\n<h1 class=\"wp-block-heading has-orange-light-background-color has-background\">SEBI Penalizes DB Realty and Associates for Financial Misstatements<\/h1>\n\n\n\n<p>The Securities and Exchange Board of India (SEBI) has imposed a fine of \u20b925 lakh on DB Realty Ltd, now known as Valor Estate Ltd, along with seven individuals connected to the company. This penalty was issued for violations concerning financial misstatements and a lack of disclosures. The company failed to comply with accounting standards and did not properly disclose a corporate guarantee it provided to the Bank of India for Pune Buildtech Pvt Ltd (PBPL).<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">What Led to SEBI\u2019s Action?<\/h2>\n\n\n\n<p>SEBI\u2019s investigation found that DB Realty failed to adhere to accounting standards when preparing and presenting its financial statements, especially regarding a guarantee provided to the Bank of India for a loan taken by PBPL. This loan, which began in 2013, grew to \u20b9516 crore by June 2020. Significant events, including the loan being classified as a non-performing asset (NPA), the invocation of the guarantee, and the bank taking symbolic possession of properties, were not properly disclosed to the stock exchanges.<\/p>\n\n\n\n<p>Who Are the Penalized Individuals?<\/p>\n\n\n\n<p>The penalties include fines of&nbsp;\u20b95 lakh each on DB Realty,&nbsp;its promoters&nbsp;Vinod Kumar Goenka (Chairperson and Managing Director)&nbsp;and&nbsp;Shahid Balwa Usman (Managing Director). Additionally, \u20b92 lakh fines were imposed on Asif Yusuf Balwa, Jayvardhan Vinod Goenka, Salim Balwa Usman, Sunita Goenka, and Nabil Yusuf Patel. These individuals were found to have failed in disclosing material information and misrepresented the financial condition of PBPL in official communications.<\/p>\n\n\n\n<h1 class=\"wp-block-heading has-orange-light-background-color has-background\">Pakistan Joins China\u2019s Chang\u2019e-8 Lunar Mission<\/h1>\n\n\n\n<p>In a landmark development for Pakistan\u2019s space program, the Space and Upper Atmosphere Research Commission (SUPARCO) has partnered with China National Space Administration (CNSA) for the upcoming Chang\u2019e-8 lunar mission, scheduled for launch in 2028. This represents Pakistan\u2019s first major participation in a lunar exploration initiative and highlights a crucial step in its space aspirations. As part of this partnership, an indigenous Pakistani rover will be sent to the Moon\u2019s south pole, playing a role in China\u2019s larger International Lunar Research Station (ILRS) initiative.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Pakistan\u2019s Role in the Chang\u2019e-8 Mission<\/h2>\n\n\n\n<p>As part of the joint mission, SUPARCO is set to provide a 35-kilogram lunar rover that will navigate the difficult landscape of the Moon\u2019s south pole. This area is particularly significant for scientific research because of the possible existence of water ice and its potential for future lunar colonization. According to reports from Pakistani media, the rover is expected to carry out scientific experiments, analyze the terrain, and evaluate resources. This partnership enhances the existing strategic alliance between Islamabad and Beijing, frequently described as \u2018ironclad friends\u2019.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Objectives of the Chang\u2019e-8 Mission<\/h2>\n\n\n\n<p>According to&nbsp;NASA&nbsp;and Chinese sources, the&nbsp;Chang\u2019e-8 mission&nbsp;is primarily aimed at:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Testing technologies\u00a0essential for building a\u00a0lunar science base.<\/li>\n\n\n\n<li>Conducting\u00a0scientific experiments\u00a0to analyze\u00a0lunar samples.<\/li>\n\n\n\n<li>Assessing\u00a0in-situ resource utilization\u00a0(ISRU) to explore the feasibility of sustaining a\u00a0terrestrial ecosystem on the Moon.<\/li>\n\n\n\n<li>Earth observation\u00a0studies and advanced\u00a0lunar surveys.<\/li>\n<\/ul>\n\n\n\n<p>The insights gained from&nbsp;Chang\u2019e-8&nbsp;will contribute to&nbsp;China\u2019s broader vision&nbsp;of establishing a&nbsp;permanent lunar base near the Moon\u2019s south pole by 2035.<\/p>\n\n\n\n<h1 class=\"wp-block-heading has-orange-light-background-color has-background\">Kerala Secures Rs 2,424 cr World Bank Loan to Strengthen Healthcare System<\/h1>\n\n\n\n<p>To significantly improve healthcare infrastructure and public health, the Kerala government has approved the Kerala Health System Improvement Programme (KHSIP). The project will be implemented with financial assistance of \u20b92,424.28 crore from the World Bank under the Programme for Results (P for R) model.<\/p>\n\n\n\n<p>The state Cabinet, under the leadership of Chief Minister Pinarayi Vijayan, granted approval for this initiative on February 7, 2025, with the intention of enhancing healthcare resilience, preventing diseases, and improving the overall quality of life for the people of Kerala.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Objectives of the Kerala Health System Improvement Programme<\/h2>\n\n\n\n<p>The main goal of the KHSIP is to improve living standards and boost life expectancy by enabling individuals to live without diseases while also reducing accidents and untimely deaths.<\/p>\n\n\n\n<p>The Chief Minister\u2019s Office (CMO) states that all initiatives under this project will prioritize the welfare of the underprivileged and work towards creating a robust healthcare system that meets the changing demographic and health challenges in Kerala.<\/p>\n\n\n\n<h1 class=\"wp-block-heading has-orange-light-background-color has-background\">ICC Men\u2019s Champions Trophy 2025 Official Song \u2018Jeeto Baazi Khel Ke\u2019 Released<\/h1>\n\n\n\n<p>The International Cricket Council (ICC) has officially launched the theme song for the upcoming ICC Men\u2019s Champions Trophy 2025, called \u2018Jeeto Baazi Khel Ke\u2019. This track, performed by the famous Pakistani artist Atif Aslam, is designed to generate enthusiasm as the tournament approaches, with only 12 days remaining until the prestigious event begins.<\/p>\n\n\n\n<p>&nbsp;\u2018Jeeto Baazi Khel Ke\u2019 \u2013 A Song to Celebrate Cricket<\/p>\n\n\n\n<p>The&nbsp;official anthem&nbsp;of the&nbsp;ICC Men\u2019s Champions Trophy 2025&nbsp;captures the&nbsp;spirit of cricket, the energy of fans, and the passion for the game.<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Singer: Atif Aslam<\/li>\n\n\n\n<li>Producer: Abdullah Siddiqui<\/li>\n\n\n\n<li>Lyricists: Adnan Dhool &amp; Asfandyar Asad<\/li>\n<\/ul>\n\n\n\n<p>The&nbsp;music video&nbsp;for the song is a&nbsp;visual tribute to Pakistan\u2019s rich cultural heritage, featuring&nbsp;street markets, stadiums, and the everyday love for cricket&nbsp;across the country.<\/p>\n\n\n\n<p>ICC Champions Trophy 2025 \u2013 A Global Cricket Spectacle<\/p>\n\n\n\n<p>The ICC Men\u2019s Champions Trophy 2025 will be held from February 19 to March 9, 2025, in Pakistan and the UAE. Eight of the best cricketing nations will battle it out in a thrilling 15-match tournament, all aiming for victory and the prestigious white jackets.<\/p>\n\n\n\n<p>Tournament Schedule Highlights<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Start Date: February 19, 2025<\/li>\n\n\n\n<li>End Date: March 9, 2025<\/li>\n\n\n\n<li>Semi-Finals: Hosted in\u00a0Dubai &amp; Lahore<\/li>\n\n\n\n<li>Final Match: Tickets for the\u00a0March 9 final\u00a0will be available after the\u00a0first semi-final\u00a0in\u00a0Dubai<\/li>\n<\/ul>\n\n\n\n<h1 class=\"wp-block-heading has-orange-light-background-color has-background\">Surajkund Mela 2025<\/h1>\n\n\n\n<p>Surajkund Mela is one of the largest cultural fairs in India, taking place annually in Surajkund, Haryana. This vibrant event highlights traditional crafts, art, music, dance, and cuisine from various states of India and beyond. The Surajkund Mela in 2025 promises to be an exhilarating experience, allowing visitors to immerse themselves in diverse cultures all in one location. Organized by Haryana Tourism in partnership with several organizations, the fair aims to promote handicrafts and boost tourism.<\/p>\n\n\n\n<p>Surajkund Mela 2025 \u2013 Date and Timings<\/p>\n\n\n\n<p>The 38th Surajkund Mela will happen from February 7 to February 23, 2025. This 15-day festival will showcase amazing art, culture and traditions from India and around the world.<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Opening time for Surajkund Mela: 10:30 AM<\/li>\n\n\n\n<li>Closing time for Surajkund Mela: 8:30 PM<\/li>\n<\/ul>\n\n\n\n<p>Major Events at Surajkund Mela 2025<\/p>\n\n\n\n<figure class=\"wp-block-table\"><table class=\"has-fixed-layout\"><tbody><tr><td>Day<\/td><td>Event<\/td><td>Time<\/td><td>Location<\/td><\/tr><tr><td>February 7<\/td><td>Inauguration Ceremony<\/td><td>11:00 AM<\/td><td>Main Stage<\/td><\/tr><tr><td>February 9<\/td><td>Folk Dance performances<\/td><td>4:00 PM<\/td><td>Cultural arena<\/td><\/tr><tr><td>February 11<\/td><td>Live pottery workshop<\/td><td>12:00 PM<\/td><td>Artisan zone<\/td><\/tr><tr><td>February 14<\/td><td>State Theme Showcase<\/td><td>5:00 PM<\/td><td>Theme pavilion<\/td><\/tr><tr><td>February 18<\/td><td>International music evening<\/td><td>7:00 PM<\/td><td>Open-air theatre<\/td><\/tr><tr><td>February 23<\/td><td>Closing ceremony<\/td><td>6:00 PM<\/td><td>Main stage<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<h1 class=\"wp-block-heading has-orange-light-background-color has-background\">Odisha Govt Launches \u2018Bikashita Gaon\u2019 Scheme for Village Development<\/h1>\n\n\n\n<p>Odisha Chief Minister Mohan Charan Majhi has launched the \u2018Bikashita Gaon Bikashita Odisha\u2019 (BGBO) scheme in Jankia, Khordha district. This initiative is designed to boost rural infrastructure development throughout Odisha. With a budget of \u20b95,000 crore over five years, the scheme will prioritize enhancing road connectivity, civic amenities, educational facilities, and micro tourism development. The BJP-led government is committed to achieving comprehensive village development within five years, while maintaining a clear distinction between development and politics. This new scheme builds on previous initiatives like \u2018Ama Gaon Ama Bikash\u2019 (2018) and \u2018Ama Odisha Naveen Odisha\u2019 (2023), but promises better implementation and financial backing.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Key Points of \u2018Bikashita Gaon Bikashita Odisha\u2019<\/h2>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Launched by CM Mohan Charan Majhi in Khordha district (Jankia).<\/li>\n\n\n\n<li>Aims for\u00a0comprehensive rural development\u00a0in Odisha.<\/li>\n\n\n\n<li>Focuses on\u00a0infrastructure, civic amenities, education, and tourism.\u00a0<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li>\u20b95,000 crore budget for five years.<\/li>\n\n\n\n<li>\u20b91,000 crore allocated for 2024-25.\u00a0<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Road connectivity enhancement.<\/li>\n\n\n\n<li>Civic amenities improvement.<\/li>\n\n\n\n<li>Better educational infrastructure in rural areas.<\/li>\n\n\n\n<li>Promotion of micro tourism for local economic development.<\/li>\n<\/ul>\n\n\n\n<p>Comparison with Past Schemes<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Similar to \u2018Ama Gaon Ama Bikash\u2019 (2018) and \u2018Ama Odisha Naveen Odisha\u2019 (2023).<\/li>\n\n\n\n<li>Earlier schemes faced funding shortages and implementation flaws.<\/li>\n\n\n\n<li>AGAB faced audit issues due to lack of local involvement in project selection.<\/li>\n\n\n\n<li>BGBO aims for proper execution with long-term funding support.<\/li>\n<\/ul>\n\n\n\n<p>Political Stand &amp; Vision<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Majhi emphasizes keeping politics separate from development.<\/li>\n\n\n\n<li>Criticized the previous government for mismanaging funds.<\/li>\n\n\n\n<li>Promises structured implementation with active local participation.<\/li>\n<\/ul>\n\n\n\n<h1 class=\"wp-block-heading has-orange-light-background-color has-background\">RBI Launches \u2018Bank.in\u2019 &amp; \u2018Fin.in\u2019 for Secure Digital Banking<\/h1>\n\n\n\n<p>In a major step towards improving cybersecurity and fostering trust in digital banking, the Reserve Bank of India (RBI) has revealed plans to introduce unique internet domain names for Indian banks and financial institutions. Indian banks will now use the domain \u2018Bank.in\u2019, while non-banking financial entities will be given \u2018Fin.in\u2019.<\/p>\n\n\n\n<p>This initiative, announced by RBI Governor Sanjay Malhotra during the recent bi-monthly monetary policy meeting of the fiscal year, is designed to mitigate cyber threats, curb phishing attacks, and encourage secure financial transactions.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Why is RBI Introducing \u2018Bank.in\u2019 and \u2018Fin.in\u2019?<\/h2>\n\n\n\n<p>With the&nbsp;rapid growth of digital banking and online financial services, there has been a&nbsp;rise in cyber frauds, phishing attacks, and fake financial websites. Many fraudulent entities create&nbsp;fake banking websites&nbsp;to deceive customers and steal sensitive financial information.<\/p>\n\n\n\n<p>To&nbsp;mitigate these risks, the RBI has decided to introduce&nbsp;exclusive domain names for financial institutions&nbsp;that will serve as a&nbsp;secure identity marker for customers and businesses.<\/p>\n\n\n\n<h1 class=\"wp-block-heading has-orange-light-background-color has-background\">Cabinet Passes New Income Tax Bill 2025: A Major Overhaul of India\u2019s Tax System<\/h1>\n\n\n\n<p>The Union Cabinet has approved the new Income Tax Bill, which will replace the six-decade-old Income Tax Act, 1961. This new legislation aims to simplify, modernize, and enhance India\u2019s tax system, making it easier for taxpayers to understand and navigate.<\/p>\n\n\n\n<p>Finance Minister&nbsp;Nirmala Sitharaman&nbsp;announced in the&nbsp;Budget 2025-26&nbsp;that the new bill will be&nbsp;introduced in Parliament&nbsp;in the&nbsp;ongoing session. Once tabled, it will be sent to the&nbsp;Standing Committee on Finance&nbsp;for further evaluation and discussion.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Why is the New Income Tax Bill Necessary?<\/h2>\n\n\n\n<p>The&nbsp;current Income Tax Act, 1961, has undergone&nbsp;multiple amendments over the years, making it&nbsp;complex and difficult to interpret&nbsp;for taxpayers. The government has recognized the need to:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Simplify the legal language\u00a0to enhance taxpayer comprehension.<\/li>\n\n\n\n<li>Reduce disputes and litigations\u00a0by eliminating ambiguous provisions.<\/li>\n\n\n\n<li>Ensure greater tax certainty\u00a0for businesses and individuals.<\/li>\n\n\n\n<li>Remove redundant and obsolete provisions\u00a0to modernize the tax framework.<\/li>\n<\/ul>\n\n\n\n<p>By introducing a&nbsp;clear and concise tax structure, the government aims to&nbsp;increase compliance and reduce tax evasion.<\/p>\n\n\n\n<p>Key Features of the New Income Tax Bill<\/p>\n\n\n\n<p>1. No Additional Tax Burden<\/p>\n\n\n\n<p>2. Simplified Language &amp; Structure<\/p>\n\n\n\n<p>3. Reduction in Tax Litigation<\/p>\n\n\n\n<p>4. Compliance Reduction<\/p>\n\n\n\n<p>5. Public Consultation and Stakeholder Inputs<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Process of Implementation<\/h2>\n\n\n\n<p>1. Cabinet Approval &amp; Introduction in Parliament<\/p>\n\n\n\n<p>The&nbsp;Union Cabinet&nbsp;has already&nbsp;approved&nbsp;the bill, and it will now be&nbsp;introduced in Parliament next week.<\/p>\n\n\n\n<p>2. Review by Standing Committee on Finance<\/p>\n\n\n\n<p>Once introduced, the bill will be&nbsp;referred to the Standing Committee on Finance, which will examine it in detail, consider feedback from stakeholders, and propose modifications if necessary.<\/p>\n\n\n\n<p>3. Final Approval &amp; Implementation<\/p>\n\n\n\n<p>After deliberations, the bill will be&nbsp;passed by both Houses of Parliament&nbsp;and receive the&nbsp;President\u2019s assent&nbsp;before being notified for&nbsp;implementation.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Impact of the New Income Tax Bill<\/h2>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Better Clarity &amp; Transparency: Simplified language will make tax provisions\u00a0easier to understand.<\/li>\n\n\n\n<li>Lower Dispute Cases: Reduction in tax ambiguities will help\u00a0minimize litigations.<\/li>\n\n\n\n<li>Ease of Compliance: Individuals and businesses will\u00a0spend less time and effort on tax filing.<\/li>\n\n\n\n<li>Encouragement for Investment: A stable and transparent tax system will\u00a0attract investors\u00a0and\u00a0boost economic growth.<\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>Current Affairs\u00a0is the most important area in all competitive exams. But the difficulty level is very high. That\u2019s why; many aspirants get confused, how to select Current Affairs for Preparation of Competitive Examination? In this Post,\u00a0Daily Current Affairs 8 February 2025,\u00a0we have tried to cover each and every point and also included all important facts [&hellip;]<\/p>\n","protected":false},"author":419,"featured_media":169926,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","ast-disable-related-posts":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-4)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-4)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-4)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"footnotes":""},"categories":[5359],"tags":[1475],"class_list":["post-169925","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-current-affairs-february-2025","tag-daily-current-affairs"],"_links":{"self":[{"href":"https:\/\/www.gkseries.com\/blog\/wp-json\/wp\/v2\/posts\/169925","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.gkseries.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.gkseries.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.gkseries.com\/blog\/wp-json\/wp\/v2\/users\/419"}],"replies":[{"embeddable":true,"href":"https:\/\/www.gkseries.com\/blog\/wp-json\/wp\/v2\/comments?post=169925"}],"version-history":[{"count":1,"href":"https:\/\/www.gkseries.com\/blog\/wp-json\/wp\/v2\/posts\/169925\/revisions"}],"predecessor-version":[{"id":169927,"href":"https:\/\/www.gkseries.com\/blog\/wp-json\/wp\/v2\/posts\/169925\/revisions\/169927"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.gkseries.com\/blog\/wp-json\/wp\/v2\/media\/169926"}],"wp:attachment":[{"href":"https:\/\/www.gkseries.com\/blog\/wp-json\/wp\/v2\/media?parent=169925"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.gkseries.com\/blog\/wp-json\/wp\/v2\/categories?post=169925"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.gkseries.com\/blog\/wp-json\/wp\/v2\/tags?post=169925"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}