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17th January, 2017: Daily Summary and Analysis of The Hindu
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Today's news summary covers in-depth analysis of National, International and Business news with background information about articles linked to the syllabus of the examination. Also attempt practice question for today based on Prelims and post your answer in the comment section below

Deepanshu Singh is teaching live on Unacademy Plus

Deepanshu Singh
Faculty- Indian Polity and Current Affairs| UPSC CSE Reserve list 2015| Consultant-G.O.I. Loves Geography Teaching since 2015

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Unacademy user
Answer is Cn And regarding MAT: Minimum Alternate Tax Normally, a company is liable to pay tax on the income computed in accordance with the provisions of the Income-Tax Act, but the profit and loss account of the company is prepared as per provisions of the Companies Act. In the past, a large number of companies showed book profits on their profit and loss account and at the same time distributed huge dividends. However, these companies didn’t pay any tax to the government as they reported either nil or negative income under provisions of the Income-Tax Act. These companies were showing book profits and declaring dividends to their shareholders but were not paying any tax. These companies are popularly known as ‘zero tax’ companies. In order to bring such companies under the I-T net, Section 115JA was introduced from assessment year 1997-98. Now, all companies having book profits under the Companies Act shall have to pay a minimum alternate tax at 18.5%. MAT is a way of making companies pay minimum amount of tax. It is applicable to all companies except those engaged in infrastructure and power sectors. Income arising from free trade zones, charitable activities, investments by venture capital companies are also excluded from the purview of MAT. However, foreign companies with income sources in India are liable under MAT. Source : IIFL.
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Nagesh
3 years ago
good explanationp
Sharmila Reddy
3 years ago
so FDI have to pay MAT but FII is excluded from paying MAT.. correct me if im wrong
Yes, At present. more info :: http://www.thehindu.com/news/national/mat-to-be-waived-for-fiis/article7604980.ece
trick to remember countries bordering black sea- Roman U R Genius To Batao black sea k around konsi countries aati hai. R- Romania, U- Ukraine R- Russia G- Georgia T- Turkey B- Bulgaria :)
Narender Kumar
3 years ago
trick to remember countries bordering Caspian sea- Bhaijaan RK puram To Iran me bhi hai. Baijan for Azerbaijan R-Russia K- Kazakhstan T- Turkmenistan and last is Iran. Remember the shape of caspian sea- it is like 5 so 5 countries borders it and next to it is black sea and the number next to 5 is 6(no. of countries bordering black sea) tell me if you want more mnemonics
Amrut Hanchate
3 years ago
sure...nice they are...but cover in sequence as sea then for traits, penninsula, national highways and so on...thanks
Pb
Padmakrishna b
3 years ago
Great Narendar Kumar thank you very much
Payal Verma
3 years ago
Nice...trick..
AS
Deepanshu Sir, With due respect, 11:00 PM is too late to upload this. It is after watching this we get idea about what is relevant in today's newspaper and to which topic we should focus. It would be great if you could manage to upload this by 8 or 9 PM (if time allows you) Thanks & Regards
Double Digit
3 years ago
I support this. it would be great if the video is uploaded before lunch.
Narender Kumar
3 years ago
we can improvise by reading newspaper the next day. i do this for my convienience and we should think about Mr. Deepanshu as well......... :)
Ali Muhammad
3 years ago
you never said anything when he posted by 6pm or so.. there will be some personal emergencies bro.. we need to understand him!!
MAT mininimum alternate tax, is being implemented since reveal of voldafone scam. This tax was brought by then finance minister pranab mukharjee to impose minimum tax on book profits . NEED Many companies were involved in tax evasion by showing high depreciation in their profits, so to tackle this issur govt impose MAT. As per european line there is need to reduce this MAT especially for startup's because this thing discourage new enterpreaneurs and creates some sort of tax terrorism.
some companies despite having shown booked profits,gives dividends to share holders but wont pay tax to government or less tax and evade tax by taking advantage of reasons like tax concessions,depreciation allowance etc.so to curb this government through finance act 1987 vide sec 115j IT act 1961 introduced this MAT@18.5%.Also applicable to individuals as alternate minimum tax same rate.normal tax rate is 30% govt have a target to educed it to 25% by 2019.imp point is MAT not applicable to FPI/FII as they dont have PERMANENT RESIDENCE IN INDIA.
  1. AILY ANALYSIS OF THE HINDU 17IH JANUARY, 2017 DAILY ANALYSIS OF THE HINDU AN 10 MINUTES Presented By


  2. ABOUT ME . Educator @ unacademy B.Tech. Comp. Sc. (Hons.) NTSE and Debating Champion Appeared for CSE and IFoS mains Interests: Music, Quizzing, Fitness & Photography RATE REVIEW RECOMMEND https://unacademy.com/user/deepanshu.n.singh


  3. PRACTICE QUESTION Mongolia is a land-locked country. Which of the following nations border it? 1. China 2. Russia 3. Kazakhstan 4. Kyrgyzstan Select the correct options from below- a) 1,3 b) 1,2,4 c) 1,2 d) 2,3 Post your answers below! (without googling) Yesterday's answer- c 1,23 only


  4. NATIONAL NEWS GST stalemate resolved, rollout deferred to July 1 GST Council arrived at consensus on administrative control over tax assessment machinery. July 1 to be date of rollout. . GST bill seeks to setup GST council which aims to harmonise national market for goods and services President must constitute GST Council within 60 days of this act coming into force. It comprises of Union Finance Minister as Chairman, and Union Minister of State in charge of Revenue/Finance among State Finance Ministers or any minister nominated by state as members. 90:10-As per formula of dual control of assessment, for turnover of 1.5 crore or less, tax assessment will be done in ratio of 90:10 between state and centre tax assessment administrative machinery ' .For turnover above 1.5 crore, assessment by both centre and state . Assessment is an act of evaluation of tax base on which tax has to be .States will also have power to levy tax on economic activity within 12 administrative machinery in ratio of 50:50 levied. nautical miles of territorial waters, though such rights constitutionally rests with centre.


  5. NATIONAL NEWS SC revives hearing on AP bifurcation . Bench headed by CJI had revived bunch of petitions challenging bifurcation of AP in 2014 . Petitions demanded that there should be "Federal Index" for state formation. In other words, they wanted objectivity not subjectivity on matter of State formation. . State formation unilateral action of Union government have always been contentious issue in Centre-State relations. . Positive contended that bifurcation of AP is unconstitutional and illegal as it is against federal principles of "Basic Structure" of the constitution Judgement on this matter is bound to provide objective criterion of state formation do that it should not become matter if pressure politics in future . Sc-appointed panel to tackle air pollution . Environment Ministry formally tasked a Supreme Court-appointed panel with implementing a graded action plan for pollution control Comprehensive plan has been submitted to SC by CPCB and now SC may ask centre to notify it. Pan envisages measures like odd-even car rationing, ban on construction activities if PM 2.5 breaches 300 mg per cubic metre level and PM 10 breaches 500 for two consecutive days. Earlier environment ministry launched Air Quality Index in 2014 as continuation of initiatives under Swatchh Bharat Mission under National Air Monitoring Programme (NAMP) covering 240 cities. According to Air quality index, which is comprehensive index involving sulphur, nitrogen emissions, particulate matter 2.5 and 10,etc, there are various categories of air quality level starting from Good (0-50) to Severe (401-500) . . .


  6. BUSINESS NEWs Budget may have sops for start-ups To mark first anniversary of Start-up india initiative, Commerce and Industry minister said govt is looking to do away with legislative hurdles faced by start-ups . Centre is roping in state govt and local authorities to look into issued relating to local tax and other problem. . Department of Industrial Policy and Promotion (DIPP) will shortly hold meeting with banks, SIDBI, venture capital funds to discuss hurdles faced by start-ups. DIPP is also involving corporates to support start-ups by using their CSR funds. Tax holiday for start ups for seven years from current three years. Mulling on exemption from Minimum Alternative Tax MAT is minimum amount of tax (18.5%of book profits) that every corporate is required to pay irrespective of its taxable income,so that tax holiday under Section 80 of Income Tax act is not misused. . .


  7. INTERNATIONAL NEWS Warships sold not gifted to Pakistan, says China . China clarified that it had not "donated" two warships but was part of legitimate "Military trade" between two countrmes. . Warships at Gwadar to safeguard CPEC. . On asking whether China would block India's demand for ban on Jash-e-Mohammad (JeM) chief Masood Azhar in UN Security Council following attack on Pathankot airbase; China said it needs to base its decision on solid evidence. Simply speaking, China would again block ban on Masood Azhar On NSG issue, China stalled India's entry into 48 member elite group saying that membership not to be considered as "farewell gift" that countries give to each other. .