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📝 Revision Notes
Key takeaways from today’s quiz to strengthen your preparation
Tax Reform
Income Tax Act, 2025 — Key Facts
Effective 1 April 2026, the new Income Tax Act has 536 sections across 23 chapters, replacing the 819-section, 47-chapter Act of 1961. Income Tax Rules reduced from 500+ to 333 rules. ‘Financial Year’ and ‘Assessment Year’ merged into a single ‘Tax Year’. No change in tax slab rates — purely a structural reform. Administered by CBDT under MoF.
Monetary Policy
Inflation Target FY2026–31 Retained
Retail inflation target retained at 4% with a tolerance band of 2%–6% for 1 April 2026 to 31 March 2031. Notified by DEA, MoF under Section 45ZA of RBI Act, 1934. This flexible inflation targeting framework governs the RBI’s Monetary Policy Committee (MPC) — a 6-member body chaired by the RBI Governor. Framework first adopted in 2016, renewed every 5 years.
Energy & Environment
Energy Statistics India 2026 — NSO/MoSPI
India’s total Renewable Energy (RE) potential: 47,04,043 MW as of March 2025. Solar Energy dominates at ~71% (~33,43,378 MW), followed by Wind (11,63,856 MW) and Large Hydro (1,33,410 MW). Top 6 states — Rajasthan, Maharashtra, Gujarat, Andhra Pradesh, Karnataka, Madhya Pradesh — hold over 70% of RE potential. TPES grew 2.95% to 9,32,816 KToE in FY25. Credit to energy sector grew 6× from 2021–25.
Defence
Mountain Radar — MoD-BEL Contract
MoD signed a Rs 1,950 crore contract with BEL for two Mountain Radar systems for the IAF under the Buy (Indian-IDDM) category. Designed by LRDE (Electronics and Radar Development Establishment), a DRDO constituent. Radars overcome line-of-sight limitations; detect fighter aircraft, drones, and cruise missiles. BEL is a Navratna CPSE under MoD. Reinforces Aatmanirbhar Bharat and Make in India.
Technology
Electronics Components Manufacturing Scheme (ECMS)
4th tranche: 29 projects approved with investment of Rs 7,104 crore, production of Rs 85,415 crore, and 14,246 direct jobs. Cumulative: 75 approvals, Rs 61,671 crore investment, 65,040 direct employment. Administered by MeitY; covers 16 product categories including Display Modules, Li-ion Cells, Rare Earth Permanent Magnets, and SMD Passives. Builds India’s domestic electronics component supply chain.
Health & AYUSH
CCRAS-Anuvadini AI MoU — Ayurveda in 13 Languages
CCRAS (Central Council for Research in Ayurvedic Sciences) under Ministry of AYUSH signed MoU with Anuvadini AI to translate Ayurveda research into 13 regional languages. Anuvadini is a voice-to-voice AI platform built on technology from AICTE (Ministry of Education). CCRAS is the apex Ayurveda research body with 30 institutes across 25 states. Translates CCRAS Bulletin and IEC materials to expand knowledge access.
Defence & Shipbuilding
GRSE Delivers 3 Warships — 118 Cumulative
GRSE (Garden Reach Shipbuilders & Engineers Ltd), Kolkata, delivered 3 warships in a single day — reaching a cumulative tally of 118 warships. Dunagiri (Yard 3023): 2nd Nilgiri-Class stealth frigate at GRSE under Project 17A; named after Uttarakhand’s Dunagiri peak; reimagines INS Dunagiri (Leander-class, 1977–2010). INS Sanshodhak: 4th Survey Vessel Large (SVL). Agray: 4th ASW-SWC (anti-submarine warfare shallow watercraft).
Small Savings
Sukanya Samriddhi Yojana (SSY) — Q1FY27 Rates
SSY interest rate: 8.2% p.a. — highest among all small savings schemes; eligible for girl child below 10 years (account opened by guardian). Min deposit: Rs 250; max: Rs 1.5 lakh/year. EEE (Exempt-Exempt-Exempt) tax status: Section 80C deduction + tax-free interest + tax-free maturity. Launched in 2015 under Beti Bachao Beti Padhao. Rates for Q1FY27 (Apr–Jun 2026) unchanged. PPF: 7.1%, SCSS: 8.2%, NSC: 7.7%, KVP: 7.5%.
Education & Aviation
DGCA-GSV MoU — B.Sc. Aviation Maintenance Engineering
Gati Shakti Vishwavidyalaya (GSV) functions under Ministry of Railways; supports PM Gati Shakti National Master Plan. MoU with DGCA (Ministry of Civil Aviation) to launch a 3-year B.Sc. in Aviation Maintenance Engineering (AME) from August 2026, aligned with CAR-66 and CAR-147 frameworks. India’s MRO sector expects 10,000–12,000 pilots and a fleet of 3,000 aircraft by 2036.
State Welfare Scheme
Punjab MMMDSY — Mukh Mantri Mawan Dheeyan Satkar Yojana
Approved by Punjab Cabinet under CM Bhagwant Singh Mann; budget: Rs 9,300 crore for FY27. SC women receive Rs 1,500/month; general category eligible women receive Rs 1,000/month via DBT (Direct Benefit Transfer). Eligibility: women aged 18+, registered voter in Punjab — covers ~97% of adult women. Announced in Punjab’s state budget (March 2026 legislative assembly session).
🎴 Revision Flashcards
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How many sections does the new Income Tax Act, 2025 have?
536 sections, 23 chapters
Replaced the 819-section, 47-chapter Act of 1961; effective 1 April 2026
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What is India’s retail inflation target for FY2026–31?
4% (band: 2%–6%)
Notified under Section 45ZA, RBI Act, 1934; governs RBI’s MPC decisions
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What is India’s total RE potential as of March 2025 and its dominant source?
47,04,043 MW; Solar (~71%)
From Energy Statistics India 2026 (33rd edition) by NSO/MoSPI
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Who designed the Mountain Radar procured by MoD from BEL?
LRDE (Electronics & Radar Development Establishment)
LRDE is a constituent of DRDO; contract worth Rs 1,950 crore under Buy (Indian-IDDM)
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What is Dunagiri (Yard 3023) in the context of GRSE’s deliveries?
2nd Nilgiri-Class frigate at GRSE (Project 17A)
5th ship of Nilgiri class overall; named after Uttarakhand’s Dunagiri peak
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Which Ministry does Gati Shakti Vishwavidyalaya (GSV) come under?
Ministry of Railways
Supports PM Gati Shakti National Master Plan; MoU with DGCA for B.Sc. AME from Aug 2026
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What interest rate does Sukanya Samriddhi Yojana (SSY) offer for Q1FY27?
8.2% per annum
Highest among small savings; EEE tax status; girl child below 10 years eligible
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What monthly assistance do SC women receive under Punjab’s MMMDSY?
Rs 1,500 per month
Total budget Rs 9,300 crore for FY27; DBT scheme; general category women get Rs 1,000/month
Think & Discuss
Tax Code Simplification vs. Revenue Neutrality: Is the New Income Tax Act a True Reform?
Context from today’s quiz: The Income Tax Act, 2025 came into force on 1 April 2026, reducing sections from 819 to 536 and rules from 500+ to 333. However, the Act explicitly makes no changes to income tax slab rates or tax liabilities — it is described as a “structural and language simplification exercise” administered by CBDT under the Ministry of Finance.
🤔 Your Perspective Matters
When a government simplifies a tax law without changing any rates, exemptions, or liabilities, is it truly a reform — or merely cosmetic restructuring? Simplification reduces compliance costs and ambiguity, but critics argue that meaningful tax reform must address equity in the burden of taxation.
Should tax simplification alone be celebrated as a landmark reform, or should it be paired with substantive changes to who pays what?
Should tax simplification alone be celebrated as a landmark reform, or should it be paired with substantive changes to who pays what?
- Does reducing sections from 819 to 536 actually reduce the tax burden on ordinary citizens, or does it only benefit tax professionals and large corporations with legal teams?
- Should the government have used this overhaul as an opportunity to rationalise income tax slabs, particularly for the middle class? What would you have changed?
- How does India’s income tax simplification effort compare to similar exercises in other countries — for example, the US Tax Cuts and Jobs Act (2017) or the UK’s Finance Acts?
We’d love to hear your thoughts! Share your perspective in the comments.
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