Daily Current Affairs Quiz12 August, 2025 National Affairs 1. Revised Income Tax Bill, 2025 Context: Finance Minister Nirmala Sitharaman tabled the Revised Income Tax Bill, 2025 in the Lok Sabha, incorporating most of the 566 recommendations from the Parliamentary Select Committee. The Bill aims to replace the six-decade-old Income Tax Act, 1961. Key Features of the Revised Bill About MAT & AMT What is Section 80M? Section 80M allows a domestic company receiving dividends from another domestic company to claim deduction for the amount it distributes as dividends in the same financial year. This provision prevents taxation of the same income at multiple corporate levels. Mint & TH 2. Jal Jeevan Mission Context: The Jal Jeevan Mission (JJM) has achieved a significant milestone with rural tap water coverage reaching 81% in 2025, up from 17% in 2019, benefiting over 15.68 crore households. About Jal Jeevan Mission (JJM) Banking/Finance 1. Minimum Alternate Tax & Alternate Minimum Tax Context: The Income Tax (No. 2) Bill, 2025, passed by the Lok Sabha, introduces a key structural change in India’s alternative tax regime. It now formally separates Minimum Alternate Tax (MAT) applicable to companies from Alternate Minimum Tax (AMT) applicable to certain non-corporate taxpayers. Key Highlights of the Amendment: 1. Minimum Alternate Tax (MAT) 2. Alternate Minimum Tax (AMT) 3. New Exemption for LLPs What is MAT (Minimum Alternate Tax)? It ensures that companies paying minimal or no income tax due to exemptions still contribute a base level of tax, typically calculated on their book profits. What is AMT (Alternate Minimum Tax)? Applies to non-corporate taxpayers who claim significant deductions. It ensures they pay a minimum tax preventing complete erosion of their tax liability despite deductions and exemptions. ET 2. SEBI Proposes FPI Reforms to Boost Investment and Ease Compliance Context: The Securities and Exchange Board of India (SEBI) has issued two major proposals to enhance investment flows and simplify compliance in the Indian securities market. These aim to widen resident Indians’ participation in international investment schemes and streamline market entry for trusted foreign investors. Key Highlights: Expanding Resident Indian Participation in FPIs Single-Window Framework for Low-Risk Foreign Investors (SWAGAT-FI) Mint 3. Large Value Funds (LVFs) Context: The Securities and Exchange Board of India (SEBI) has released a consultation paper proposing major reforms to Large Value Funds (LVFs) under the Alternative Investment Fund (AIF) framework to widen participation and ease compliance. Public comments are open until 29 August 2025. What Are Large Value Funds (LVFs)? Large Value Funds are a special category of Alternative Investment Funds (AIFs) in India where the minimum investment per investor is ₹70 crore. They are designed for sophisticated and ultra-high-net-worth investors who can commit substantial capital. Key Features Key SEBI Proposals: Private Placement Memorandum (PPM): A detailed disclosure document outlining a fund’s strategy, risks, fees, and governance, usually in SEBI’s standard format. NISM Certification: A professional credential validating the investment team’s market knowledge and compliance expertise. ET Agriculture 1. NABARD Marks National Handloom Day Context: The National Bank for Agriculture and Rural Development (NABARD) celebrated National Handloom Day on 7 August 2025 in Guwahati under the theme “Handloom for Reinvigorating the Rural Economy of Assam”. The event aimed to highlight the role of the handloom sector in driving rural development and women’s empowerment. Key Highlights: Weavers Producer Organisations (WPOs) Weavers Producer Organisations are collective entities formed by handloom weavers to pool resources, improve bargaining power, access finance, and market their products collectively. They function similarly to Farmer Producer Organisations (FPOs) but are dedicated to the handloom and weaving sector. Objectives NABARD Facts To Remember 1. PM inaugurates new housing complex for parliamentarians Prime Minister Narendra Modi on Monday inaugurated a complex of multi-storey flats for parliamentarians in New Delhi. 2. Australia ‘will recognise’ Palestinian state at UNGA Australia will recognise a Palestinian state at the UN General Assembly in September, Prime Minister Anthony Albanese 3. India’s bid to host 2036 Olympics in ‘continuous dialogue’ phase India’s bid to host the 2036 Olympics is in the “continuous dialogue” phase with the International Olympic Committee’s Future Host Commission, Sports Minister Mansukh Mandaviya told the Lok Sabha. 4. Banks free to set minimum balance RBI Governor Sanjay Malhotra said banks are free to decide the minimum balance for savings accounts and that it does not fall under the regulatory domain of the RBI. 5. Operation Falcon saves Assam rhinos, says CM Himanta Biswa Sarma The Assam government has achieved a significant success in protecting the one-horned rhinos – the pride of the state – from poachers since it launched ‘Operation Falcon. 6. IIST–KAU Post-Flight Seed Study after ISS Mission The Indian Institute of Space Science and Technology (IIST) and Kerala Agricultural University (KAU) have initiated research on crop seeds sent to the International Space Station (ISS) during the Axiom-4 mission. The study aims to assess the effects of space exposure on seed germination, growth, and productivity.