Latest Current Affairs of May 2016
| The Indian music composer who has been conferred with Japan's Fukuoka prize for 2016 for his outstanding contribution towards creating, preserving and showcasing South Asian traditional fusion music | A.R. Rahman |
| The new Chief of Naval Staff who has taken over from Admiral R.K. Dhowan | Admiral Sunil Lanba |
| The English cricketer who has become the youngest (and the first Englishman) to score 10000 runs in test cricket | Alastair Cook |
| The team which has won the 2016 season of Indian Premier League (VIVO IPL 2016) defeating Royal challengers, Bangalore in the finals at Chinnaswamy Stadium, Bangalore [Note: Player of the series and most runs : Virat Kohli and most wickets: Bhuvaneshwar Kumar] | Sunrisers Hyderabad |
| The theme of International Day of United Nations Peacekeepers 2016 observed on 29 May 2016 | Honouring Our Heroes |
| The Indian author who has been awarded the 2016 Scholastic Asian Book Award (SABA) for her manuscript Codex: The Lost Treasure Of The Indus | Aditi Krishnakumar |
| The Indian industrialist who has been awarded the Harvard Business School Alumni Achievement Award for 2016 | Sunil Mittal |
| The tiger reserve in Arunachal Pradesh which has been awarded the India Biodiversity Award 2016 for its Hornbill Nest Adoption Programme under the category, "conservation of threatened species" | Pakke Tiger Reserve |
| The former Union Minister for Sports and Youth Affairs who has appointed the new Chief Minister of Assam | Sarbananda Sonowal |
| The British film maker who has been awarded the 2016 Palme d'Or at Cannes Film Festival for his film I, Daniel Blake | Ken Loach |
| The bilateral Air Force exercise between India and United Arab Emirates being conducted at Al-Dhafra Air Base in UAE from 24 May 16 to 03 Jun 16 is named | Exercise Desert Eagle - II |
| The first Follow-on Water Jet Fast Attack Craft built by M/s Garden Reach Shipbuilders and Engineers Ltd which was commissioned into the Indian Navy (it is named after an island in the Andamans) | INS Tarmugli |
| The team which has won the 2016 Federation Cup football tournament defeating Aizwal F.C. in the finals | Mohun Bagan |
| The European country which has become the first European nation to win the Thomas Cup badminton tournament defeating Indonesia in the finals of the 2016 tournament | Denmark |
| India's first woman Indian Police Services officer who has been appointed the Lt Governor of Puducherry | Kiran Bedi |
| The 11-member committee constituted by the Central Government to recommend measures to increase India’s combat capabilities of the armed forces and re-balance the overall defense expenditure is headed by | Lt Gen D B Shekatkar (retd). |
| The Chief Minister of Sikkim who has been conferred the Yug Kavi Siddhicharan Award by Nepal Prime Minister KP Sharma Oli for his commendable contributions in promoting Nepali literature in India | Pawan Chamling |
| The Member of Parliament from Hamirpur (H.P.) who has been elected the President of Board of Control for Cricket in India | Anurag Thakur |
| The theme of International Day for Biological Diversity observed on 22 May 2016 | Mainstreaming Biodiversity; Sustaining People and their Livelihoods |
| The country which has won the Uber Cup badminton tournament defeating South Korea in the finals at Kunshan Sports Centre Gymnasium, China (India stood at the third position) | China |
| The indigenously developed fecal incontinence management system, developed by M/s. Consure Medical, New Delhi, launched by the Govt of India is named (Fecal incontinence (FI) is a medical condition marked by inability to control one’s bowel movements) | Qora |
| The mobile application launched by the President Dr. Pranab Mukherjee to turn the President’s Estate into a smart township is named | Monitor |
| The public sector bank which has reported a loss of Rs 5,367 crore for the quarter ending 31 Mar 2016, the highest ever for any Indian bank | Punjab National Bank |
| The tropical cyclone which caused widespread rains in Sri Lanka, India and later in Bangladesh was named | Cyclone Roanu |
| The special electronic grievance redressal system launched by the Income Tax department to fast track taxpayer grievances and ensure early resolution of their complaints is named | e-Nivaran |
| The theme of World Hypertension Day observed on 17 May 2016 | Know your numbers |
| The French astrophysicist known for his discovery of the rings of Neptune who passed away on 16 May 2016 | Andre Brahic |
| The theme of International Day of Families observed on 15 May 2016 | Families, Healthy Lives and Sustainable Future |
| The former Chairman of ISRO who has become the first Indian to be honoured with the Hall of Fame award by the International Aeronautical Federation | Prof. U.R. Rao |
| India's oldest living test cricketer who passed away on 16 May 2016 | Deepak Shodhan |
| The South Korean author who has been awarded the Man Booker International Prize for his book The Vegetarian | Han Kang |
| The winners of Italian Open 2016 tennis tournament Men's and Women's singles titles respectively | Andy Murray and Serena Williams |
| The Advanced Air Defence interceptor missile developed by DRDO which was successfully tested on the Abdul Kalam Island located in Odisha is named | Ashwin |
| The Senegalese UN official who has been appointed the first woman Secretary General of FIFA | Fatma Samoura |
| The Indian banker, Executive Vice-chairman and Managing Director of Kotak Mahindra Bank who is the only Indian to be list in the Forbes Most Powerful People in the Financial World | Uday Kotak |
| The former President of the BCCI who has been chosen to be the first independent Chairman of International Cricket Council (ICC) | Shashank Manohar |
| The places between which the Uttar Pradesh has decided to develop a 200-km long bicycle highway to encourage eco-tourism | Agra and Lion Safari in Etawah |
| The theme of World Migratory Bird Day 2016 observed on 10 May | Stop the illegal killing, taking and trade of migratory birds |
| The fighter aircraft of British origin which has been decommissioned by the Indian Navy | Sea Harrier |
| The Government of India has released Commemorative Coin of Rs. 100/- and a Circulation Coin of Rs. 10/- as a part of his 475th birth anniversary celebrations of this ruler of Mewar | Maharana Pratap |
| The state which has granted minority status to the Jain community | Gujarat |
| The team which has won the Asian Circle Style Kabaddi Cup 2016 defeating India in the finals held at Wah cantonment in Paksitan | Pakistan |
| The Samarth class off-shore patrol vessel (5th in a series of 6 OPVs) which was launched by Goa Shipyard at Vasco | ICGS Shaurya |
| The Indian author who has won the regional Commonwealth Short Story Prize for 2016 for the Asia region for his fiction story ‘Cow and Company’ | Parashar Kulkarni |
| The military training exercise being held by the Indian Army to validate battle readiness and operational effectiveness of the Pivot Formation and Rapid Division in Suratgarh is named | Chakravyuh-II |
| The present Flag Officer Commanding-in-Chief (FOC-in-C) Western Naval Command who has been chosen to take over as the next Chief of the Naval Staff with effect from the afternoon of May 31, 2016. | Vice-Admiral Sunil Lanba |
| The high-powered committee appointed by the Supreme Court to oversee the functions of Medical Council of India is headed by | Former CJI R M Lodha |
| The first of Scorpene class submarines built at the Mazagon Dock Shipbuilders Ltd Mumbai (MDL) which underwent its first sea trials is named | Kalvari |
| The team which has won the Senior National Men's Hockey Championships defeating Punjab in the finals at Etawah (U.P.) | Railways |
| The place in Uttar Pradesh from which the Prime Minister has launched the Pradhan Mantri Ujjwala Yojana (a scheme to provide cooking gas connections to five crore below-poverty-line beneficiaries over the next three years) | Ballia |
| The Egyptian squash player who has become the youngest ever women's squash champion defeating Laura Massaro of the United Kingdom at Naza PSA Women's World Championship in Kuala Lumpur | Nour El Sherbini |
| The theme of International Labour Day 2016 observed on 01 May 2016 | Celebrating the International Labour Movement |
The Income Declaration Scheme 2016
Open from 1st June 2016.
To remain in force upto 30 Sep 2016
Payments towards taxes, surcharge & penalty must be made latest by 30th November, 2016
Purpose: Provides an opportunity to all persons who have not declared income correctly in earlier years to come forward and declare such undisclosed income(s).
Rate of taxation: Income declared by the eligible persons, would be taxed at the rate of 30% plus a ‘Krishi Kalyan Cess’ of 25% on the taxes payable and a penalty at the rate of 25% of the taxes payable, thereby totalling to 45% of the income declared under the scheme.
- The scheme shall apply to undisclosed income whether in the form of investment in assets or otherwise, pertaining to Financial Year 2015-16 or earlier.
- Where the declaration is in the form of investment in assets, the Fair Market Value of such asset as on 1st June 2016 shall be deemed to be the undisclosed income under the Scheme. However, foreign assets or income to which the Black Money Act 2015 applies are not eligible for declaration under this scheme.
- Assets specified in the declaration shall be exempt from Wealth tax.
- No Scrutiny and enquiry under the Income-tax Act or the Wealth tax Act shall be undertaken in respect of such declarations.
- Immunity from prosecution under the Income-tax Act and Wealth Tax Act is also provided along with immunity from the Benami Transactions (Prohibition) Act, 1988 subject to transfer of asset to actual owner within the period specified in the Rules.
- Non-payment of total taxes, surcharge & penalty in time or declaration by misrepresentation or suppression of facts shall render the declaration void.
- The circumstances in which the Scheme shall not apply or where a person is held to be ineligible are specified in section 196 (Chapter IX) of the Finance Act, 2016.
- Non declaration of undisclosed income under the Scheme, will render such undisclosed income liable to tax in the previous year in which it is detected by the Income tax Department. Other penal consequences will also follow accordingly.