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Daily Current Affairs – 2 April, 2026

    New Income Tax Act, 2025

    Context

  • The Income Tax Act, 2025 replaces the Income Tax Act, 1961 with effect from April 1, 2026, with the objective of enhancing transparency, predictability, and ease of compliance.

    • Key Features of the Act

  • Introduction of ‘Tax Year’: The Act replaced the terms ‘Assessment Year’ and ‘Previous Year’ with a single, unified concept called the ‘Tax Year’. It has been defined as the twelve-month period of the financial year commencing on the 1st April.
  • Power to Frame Schemes: The Act empowers the Central Government to introduce schemes for faceless assessments and efficient tax administration.
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    Row Over FCRA Amendment Bill 2026

    Context

  • Recently, the Union Government has deferred discussion on the FCRA Amendment Bill, 2026 which triggered political controversy, especially ahead of the Kerala Assembly elections.

    • About Foreign Contribution (Regulation) Act (FCRA)

  • It is a key legislation that regulates the acceptance and utilisation of foreign funds by individuals, NGOs, and associations in India.
  • It is administered by the Union Ministry of Home Affairs (MHA).
  • It aims to ensure foreign contributions do not affect national interest, sovereignty, or public order.
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    India rapidly positioning itself as global electro-tech manufacturing hub: WEF

    Context

  • As per the World Economic Forum, India is positioning itself as a global electro-tech manufacturing hub by leveraging low-cost solar energy and battery technology bypassing the fossil fuel-heavy growth model followed by Western economies and China.

    • Major Highlights 

  • India’s push for energy sovereignty could serve as a fast-track model for emerging economies.
  • Electric Vehicles: Passenger electric vehicles nearing 5% of total sales, while electric three-wheelers account for nearly 60% of the market, making India a global leader in the segment.
  • India has reached about 1,500 kWh per capita electricity consumption, solar-plus-storage now costs roughly half as much as new coal. 
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    Parliament Passes Insolvency and Bankruptcy Code Bill, 2026

    Context

  • The Parliament has passed the Insolvency and Bankruptcy Code (Amendment) Bill, 2026.

    • What is Insolvency and Bankruptcy Code (IBC), 2016?

  • IBC was introduced in 2016 to address rising Non Performing Assets and ineffective debt recovery mechanisms in India.
  • It aims to overhaul the corporate distress resolution system, replacing debtor-controlled regimes with creditor-in-control mechanisms for time-bound resolutions.
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    War in the Middle East has Exposed the Vulnerability of Global Choke Points

    Context

  • The conflict around the Strait of Hormuz has highlighted how modern power still runs through a surprisingly small number of vulnerable trade routes.

    • About

  • During the First World War, the struggle over the Dardanelles was driven by the strategic importance of a narrow waterway linking the Mediterranean to the Black Sea.
  • The Dardanelles is a strategically significant strait that serves as a natural boundary between Europe and Asia, separating the Gallipoli peninsula in Eastern Europe from Anatolia in Asia.
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    News In Short 02-04-2026

    Context

  • Qdenga, developed by Takeda Pharmaceutical Company, has received clearance from India’s Subject Expert Committee under the Drugs Controller General of India for individuals aged 4–60 years.

    • What is Qdenga (TAK-003)

  • TAK-003 is a live-attenuated, tetravalent dengue vaccine, containing weakened forms of all four dengue virus serotypes (DENV-1, DENV-2, DENV-3, and DENV-4) to stimulate immunity.
  • TAK-003 uses the DENV2 strain as the genomic backbone.
  • The World Health Organization prequalified TAK-003 in 2024, recommending it for use in dengue-endemic areas.
    • Read More
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