About Income Tax Appellate Tribunal (ITAT):

• It is a quasi-judicial institution set up in January, 1941 and specializes in dealing with appeals under the Direct Taxes Acts. 
• Starting in 1941 with six Members constituting three Benches - one each at Delhi, Kolkata (Calcutta), and Mumbai (Bombay), the numbers of Benches have progressively increased, and presently ITAT has 63 Benches at 27 different cities,covering almost all the cities having a seat of the High Court.
  • Each bench has an accountant member and a judicial member.
  • The President of the ITAT constitutes a bench from among the members of the ITAT.
  • In some cases, a special bench with three or more members may be constituted to dispose of income tax appeals.
• ITAT serves as the final fact-finding body in tax disputes, offering both taxpayers and the income tax authorities a convenient platform to resolve disputes.
• It adjudicates appeals made under the Income Tax Act of 1961.
• It functions under the Ministry of Law and Justice. 
• Who can file an appeal in ITAT?
  • A tax appeal can be filed by a taxpayer who does not agree with the assessment order or any other order, passed by an income-tax authority.
  • An appeal before the ITAT is generally filed by the taxpayer to contest any order passed by the Commissioner of Income-tax (Appeals).
  • Similarly, an income-tax department can also file an appeal against any order passed by the Commissioner of Income-tax (Appeals) before the ITAT.
• The orders passed by the ITAT are final. An appeal lies to the High Court only if a substantial question of law arises for determination.
• ITAT functions under the regional High Court’s jurisdiction and must adhere to the rules of the same.
• ITAT is subordinate to both the region’s High Court and the Indian Supreme Court.

Q1: What is a Direct Tax?

A direct tax is a tax that a person or organization pays directly to the entity that imposed it. Examples include income tax, real property tax, personal property tax, and taxes on assets, all of which are paid by an individual taxpayer directly to the government.

Source: Supreme Court Disposes Newsclick's Plea, Stays Tax Recovery Until Disposal Of ITAT Appeal

What is Pinaka?

• Pinaka is a Multi-Barrel Rocket Launcher (MBRL).
• It is designed by the Armament Research and Development Establishment (ARDE), a laboratory of the DRDO.
• It delivers lethal and responsive fire against a variety of area targets, such as exposed enemy troops, armoured and soft-skin vehicles, communication centres, air terminal complexes, and fuel and ammunition dumps.
• Features:
  • It consists of a multi-tube launcher vehicle, a replenishment-cum-loader vehicle, a replenishment vehicle, and a command post vehicle.
  • The rocket launcher has two pods containing six rockets each and can neutralise an area of 700 × 500 square metres within 48 seconds. 
  • The 214mm Pinaka rocket features a payload of 100 kilograms (220 pounds), with the option of a range of warheads such as anti-tank mines and blast-cum-pre-fragmented high explosives.
  • The launcher system is supported on four hydraulically actuated outriggers at the time of firing. 
  • The system is mounted on a Tatra truck for mobility.
• India already has several versions of the Pinaka rocket launcher system.
  • The range of the Pinaka Mk-1 is 48 kilometers, the Pinaka Mk-I Enhanced has a range of 60 kilometres and the Pinaka Mk-II has a range of 90 kilometer.

About Pinaka-MK3:

• The advanced version follows in the footsteps of the original Pinaka system.
• DRDO is working on two variants of the Pinaka-MK3 rocket launcher.
  • The first variant is expected to have a range of 120 kilometres or even more.
  • The range of the subsequent variants will be 300 kilometers.
• The speed of the Pinaka-MK3 is 5757.70 kilometres per hour.
• It has the capability to attack distant enemies and air attacks.

It can operate in any weather, making it an all-weather equipment.

Q1: What is the Defence Research and Development Organisation (DRDO)?

DRDO is the R&D wing of Ministry of Defence, Govt of India, with a vision to empower India with cutting-edge defence technologies and a mission to achieve self-reliance in critical defence technologies and systems, while equipping our armed forces with state-of-the-art weapon systems and equipment in accordance with requirements laid down by the three Services. DRDO was formed in 1958 by merging the then-existing Technical Development Establishment (TDEs) of the Indian Army and the Directorate of Technical Development and Production (DTDP) with the Defence Science Organisation (DSO).

Source: DRDO developing Pinaka-MK3, long-range rocket launcher to boost India’s strike range to 300 km

About Hoverflies:

• Hoverflies, sometimes called 'flower flies' or 'syrphid flies', are any member of a family that contains about 6,000 species of insects in the fly order, Diptera.
• Their various common names refer to the behaviour of hovering around flowers.
• They are found worldwide, from temperate regions to tropical environments.
• Hoverflies, with their yellow markings, resemble wasps or bees but do not bite or sting.
  • They can be readily distinguished from wasps and bees by their single pair of wings.
• They are distinguished from other flies by a false (spurious) vein that closely parallels the fourth longitudinal wing vein.
• The species vary from small, elongated, and slender to large, hairy, and yellow and black.
• They also have a typical fly head with short antennae and bulbous eyes.
• Beneficial Insect:
  • Adults feed on nectar and pollen, making them important pollinators in a variety of habitats. 
  • The larvae of many species feed on aphids (soft-bodied insects that use their piercing sucking mouthparts to feed on plant sap), mites and small insects helping to control populations of these pests.
  • Others are efficient nutrient recyclers.

Q1: What are Wasps?

Wasp, any member of a group of insects in the order Hymenoptera, suborder Apocrita, some of which are stinging. Wasps are distinguished from the ants and bees of Apocrita by various behavioral and physical characteristics, particularly their possession of a slender, smooth body and legs with relatively few hairs. Wasps also generally are predatory or parasitic and have stingers with few barbs that can be removed easily from their victims.

Source: 3 Kashmiri Scientists Discover New Species Of Hoverfly

About Exercise Mitra Shakti: 

• It is a joint military exercise between India and the Sri Lankan army.
• This year it is the 10th edition of the exercise.
• A unit of 120 soldiers from the Indian Army’s Rajputana Rifles (Raj Rif) will participate in this exercise.
• The focus of this year’s exercise is on joint operations in semi-urban environments, aligning with Chapter VII of the United Nations Charter, which deals with actions regarding threats to peace and security.
• It aims to improve the operational proficiency of both armies by facilitating the exchange of skills, experiences, and best practices.
• This collaboration is designed to enhance the armies’ abilities to handle contemporary security challenges, such as counter-terrorism and urban warfare.
• An official noted that this exercise plays a significant role in strengthening defence ties and improving coordination between the Indian and Sri Lankan armed forces.
• This annual event is crucial for fostering cooperation and enhancing interoperability between the two nations’ armed forces.

Q1: What is the United Nations Charter?

It is a multilateral international treaty that established the rights and obligations of member states. It also establishes the United Nations' principal organs and procedures. The Charter was signed on June 26, 1945.

Source: Mitra Shakti: Indian and Sri Lankan Armies to begin joint exercise

About Lake Bolsena:

• It is a volcanic lake located in the northern part of the province of Viterbo in the Lazio region of Italy.
• It is the largest volcanic lake in Europe, covering a total area of 113.5 sq. km.
• It is 13.5 km (8.4 miles) in length and 12 km (7.5 miles) in diameter.
• Its formation began 370,000 years ago following the collapse of a caldera of the Vulsini volcano, which stayed active until 104 BC.
• It is known for a strange phenomenon, known locally as “sessa”, which causes tidal-like movements in the lake.
• The two islands, Martana and Bisentina, in the southern part of the lake were formed by underwater eruptions.
• The shores of the lake are characterised by almost untouched nature, with forests, reed beds, and quiet coves, as well as cultivated fields, olive groves, and vineyards.
• Towns Bordering: Capodimonte and Bolsena

What is a Volcanic Lake?

• A volcanic lake is a body of water that forms within a volcanic crater, caldera, or a volcanic depression.
• These lakes can develop after a volcanic eruption when the crater or caldera left behind fills with water, either from precipitation, groundwater, or melting ice and snow.

Q1: What is a Caldera?

A caldera is a large depression formed when a volcano erupts and collapses. During a volcanic eruption, magma present in the magma chamber underneath the volcano is expelled, often forcefully. When the magma chamber empties, the support that the magma had provided inside the chamber disappears. As a result, the sides and top of the volcano collapse inward. Calderas vary in size from one to 100 kilometers (0.62 to 62 miles) in diameter.

Source: Italy: Ancient 3000-year-old clay figurine discovered underwater with fresh finger prints

About Overnight Index Swap: 

• It is a derivative instrument where returns under a fixed rate asset are swapped against a pre-determined published index of a daily overnight reference rate for an agreed period of time.
• Purpose: The primary purpose of an OIS is to manage interest rate risk, particularly the risk associated with fluctuations in the overnight lending rate.
• An overnight index swap rate is calculated each day.
• This interest rate is based on the average interest rate institutions with loans based on the overnight rate have paid for that day.

How does an OIS work?

• These are instruments that allow financial institutions to swap the interest rates they are paying without having to refinance or change the terms of their existing loan.
• When two financial institutions create an overnight index swap, one of the institutions is swapping an overnight (floating) interest rate and the other institution is swapping a fixed short-term interest rate.
• To get the swap rolling, both the firms would agree to continue servicing their loans, but at the end of a specified time period whoever ends up paying less interest will make up the difference to the other firm.

Q1: What are Derivatives?

Derivatives refers to a type of financial contract whose value is dependent on an underlying asset, group of assets, or benchmark. These contracts can be used to trade any number of assets and carry their own risks.

Source: Monetary policy review: FPI investment limit in OIS market under review

About Perseid Meteor Shower: 

• The name Perseid is believed to be derived from the Perseus constellation.
• It peaks during mid-August each year and is considered to be among the best meteor showers. Perseids, usually swift and bright, leave a trail of light and colour behind them as they traverse through the night sky.
• It is also one of the most plentiful showers with nearly 100 meteors seen per hour.
• The Perseids are special because they often generate fireballs.
• Fireballs are big bursts of light and color that last longer than a regular shooting star.
• This happens because fireballs come from larger pieces of material from comets.

Key facts about Meteor Shower

• A meteor is a space rock that comes into Earth's atmosphere.
• As it falls, the air makes it really hot because of the friction.
• The bright streak we see is not the rock itself, but the hot air around it.
• When many space rocks hit the atmosphere over Earth together, we call it a meteor shower.
• These meteors travel at incredible speeds, reaching tens of thousands of kilometers per hour before disintegrating due to the intense heat generated by friction with the atmosphere.

Q1: What is a comet?

A comet is a celestial object composed of ice, dust, rock, and various volatile compounds that orbits the Sun in an elongated or elliptical path.

Source: Perseid meteor shower 2024 peaks this weekend: The origin story and how to watch it live

About Trichophyton indotineae: 

• It is a dermatophyte commonly known as ringworm or jock itch.
• First identified in India, this fungus has now spread to several countries worldwide.
• It belongs to genotype VIII within the T. mentagrophytes/T. interdigitale species complex.
• The inappropriate use of steroid creams has exacerbated the problem, making this strain particularly hard to treat. 
• Challenges and Symptoms 
  • Patients often present with persistent, treatment-resistant rashes that can easily be mistaken for eczema or other skin conditions, delaying effective treatment.
  • The misdiagnosis of these infections often leads to the use of ineffective treatments, which not only prolongs patient suffering but also allows the infection to worsen. 
  • Misdiagnosis and delayed treatment can lead to the spread of the infection, not only worsening the individual’s condition but also increasing the risk of transmission within the community.
• Treatment
  • For infections resistant to standard antifungal medications, alternative treatments such as itraconazole are available but will require close monitoring by healthcare providers. 
  • In addition to antifungal medications, integrating comprehensive skin care regimens can enhance treatment efficacy. 

Q1: What are Fungi?

Fungi can be single celled or very complex multicellular organisms. They are found in just about any habitat but most live on the land, mainly in soil or on plant material rather than in sea or freshwater.

Source: Is there an emerging threat of drug-resistant fungal infections? The jock itch case study