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 musicA.R. Rahman
The new Chief of Naval Staff who has taken over from Admiral R.K. DhowanAdmiral Sunil Lanba
The English cricketer who has become the youngest (and the first Englishman) to score 10000 runs in test cricketAlastair 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 2016Honouring 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 IndusAditi Krishnakumar
The Indian industrialist who has been awarded the Harvard Business School Alumni Achievement Award for 2016Sunil 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 AssamSarbananda Sonowal
The British film maker who has been awarded the 2016 Palme d'Or at Cannes Film Festival for his film I, Daniel BlakeKen 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 namedExercise 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 finalsMohun 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 tournamentDenmark
India's first woman Indian Police Services officer who has been appointed the Lt Governor of PuducherryKiran 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 byLt 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 IndiaPawan Chamling
The Member of Parliament from Hamirpur (H.P.) who has been elected the President of Board of Control for Cricket in IndiaAnurag Thakur
The theme of International Day for Biological Diversity observed on 22 May 2016Mainstreaming 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 namedMonitor
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 bankPunjab National Bank
The tropical cyclone which caused widespread rains in Sri Lanka, India and later in Bangladesh was namedCyclone 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 namede-Nivaran
The theme of World Hypertension Day observed on 17 May 2016Know your numbers
The French astrophysicist known for his discovery of the rings of Neptune who passed away on 16 May 2016Andre Brahic
The theme of International Day of Families observed on 15 May 2016Families, 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 FederationProf. U.R. Rao
India's oldest living test cricketer who passed away on 16 May 2016Deepak Shodhan
The South Korean author who has been awarded the Man Booker International Prize for his book The VegetarianHan Kang
The winners of Italian Open 2016 tennis tournament Men's and Women's singles titles respectivelyAndy 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 namedAshwin
The Senegalese UN official who has been appointed the first woman Secretary General of FIFAFatma 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 WorldUday 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-tourismAgra 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 NavySea 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 MewarMaharana Pratap
The state which has granted minority status to the Jain communityGujarat
The team which has won the Asian Circle Style Kabaddi Cup 2016 defeating India in the finals held at Wah cantonment in PaksitanPakistan
The Samarth class off-shore patrol vessel (5th in a series of 6 OPVs) which was launched by Goa Shipyard at VascoICGS 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 namedChakravyuh-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 byFormer 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 namedKalvari
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 LumpurNour El Sherbini
The theme of International Labour Day 2016 observed on 01 May 2016Celebrating 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.