ISRO set to undertake Maiden Launch of its Own Version of 'Space Shuttle'

• For the first time in its history, the Indian Space Research Organisation (ISRO) is set to undertake the maiden launch of its very own version of a 'space shuttle', a fully made-in-India effort. 

• Very soon and if all goes well possibly before the monsoon sets in, India's space port at Sriharikota in Andhra Pradesh will witness the launch of the indigenously made Reusable Launch Vehicle - Technology Demonstrator (RLV-TD). 

• After launch, it will be glided back onto a virtual runway in the Bay of Bengal. This flight will test the capability of the vehicle to survive a re-entry at speeds higher than that of sound, so it is called a Hyper Sonic Experiment (HEX). 

• A sleek winged body almost the weight and size of a Sports Utility vehicle (SUV) is being given final touches at Sriharikota. 

• Scientists at ISRO believe that they could reduce the cost of launching the vehicle into space by as much as 10 times if the reusable technology succeeds.

• K Sivan, director of the Vikram Sarabhai Space Centre, Thiruvananthapuram, says, these are just the first baby steps towards a big leap.

Income Declaration Scheme for domestic black money to commences from June 01, 2016

• The 'Income Declaration Scheme' or four month window for declaration of domestic black money will commence from 1st of next month.It will remain in force till 30th of September. 

• The scheme is part of Finance Act, 2016 which seeks to provide an opportunity to all persons who have not declared their income correctly in previous years to come forward and declare their undisclosed incomes. 

• Under this scheme, the declared income would be taxed at the rate of 30 per cent plus 'Krishi Kalyan' cess of 25 per cent on taxes payable and a penalty at the rate of 25 per cent of the taxes payable.