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IT Department Launches Operation Clean Money

Income Tax Department (ITD) has initiated Operation Clean Money to investigate tax evaders. As a part of the operation, the government has launched a website on ‘Operation Clean Money’ operation.

Salient Highlights

The Operation Clean Money’ portal has been designed by the Central Board of Direct Taxes (CBDT). Initial phase of the operation involves identification of around 18 lakh persons who have made large deposits or purchases between 9th November to 30th December 2016, which do not appear to be in line with the tax payer’s profile.

The provision of online verification of these transactions is aimed at reducing the compliance cost for the taxpayers while optimising the resources of the Income Tax department.

The PAN holders can view the information in the portal. The taxpayers would be allowed to submit online explanation without the need to visiti the Income Tax Office. As a reminder, e-mail and SMS will also be sent to the taxpayers for submission of online response on the portal.

The IT department will make use of the data analytics to select cases for verification. After selection of cases, additional information requested would be communicated electronically. On getting the information, the portal will get dynamically updated. The taxpayers covered under this phase are required to submit their responses within 10 days in order to avoid further notice and enforcement actions under the Income Tax Act.

The response provided by the tax payer would be analyzed against available information with the department. If response found justified, the verification would be closed. The verification will also be closed if the cash deposit has been declared under Pradhan Mantri Garib Kalyan Yojna (PMGKY).

Background

Operation Clean Money was launched immediately after government’s demonetisation drive in order to bring the tax evaders with undeclared incomes under the tax net. The income tax department has so far identified about 1.8 million persons and asked them o explain their deposits, pay tax or disclose past undisclosed income through the Pradhan Mantri Garib Kalyan Yojana.

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PFRDA-CRISIL Report: India Ageing Gradually with Every 5th Person to be in 60s by 2050

As per the PFRDA-CRISIL report titled, Financial security for India’s elderly – The imperatives, India will begin ageing gradually and transform from ‘young’ to a ‘greying’ with every 5th Indian to be in 60s in contrast to every 12th person at present. By 2050, persons above the age of 60 would increase from the present 8.9% of the population to 19.4 %.  Also, by 2050, the population of people above 80 is likely to increase from 0.9% to 2.8%. As of 2015, almost 90% of the population was below the age of 60 years and the proportion of working age population stood at 44% .

Salient Highlights

The report has stated that the continuously declining inter-generational support within families necessitates the development of well-developed, self- sustaining pension system in the country. The report calls for including personal finance and retirement planning as a part of formal education curriculum as they promote the overall objective of financial literacy.

The promotion of pension system is vital as it helps in achieving twin objectives of providing income security to a vast number of ageing population. It also helps in garnering long-term funds for critical, growth-driving sectors of the economy as also the capital market. Hence, the report has called for sufficient incentivisation of intermediaries to increase penetration of pension system in the country.

In India, which is an under-penetrated financial market has most of the investors preferring to invest in fixed deposits (FDs), which account for more than 44% of the financial savings as opposed to the provident and pension funds which accounts to just 14% of the savings that are primarily fed by the organised section of the society.  The report has observed that in India, increasing the penetration of pension products via voluntary pension schemes is the biggest hurdle in developing the pension system.

Atal Pension Yojna

Atal Pension Yojana was launched in June 2015 to make the unorganized work force, which makes major chunk of India’s labour force (88%) join the National Pension Scheme. The subscribers of Atal Pension Yojana can receive a fixed monthly pension starting from Rs. 1000 up to Rs. 5000 after their retirement age of 60 until death. After the death of the subscriber, the spouse will be entitled to get exact same pension amount as the subscriber, until death of the spouse. The minimum age of joining APY is 18 years and maximum age is 40 years and thus minimum period of contribution by subscriber is 20 years.

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MoU Signed between Indian Navy and Space Application Centre

Indian Navy and the Space Application Centre has signed a Memorandum of Understanding on Data Sharing and Scientific cooperation in the field of Meteorology and Oceanology. As per the MoU, the scientific advancements and expertise achieved by SAC would be synergised into the Indian Naval efforts in order to keep the Indian Navy abreast with rapid developments that has taken place in the field of Environment Sciences and Satellite Data acquisition technology. The MoU has further enhanced the already established collaboration between the two organisations.

The broad areas of cooperation under the MoU are: sharing of non-confidential observational data for pre-launch sensor calibration and post launch satellite data validation, operational use of SAC generated weather products, provisioning expertise for installation of various satellite data processing modules at Naval METOC organisations, performing calibration and validation for ocean models, transfer of technology to produce weather information, training on latest technology and sharing of subject matter experts between the organisations facilitating effective knowledge transfer.

SAC

Space Applications Centre (SAC) is one of the major centres of ISRO. It was established in the year 1972. It primarily focuses on the design of space-borne instruments for ISRO missions. It also develops applications of space technology covering the fields of communication, broadcasting, navigation, disaster monitoring, meteorology, oceanography, environment monitoring and natural resources survey for societal benefits. It is headquartered in Ahmedabad, Gujarat.

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