Business, Economy & Banking Current Affairs - 2019

Business, Economy and Banking in Current Affairs 2019 with latest news and current affairs in Agriculture, Industry, Banking, Capital Markets, Import and Export and Government schemes in commercial sector.

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CBDT to set up National e-Assessment centre in New Delhi

National E-Assessment Centre (NeAC) will be setup in New Delhi as part of the Centre government’s ambitious plan to launch faceless and nameless assessment for income tax payers from October 2019. The order for the creation of NeAC was issued by Central Board of Direct Taxes (CBDT), which frames policy for Income-tax department.

About National E-Assessment Centre (NeAC)

It will be an independent office that will look after the work of e-assessment scheme, which is the recently notified scheme for faceless and nameless assessment for income taxpayers.

The NeAC will exclusively focus on e-assessment and will have 16 officials. It will headed by a Principal Chief Commissioner of Income-tax (PCCIT) as its chief. CBDT has appointed K M Prasad, a 1984-batch Indian Revenue Service (IRS) officer as chief or PCCIT of NeAC and Ashish Abrol, a 1993-batch IRS officer as Commissioner or second-in-command of new unit.

NeAC will also serve notices to assesses specifying the issues for selection of their case for assessment and once a response is received from them within a period of 15 days, the centre will allocate case to an assessing officer using an automated system.

About e-assessment Scheme

Centre government had recently notified e-assessment scheme, to facilitate faceless assessment of income-tax returns via completely electronic communication between tax officials and taxpayers. The scheme will be rolled out from ‘Vijayadashami’ on 8 October 2019.

Under the scheme, a person shall not be required to appear either personally or via authorised representative in connection with any proceedings before IT authority at the NeAC or Regional e-assessment Centre (ReAC) or any other unit set up for this purpose under scheme.

In cases where any modification is required, the taxpayer will be provided an opportunity for a personal hearing and such hearing shall be conducted exclusively by video conferencing.

Civil Aviation Minister orders setting up a mechanism to regularly Monitor Airfares

Union Minister for Civil Aviation Hardeep Singh Puri has ordered setting up a mechanism to regularly monitor airfares in the country. With the setting up of new mechanism, the airfares will now be regularly monitored by Union Ministry of Civil Aviation and Directorate General of Civil Aviation (DGCA).

Key Highlights

The Aviation Ministry move to set up a mechanism in Civil Aviation Ministry and Directorate General of Civil Aviation (DGCA) to monitor air fares on a regular basis is to keep an eye on how airlines pricing is working.

With monitoring of airfares on an ongoing basis, the Ministry can get some learning from that and then discuss it with airlines.

However, Aviation Ministry clarified that the government currently does not have any intention to regularise the fares.

Centre is also concerned about higher taxes on aviation turbine fuel (ATF), and has also requested state governments to reduce excise duty on it.

Besides this the aviation ministry, had also raised concern over pricing war between airlines that analysts believe is primary reason for losses of airline industry.