Current Affairs – July, 2015

Latest Current Affairs July, 2015 with Current Affairs, news summary on current events of National and International importance of July, 2015 for Banking, SSC, CLAT, UPSC, State PCS, IBPS, Railways and other Competitive Examinations.

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Union Cabinet gives nod for setting up of Online National Agriculture Market

Union Cabinet has approved setting up of an Online National Agriculture Market that will provide more options to farmers for selling their produce.

Decision in this regard was taken at a Union Cabinet meeting presided by Prime Minister Narendra Modi in New Delhi.

For online national agriculture market, an online platform will be set up. On this platform farmers will be able to sell and buy vegetables, fruits and other produce from across the country.

In this regard, Union government will also establish an agency to oversee online trading and ensure that transactions take place smoothly.  This online agriculture market will also focus on creating godowns and facilitate transportation of the farm produce after the online trade.

Presently, farmers are restricted to sell their produce at traditional mandis or market committees which are charging various taxes on producers. This platform will also give choice to farmers to sell the farm produce both in traditional mandis or online platform and boost their incomes and improve availability, moderating price rise.

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Union Government opens compliance window for black money disclosure

Union Government has notified the compliance window for black money disclosure under the Black Money (Undisclosed Foreign Income and Asset) and Imposition of Tax Act, 2015.

The notified compliance window makes it mandatory for people to disclose their foreign income and assets till 30th September 2015. Those who make the disclosure during this notified period will have further 3 months’ time i.e. till 31st December 2015 to pay the taxes and the penalty on their foreign income and assets.

People availing this one-time compliance window will be required to pay a tax of 30 per cent and a penalty of a similar amount.

The Black Money (Undisclosed Foreign Income and Asset) and Imposition of Tax Act, 2015 was passed by the parliament in May 2015.

This act which will come into force from April 2016 and has provision of stringent penalty which includes much higher at 90 per cent in addition to the 30 per cent tax on undisclosed foreign assets.

The Act also provides provisions for separate taxation of undisclosed foreign income and assets along with stringent penalties and prosecution, including rigorous imprisonment up to 10 years and penalty.

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