Current Affairs Today - Current Affairs 2018

हिंदी करंट अफेयर्स प्रश्नोत्तरी 2018 के लिए यहाँ क्लिक करें.

Government to launch e-Sansad and e-Vidhan in Parliament and State

The Union Ministry of Parliamentary Affairs (MoPA) has proposed rolling out of e-Sansad in Parliament and e-Vidhan in State Legislatures to digitize and make their functioning paperless.

It was announced by Parliamentary Affairs Minister Ananth Kumar after inaugurating 18th All India Whips’ Conference in Udaipur, Rajasthan.

e-Sansad and e-Vidhan

They are mission mode projects of Union Government under Digital India to make the functioning of Parliament and State Legislatures paperless. They aim to digitise and make available Parliament and state legislature documents, including debates, speeches, committee reports and questions on internet.

MoPA is the Nodal Ministry for implementation of both the projects. These projects will make functioning of Parliament and State Legislatures participative, responsive, transparent, productive and more accountable to public. They will make the entire Legislative process more efficient. They are environment-friendly initiatives in line with the Go Green initiative of the government.

18th All India Whips’ Conference

The two-day conference was organised by Ministry of Parliamentary Affairs (MoPA) focused on the efficient functioning of legislatures. Delegates participating in made suggestions and recommendations for making the rolling out of e-Vidhan a success.  It also made other recommendations for smooth and efficient working of Parliament and the state legislatures in the light of the experience gained by the whips.

Whip

A whip is a member of political party’s parliamentary body responsible for discipline within the party. Their main job is ensuring that their members in Parliament and legislature vote in line with the party’s official policy on important issues. The office of whip is neither mentioned in constitution of India nor in the Rules of the House nor in the Parliamentary Statue. It is based on conventions of parliamentary government.

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CBDT relaxes norms for MAT on firms facing insolvency

The Central Board of Direct Taxes (CBDT) has announced to relax norms around levy of minimum alternate tax (MAT) for insolvent companies from financial year 2017-18.

The purpose of the move is to make the Insolvency and Bankruptcy Code, 2016 more effective and minimise hardship faced by companies going in for insolvency resolution.

Minimum alternate tax (MAT)

Its aim is to bring Zero Tax Companies” into tax realm who do not pay any tax. It is ruled by provisions enclosed in section 115JB of Income Tax Act, 1961. MAT is valid to all companies comprising foreign companies. As per meaning of MAT, tax obligation of company will be higher if income tax of company calculated as per normal provision of income tax and tax calculated at 18.5% on book profit plus surcharge and cess as applicable.

Key Facts

This exemption facility will be available only for companies against whom application for corporate insolvency resolution process has been admitted by the adjudicating authority. An amendment to this effect will be made in section 115 JB of the Income Tax Act.

According to existing provisions for purposes of levy of MAT company, amount of loss brought forward or unabsorbed depreciation, whichever is less as per books of account shall be reduced from book profit. The relation of norms will allow company to reduce amount of total loss brought forward including unabsorbed depreciation from the book profit for the purposes of levy of MAR.

Background

This decision was taken based on suggestions of various stakeholders suggesting hardship faced by companies against whom application for corporate insolvency resolution process was admitted by Adjudicating Authority due to restriction in allowance of brought forward loss for computation of book profit. The Indian Banks Association (IBA) also had sought removal of MAT for new investors apprehending depressed bids.

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