CBDT Current Affairs - 2019

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Terror Monitoring Group for Jammu and Kashmir

The Union Home Ministry has announced setting up of a Terror Monitoring Group (TMG) to ensure synergised and concerted action against terror financing and terror-related activities in Jammu and Kashmir.

Mandate of the Terror Monitoring Group

  • Taking action against hardcore sympathisers among government employees including teacher’s etc providing overt or covert support to such activities.
  • TMG will act against all registered cases related to terror, terror financing and terror-related activities and bring them to a logical conclusion.
  • TMG shall identify all key persons including leaders of the organisations who are involved in supporting terrorism in any form and take concerted action against them. Investigate the networks of various channels being used to fund terror and terror-related activities and take action to stop the flow of such funds.
  • TMG will also investigate the network of various channels being used to fund terror and terror-related activities and take coordinated action to stop the flow of such funds.

The seven-member TMG shall be headed by the Jammu and Kashmir additional director general of police (ADGP) and have representatives from the Intelligence Bureau (IB), CBI, NIA, Central Board of Direct Taxes (CBDT), and Central Board of Indirect Taxes and Customs (CBIC). The Jammu and Kashmir police inspector-general shall be the seventh member of the TMG. Strangely the Enforcement Directorate (ED), which has attached several properties in terror funding cases, did not find mention in the order.

Month: Categories: StatesUPSC

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Govt relaxes norms for Start-ups

The government has relaxed the norms under the definition of Start-Ups. The changes brought in are:

  • The investment limit of angel investors to seek exemption under the Income Tax Act, 1961 has been increased to Rs 25 crore from 10 Crore.
  • An entity shall be considered a start-up up to 10 years from its date of incorporation/registration instead of the previous period of 7 years.
  • An entity would be considered as a startup up to a turnover of Rs 100 crore as against the earlier limit of Rs 25 crore.

Exemptions Proposed

  • A start-up cannot invest in a building or land unless it is for its business or used by it for purposes of renting or held by it as stock-in-trade.
  • A start-up cannot offer loans or advances, other than those where lending money is part of its business.
  • A start-up cannot make any capital contribution to any other entity or invest in shares, car, any vehicle or mode of transport that costs more than Rs 10 lakh.

These exemptions were brought in to allay the fears of CBDT that start-ups could be used for money laundering or receive investment from shell companies for tax evasion.

The relaxations are in line with the government’s vision to promote the culture of entrepreneurship and ease of doing business in India.

Month: Categories: Business, Economy & BankingUPSC

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