Central Board of Direct Taxes 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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61 Individuals Declared Annual Income of Over Rs 100 Crore

As per the information provided by Minister of State for Finance Pon Radhakrishnan to the Lok Sabha 61 individuals who declared an income of more than Rs 100 crore during the assessment year 2017-18.

Even though the numbers have increased sharply from the 38 individuals reporting income over Rs 100 Crore in the previous assessment year, it is still a minuscule number in a population of 1.3 billion Indians.

In the assessment year 2014-15, the number of individuals disclosing a gross total income of over Rs 100 crore in a year in his/her return of income filed with the Income Tax (IT) department was 24.

Even though there has been a sharp increase in the number of individuals declaring income of over 100 crore, it has been said the actual numbers are predominantly more and reported numbers are less due to the large scale underreporting.

The following steps have been initiated to prevent the under-reporting:

  • Government is taking stringent actions under the Benami Properties Transactions Act and properties valued at Rs 6,900 crore were under attachment by agencies.
  • Income tax authorities had identified more than 2,000 benami transactions till December 2018 which includes include deposits in bank accounts, land, apartments and jewellery and the provisional attachment of properties had been done in over 1,800 cases.
  • The Revenue Department under the Ministry of Finance is setting up a mechanism to ensure that all returns are processed within 24 hours and refunds issued simultaneously to increase the compliance in the filing of IT returns.

The government has already sanctioned Rs 4,200 crore for the upgrade of information technology infrastructure of Central Board of Direct Taxes (CBDT) for processing returns, refunds, faceless scrutiny and verification.

Month: Categories: Business, Economy & BankingUPSC

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