Income Tax Current Affairs - 2020
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The National Pension Scheme for traders, Shopkeepers and Self-Employed persons, also called the Pradhan Mantri Laghu Vyapari Maan-dhan Yojana was launched in July 2019. It aimed at benefitting 3 crore small traders and shopkeepers
The Government set a target of 50 lakh enrolment by the end of March 2020. However, only 25,000 persons have applied so far.
Among all states Uttar Pradesh has highest registrations with 6,765 persons. No one has so far registered in the scheme in the states of Mizoram and Lakshadweep.
About the scheme
The scheme is being implemented by Ministry of Labour and Employment. In order to enrol in the scheme, GSTIN is required only for those whose turnover is above Rs 40 lakhs. Also, the participant of the scheme should not be an income tax payer.
Under the scheme the subscribers will receive monthly pension of Rs 3000 after the age of 60. The persons in the age of 18-40 years are eligible to apply to the scheme.
The beneficiaries of the scheme believe that the majority of the population start their pension plans between 40 and 55. The scheme excludes the age group between 40 and 55. Also, Rs 3000 being provided as premium after 30 years will hardly have value as money would have inflated by then.
Tags: Income Tax • Ministry of Labour and Employment • National Pension Scheme • Pension • Pension Scheme for Traders
Central Board of Direct Taxes (CBDT) has inaugurated the Web Portal for Exchange of Information on Income Tax which will consolidate all relevant Automatic Exchange of Information (AEOI) related information at one place. This portal will help in convenient access by public, financial institutions as well as departmental officers at large.
Web Portal for Exchange of Information on Income Tax
The Web Portal would be a repository of policy and technical circulars, guidance, notifications issued by the CBDT. It would provide links to relevant circulars, guidance issued by regulatory authorities in India and other international bodies.
The portal would not only be useful for domestic financial institutions but will also help foreign financial institutions as well as tax authorities to get information about Indian laws, rules and procedures related to AEOI under Common Reporting Standard (CRS).
To implement the AEOI standard, necessary domestic legal framework was put in place in 2015. Later, on August 2015 a comprehensive Guidance Note was released for providing guidance to financial institutions, sectoral regulators as well as Income Tax (IT) Department officers for ensuring compliance with reporting requirements under IT Act and Rules. Under the Common Reporting Standard (CRS) on Automatic Exchange of Information (AEOI), India is committed to exchange financial account information automatically from 2017. Also, financial institutions annually reports information which are then exchanged by India under the standard.
Sectoral regulators have issued necessary notifications and circulars for compliance by financial institutions. To educate financial institutions about their reporting obligations, CBDT also carries out stakeholder consultations. Moreover, to reach out to financial institutions and account holders, CBDT has also created an Exchange of Information portal on Income-tax Department website for dissemination of information to all stakeholders.
Tags: AEOI • Automatic Exchange of Information • CBDT • Central Board of Direct Taxes • Income Tax