Schemes Current Affairs - 2019

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Black money worth Rs. 65,250 crore declared under Income Disclosure Scheme, 2016

The Central Board of Direct Taxes (CBDT) has received total disclosure of Rs. 65,250 crore black money in the form of cash and other assets under the Income Disclosure Scheme, 2016.

The scheme launched in June 2016 has provided a one-time opportunity to those who had not paid full taxes in the past. It had provided four-month window for declaring undisclosed income or black money and ended on 30 September 2016.

Income Declaration Scheme

  • The scheme had provided a one-time opportunity to black money holders who had not paid full taxes in the past to come clean by declaring their domestic undisclosed income and assets.
  • Declaration were made in respect (i) Any undisclosed domestic income. (ii) Any investment in asset representing undisclosed income, upto financial year 2015-2016.
  • The undisclosed income or black money and assets declared was liable to total 45% tax of the undisclosed income.
  • Benefits of Declaration: (i) No wealth tax on asset declared. (ii) No enquiry under Income Tax Act or Wealth Tax Act. (iii) Immunity from the Benami Transaction (Prohibition) Act, 1988.
  • The scheme gave an opportunity to the defaulter to come clean by paying more than normal tax and did not reward the dishonest tax defaulters.

Indian Railways launches Vikalp scheme for waitlisted passengers

Indian Railways has launched Vikalp scheme to facilitate waitlisted passengers to get an alternative train accommodation.

The scheme has been launched on pilot basis in trains running on Delhi-Lucknow and Delhi-Jammu sectors for 6 months and option will be limited to Mail and Express trains.

With this scheme, Indian Railways aim to achieve the twin objectives

  • Providing confirmed accommodation to waitlisted passengers.
  • Ensure optimal utilisation of available accommodation for these passengers.

Under this scheme

  • Waitlisted passengers will get confirmed accommodation in next alternative train if they opt for it while booking their tickets online.
  • Once they opt for it passengers will get SMS alert on their mobile phone about getting confirmed accommodation in alternative train.
  • No extra charges will be paid passenger to avail this scheme or any refund provided for the difference of fare.
  • In the alternative train, the name of passenger who has been provided accommodation will not figure in the waitlisted charts of their original train.
  • A separate list of passengers transferred in alternative train will be pasted along with the confirmed and waitlist charts.