The Economic Survey 2019-20 tabled by Finance Minister Nirmala Sitharaman on Friday projected growth for the next fiscal starting April 2020-21 at 6 per cent to 6.5 per cent. The pre-budget survey has also retained the growth numbers for the current fiscal at five per cent. The annual economic survey, prepared by a team headed by the Chief Economic Adviser Krishnamurthy Subramanian, also stressed on the need to relax fiscal deficit for the current fiscal to revive growth. It also called for more reforms for making it easier to do business in the country. The survey observed that there is an urgent need to remove red tape at ports to promote exports apart from eliminating other business hindrances such as registering property, paying taxes and enforcing contracts. While it mentioned that weak global growth has impacted India, it also acknowledged the fact that investment has slowdown due to domestic financial sector issues. The Economic Survey also said that the government must deliver on reforms quickly as it is the only way to enable an economic recovery in the upcoming fiscal. Improving governance in public sector banks and the need for better disclosure of information other key steps recommended by the Economic Survey. On this edition of The Big Picture we will analyse the economic survey.
Friday, January 31, 2020
Thursday, January 30, 2020
Highlights from PM narendramodi 's address at the NCC Rally in Delhi
Highlights from PM @narendramodi's address at the NCC Rally in Delhi. pic.twitter.com/smsSe6z1ng— narendramodi_in (@narendramodi_in) January 29, 2020
Budget session of Parliament to commence today. Finance Minister Nirmala Sitharaman to table the Economic Survey 2019-20.
Budget session of Parliament to commence today. Finance Minister Nirmala Sitharaman to table the Economic Survey 2019-20. (File Pic) pic.twitter.com/4paauOsa5r— ANI (@ANI) January 31, 2020
Cabinet Secretary holds high level review on Novel Coronavirus
All travellers from China since 15 Jan 2020 shall be tested for nCoV
High level review meetings on preparedness for Novel Coronavirus are regularly being held by the Union Health Minister, Cabinet Secretary and Health Secretary.
Cabinet Secretary has held four review meetings so far. Today he reviewed the preparedness with the concerned Ministries of Health & Family Welfare, External Affairs, Defence, Home Affairs, Civil Aviation, Information & Broadcasting, Labour & Employment, and Shipping.
A Video Conference with the Chief Secretaries of the States and UTs was also taken by the Cabinet Secretary.
Following today’s meeting of the Cabinet Secretary, a number of new steps have been taken:
- All those who have come from China after 15th January, 2020 shall be tested as there in an incubation period for the virus.
- The Cabinet Secretary has stressed upon the need for 14 days’ home isolation for all those who have returned from China.
- It is also advised that trip to china should be avoided.
- It was also decided to augment the lab facilities.
- Six more labs will start functioning from today:(1) NIV Bengaluru Unit, (2) Victoria Hospital Campus, KR Road, Fort, Bengaluru (3), AIIMS, New Delhi (4), NCDC, Delhi (5) Kasturba Hospital for infectious diseases, Mumbai (8) NIV – Kerala Unit.
- Six more labs will start function by 31st January, 2020: (1) ICMR – NICED, Kolkata (2) GMC, Secunderabad (3) KGMU, Lucknow (4) SMS, Jaipur (5) IGGMC, Nagpur (6) KIPMR, Chennai.
- Discharge portal for patients have been prepared by DGHS which is being disseminated.
- It was decided to put up check-posts in relevant tourist locations for better surveillance.
- Gram panchayats are being organised to make people more aware regarding the symptoms, precautions and measures taken by the State Governments regarding prevention and management for Novel Coronavirus in villages bordering Nepal.
- States have also been advised to open control rooms, appoint a nodal officer and popularize the control room number.
- IEC material is to be prepared in local language by the concerned States.
Status:
As on 30th January, 2020, a total of 7711 confirmed cases reported by 31 provinces, 1370 serious cases, 170 deaths, 124 discharged and cured cases and 12167 suspected cases.Most of the deaths reported in elderlies with co-morbid conditions.
The number of reported confirmed cases abroad are Thailand (14), Singapore (10), Australia (5), USA (5), Japan (8), south Korea (4), Malaysia (7), France (4), Vietnam (2) Canada (2), Nepal (1), Cambodia (1), Sri Lanka (1) Germany (4), UAE (4), Hong Kong (10), Macao (7), Taiwan (8), Finland (1), Angola (1) and India (1), total of 21 countries.
One positive case of Novel Coronavirus patient, of a student studying the Wuhan university, has been reported in Kerala.The patient has tested positive for Novel Coronavirus and is in isolation in the hospital.The patient is stable and is being closely monitored.
Screening data: from 21 airports
- Total flights screened: 234
- Total passengers screened: 43346
Laboratory Support:
- National Institute of Virology, Pune is fully geared up to test samples of nCoV.
- Adequate lab reagents are available with NIV, Pune to test 5000 samples.
- 49 samples have been referred to NIV for testing. 48 have tested as Negative.
Ministry of Shipping is on high alert amid the #CoronavirusOutbreak,— Ministry of Shipping (@shipmin_india) January 30, 2020
taking all necessary precautionary measures against it. Directives have been issued by the Ministry for thorough screening of Vessels, Seafarers and Passengers entering all the major & minor ports in India. pic.twitter.com/HJ2LmnSuPO
Wednesday, January 29, 2020
இசைப் போட்டியில் முஸ்லிம் இளைஞர் பாடிய சிவனைப் பற்றிய கர்நாடக சங்கீதப் பாடல்.
Google Developing New ‘Unified’ Communications App for Businesses
The new mobile app, which is currently being tested internally at Google, also includes Hangouts Meet, Google’s video conferencing app and Hangouts Chat, a real-time message app, according to the people. Thomas Kurian, the CEO of Google’s cloud unit, discussed the new app at a conference held in mid-January for the unit’s salespeople and business partners, according to two of the people. The new app is expected to be part of G Suite, the collection of online productivity software that is overseen by the cloud unit, known as Google Cloud.
Tuesday, January 28, 2020
A family narrowly escaped from attack from cheetahs
Omg how stupid can you get, they were so lucky 🤬 pic.twitter.com/E6JEQy6PFs— CCTV_IDIOTS (@cctv_idiots) January 28, 2020
New record as Rs 12000 cr transferred directly in bank accounts of 6 cr farmers: PM Modi
Prime Minister Narendra Modi addressed the 3rd Global Potato Conclave in Gandhingar, Gujarat through video conference on January 28, 2020. In his address PM Modi said that 'Work towards doubling farmers' income by 2022 is being done, it is the combination of efforts of farmers and govt policies that India is among the top 3 nations in food production'.
Prime Minister Narendra Modi on Tuesday said a new record was created earlier this month when Rs 12000 crore were transferred directly into the bank accounts of six crore farmers.
Addressing the third Global Potato Conclave here in Gujarat via video conferencing, the prime minister also said that India became one of the top three nations in production of certain food grains and food products due to hard work of farmers and the government policies.
“Several efforts and steps are being taken to double the income of farmers by 2022. It is the result of the combination of efforts taken by farmers and the government policy that India has emerged as one of the top three nations in production of grains and other food items,” PM Modi said.
“In the beginning of this month, a new record was made by transferring Rs 12000 crore directly into the bank accounts of six crore farmers,” he added.
Monday, January 27, 2020
Saturday, January 25, 2020
ADDRESS BY THE PRESIDENT OF INDIA, SHRI RAM NATH KOVIND ON THE EVE OF 71ST REPUBLIC DAY
Dear fellow citizens,
1. On the eve of our 71st Republic Day, I extend my warm greetings to all of you, in India and abroad.
2. Seven decades ago, on 26th January, our Constitution came into effect. Even before that, this date had acquired special significance. Having resolved to attain ‘Purna Swaraj’, our people had been celebrating ‘Purna Swaraj Day’ on every 26th January from 1930 to 1947. That is why, in 1950 we embarked our journey as a Republic on the 26th January, affirming to the principles laid down in our Constitution. Since then, every year we celebrate our Republic Day on 26th January.
3. The modern State comprises the three organs – Legislature, Executive and Judiciary, which are necessarily interlinked and interdependent. Yet, on ground, the people comprise the State. ‘We the People’ are the prime movers of the Republic. With us, the people of India rests the real power to decide our collective future.
4. Our Constitution gave us rights as citizens of a free democratic nation, but also placed on us the responsibility to always adhere to the central tenets of our democracy – justice, liberty, equality and fraternity. It becomes easier for us to follow these constitutional ideals, if we keep in mind the life and values of the Father of our Nation. By doing so, we will be adding a meaningful dimension to our celebrations of 150th birth anniversary of Gandhiji.
Dear fellow citizens,
5. The Government has launched a number of welfare campaigns, and what is especially noteworthy about them is the fact that citizens have voluntarily turned them into popular movements. The ‘Swachchh Bharat Abhiyan’ has achieved astounding success in such a short time. The same spirit can be seen in other endeavours. Be it giving up cooking fuel subsidy or pushing digital payments, the common man has made the government programmes his own, making them truly effective. The success of the ‘Pradhan Mantri Ujjwala Yojana’ is a matter of pride, as the target of 8 crore beneficiaries has been achieved. With this, those in need have access to clean fuel. The ‘Pradhan Mantri Sahaj Bijli Har Ghar Yojana’, that is, ‘Saubhagya’ too has brightened people’s lives. Under ‘Pradhanmantri Kisan Samman Nidhi’, more than 14 crore farmer families have become entitled to receive minimum annual income of Rupees six thousand. This has enabled the farmers who feed us to live a life of dignity.
To effectively meet the challenge of the increasing water crisis, the Ministry of Jalshakti has been created. Water conservation and water management are being given top priority. I am confident that, like ‘Swachchh Bharat Abhiyan’, ‘Jal Jeevan Mission’ too will take the form of a popular movement.
6. Along with the welfare of those most in need, every policy initiative of the Government is guided by the ‘nation-first’ principle. The roll-out of the GST has realised our vision of ‘One country, One tax, One market’. It is being complemented by the e-NAM scheme, which is strengthening the process of creating ‘one market for one nation’ and will benefit farmers. There is a consistent effort by the government to ensure overall development of each and every part of the country – be it Jammu-Kashmir and Ladakh, the states in the North-East or our Islands in the Indian Ocean.
7. Strong internal security is essential for the development of the country. Therefore, the government has taken several concrete steps to strengthen the internal security system.
8. Access to health and education are often considered the foundation of good governance. In both these sectors, we have come a long way in the seven decades. The Government has rightly focused its attention on the health sector, with its ambitious initiatives. Starting with the Pradhan Mantri Jan Arogya Yojana, and expanding to the Ayushman Bharat, which is the world’s largest publicly funded universal healthcare programme, the Government has shown its care and concern for the well-being of the poor. Quality of healthcare has improved, so has its reach. The Jan Aushadhi Yojana has brought down the healthcare budget of common people in the country by providing quality generic medicines at affordable prices.
Dear fellow citizens,
9. The foundations of a sound education system were built in ancient times, with the setting up of great universities like Nalanda and Takshashila. In India, knowledge has always been considered more valuable than power, fame or riches. In our tradition, educational institutions are respected as temples of learning. When our land was pushed into backwardness after the long colonial rule, it was education that emerged as a path to empowerment. Even though the development of our educational institutions commenced soon after Independence, in an environment of scarcity of resources, our achievements in the field of education have followed a remarkable trajectory. Our endeavour is to ensure that no child or youth is denied education. At the same time, we need to strive to reach global education standards by continuous reform of our educational systems.
10. India is proud of the achievements of ISRO. They are making further progress in Mission Gaganyaan, and the nation excitedly looks forward to the Indian Human Spaceflight Programme gaining further momentum this year.
11. This is also the year of Tokyo Olympics. While India has traditionally done well in a number of sports, the new generation of players and athletes has brought laurels for the nation in more and more varieties of sports in recent years. At Olympics 2020, the Indian contingent will be backed by cheers and good wishes of millions of Indians.
12. Another source of pride for our country has been our diaspora. During my visits abroad, I have observed that Indians have not only brought prosperity to their adopted lands, they have also enhanced India’s image before the world community. Many of them have made great contributions in a wide variety of endeavours.
Dear fellow citizens,
13. I have nothing but unreserved praise for our armed forces, paramilitary and internal security forces. Their sacrifices to preserve the integrity and unity of our country present a saga of unparalleled courage and discipline. Our farmers, doctors and nurses, teachers who impart learning and values, scientists and engineers, alert and active youth, industrious members of our workforce, entrepreneurs contributing to our economic wealth, artists who enrich our culture, service sector professionals who have earned global appreciation, our fellow countrymen contributing in many other spheres of activity and specially our resilient daughters who have scaled new heights of achievements against odds - they all bring pride to our nation.
14. Earlier this month, I had the opportunity to interact with some achievers who have done commendable work in various fields. Working silently, they have made immense contributions to various fields including science and innovation, sports, empowerment of Divyang persons, farming and afforestation, women and child empowerment, education, healthcare, revival of old art forms and providing food and nutrition to the needy. For example, Sushri Aarifa Jan has revived the Numdha handicrafts in Jammu & Kashmir; Sushri Ratnawali Kottapallihas been serving patients suffering from thalassemia in Telangana; Shrimati Devaki Amma has developed forest wealth through her individual efforts in Kerala; Shri Jamkhojang Misao has improved the lives of many people through his community development efforts in Manipur and Shri Babar Ali has been providing education to underprivileged children in West Bengal since his childhood. There are numerous such examples, I have mentioned only a few of them. They exemplify that ordinary people can make extraordinary contributions. There are a large number of voluntary organisations too who have been contributing to the project of nation-building, and complementing the initiatives of government.
Fellow Citizens,
15. We are now in the third decade of the twenty-first century. This will be the decade of the rise of New India and a new generation of Indians. More and more of those born in this century are participating in the national discourse. With the passage of time, we are gradually losing living links with our great freedom struggle, but there is no reason to worry about the continuity of the beliefs that guided it. With advances in technology, the young minds of today are better informed and more confident. The next generation remains strongly committed to the core values of our nation. For our youth, the nation always comes first. With them, we are witnessing the emergence of a New India.
16. Mahatma Gandhi’s ideals remain relevant in our nation-building efforts. It should be part of our daily routine to introspect on Gandhiji’s message of truth and nonviolence, which has become all the more necessary in our times.
When fighting for a cause, people, particularly the youth, should not forget the gift of Ahimsa Gandhiji gave to humanity. Gandhiji’s talisman for deciding whether an act is right or wrong also applies to the functioning of our democracy. Government and opposition both have important roles to play. While giving expression to their political ideas, both must move forward in tandem to ensure that development of the country and welfare of its people are promoted consistently.
Dear fellow citizens,
17. As our Republic Day is a celebration of our Constitution, let me conclude with the words of its chief architect, Babasaheb Ambedkar:
[I QUOTE]
"If we wish to maintain democracy not merely in form, but also in fact, what must we do? The first thing in my judgment we must do is to hold fast to constitutional methods of achieving our social and economic objectives.” [UN QUOTE]
These words have always lighted our path. These words will continue to show us the way ahead to new glories.
Dear citizens,
18. The idea of world as a large well-knit family, captured in our message of ‘Vasudhaiva Kutumbakam’, strengthens our relations with other nations. We have been sharing our democratic ideals and the fruits of our development with the entire world.
We have a tradition of inviting foreign heads of states to participate in our Republic Day celebrations. I am glad that this year, our distinguished friend, The President of Brazil, Mr. Bolsonaro will take part in our Republic Day function tomorrow.
As India and Indians march forward, we remain committed to engaging the global community to build a secure and prosperous future for ourselves and for the entire humanity.
19. I once again convey my Republic Day greetings to all of you and I extend my best wishes for your bright future.
Jai Hind!
Friday, January 24, 2020
Thursday, January 23, 2020
Wednesday, January 22, 2020
Tuesday, January 21, 2020
Support for Rajinikanth Pouring in In twitter
Superstar @rajinikanth had cited a 2017 report from Outlook to justify his remarks on Periyar. @gc_s @arivalayam @sgurumurthyhttps://t.co/W1vPHFYlCt— Outlook Magazine (@Outlookindia) January 21, 2020
50 வருஷமா "ராமர செருப்பால அடிச்சோம்டா" ன்னு மீசையை முறுக்கிட்டு பெருமையா சொன்ன நாய்களை "நாங்க ராமர அடிக்கவே இல்ல"ன்னு கதற விட்டார்.
— Ramesh 🇮🇳 (@rameshs79) January 21, 2020
ஒரே ஸ்டேட்மெட் தான். மொத்த திக ideologyயும் குளோஸ்! 😂
"இவன் பேருக்குள்ளே காந்தம் உண்டு உண்மைதானடா" 🔥#மன்னிப்பு_கேட்க_முடியாது#ரஜினிகாந்த் pic.twitter.com/r21QxR5VCR
Shri Edappadi K. Palaniswami working in fields as a farmer
Pleased to see Chief Minister of Tamil Nadu, Shri Edappadi K. Palaniswami working in fields as a farmer, who will never forget his roots. It may be symbolic but it inspires people. Everyone should focus on making agriculture profitable and sustainable. This is the need of hour. pic.twitter.com/cmcnKWaIHU— Vice President of India (@VPSecretariat) January 19, 2020
இந்தியாவைப் புதிய உயரத்திற்கு இட்டுச்செல்வோம்: மனித விருப்பு வெறுப்பை அகற்றி, தொழில்நுட்பத்தை மேம்படுத்தி
இந்தியாவைப் புதிய உயரத்திற்கு இட்டுச்செல்வோம்:— PIB in Tamil Nadu (@pibchennai) January 21, 2020
மனித விருப்பு வெறுப்பை அகற்றி,
தொழில்நுட்பத்தை மேம்படுத்தி#நமதுநம்பிக்கை #HamaraBharosa @FinMinIndia @nsitharaman @PIB_India @DG_PIB pic.twitter.com/SeB26lkX3C
HalwaCeremony marks the beginning of printing of budget documents
#HalwaCeremony marks the beginning of printing of budget documents— PIB India (@PIB_India) January 20, 2020
Finance Minister @nsitharaman and MoS @ianuragthakur relish some halwa during the traditional ceremony with senior officials of @FinMinIndia pic.twitter.com/SeO4ASfTeh
Monday, January 20, 2020
IAF inducts BrahMos-armed Sukhoi-30MKI fighter squadron at Tamil Nadu's Thanjavur
Thanjavur (TN), Jan 20 (ANI): Indian Air Force's Sukhoi-30MKI fighter aircraft on January 20 was inducted at Thanjavur airbase. These fighter jets are equipped with 'special weapon' BrahMos supersonic cruise missile that will manage the requirements in the Indian Ocean.
Taking India to New Heights: Easing access to credit, building tomorrow's Entrepreneurs.
Taking India to New Heights: Easing access to credit, building tomorrow's Entrepreneurs.#HamaraBharosa pic.twitter.com/DB1UOnurH6— Ministry of Finance (@FinMinIndia) January 20, 2020
Pariksha Pe Charcha PM tweeted
As an early riser (by habit) and a late sleeper (due to work), I am not the ideal person to talk about sleep habits and what time to study but on the request of my young friends, I shared my views on the subject...https://t.co/5bimhTosMk— Narendra Modi (@narendramodi) January 20, 2020
PM Modi thanked all students and parents who joined Pariksha Pe Charcha with students Programme
I thank my young friends, their parents and outstanding teachers for joining today’s ‘Pariksha Pe Charcha.’— Narendra Modi (@narendramodi) January 20, 2020
Being among youngsters is wonderful.
Sharing pictures from the occasion. pic.twitter.com/FgWxF9Fr79
Be confident. Do not enter the exam hall with any pressure: PM Modi to students
Watch highlights from the link https://www.youtube.com/user/narendramodi/videos
Sunday, January 19, 2020
Saturday, January 18, 2020
கரும்பு ஜூஸ் Traditional methhod preparation
கரும்பு ஜூஸ் Traditional methhod pic.twitter.com/AbMZ8LiRq5— Selvaraj Venkatesan (@niftytelevision) 16 January 2020
Friday, January 17, 2020
India, Norway discuss ways to boost MSME sector
India, Norway discuss ways to boost MSME sector
New Delhi, Jan 17 India and Norway have discussed the ways to boost Micro, Small and Medium Enterprises (MSME) sector during the first Session of India-Norway Dialogue on Trade & Investment (DTI).
The dialogue convened here on 15-16 January.
This was the first meeting after the signing of DTI.
The session was based on the Terms of Reference (ToR) signed between India and Norway on 8th January, 2019 in New Delhi, during the visit of Prime Minister of Norway.
The first session saw representatives from Indian industry on 15th January, where discussions were held on various areas of mutual interest like blue economy, shipping & maritime, ICT, renewable energy, fisheries and MSME.
There were also representatives from the Federation of Indian Chambers of Commerce and Industry (FICCI), Confederation of Indian Industry (CII), fisheries, ICT, renewable energy, electrical equipment, IT and solar energy sectors who participated in the industry interaction.
Presentations were also made by the Delhi Mumbai Industrial Corridor Development Corporation (DMICDC) and Invest India.
The Department for Promotion of Industry and Internal Trade (DPIIT) and the Department of Economic Affairs highlighted various policy initiatives of the Government for promoting investment in the country.
The main session on 16th January, 2020 was co-chaired by Joint Secretary, Department of Commerce, Nidhi Mani Tripathi, and Director General, Ministry of Trade, Industry and Fisheries, Erling Rimestad.
The Indian side was represented by officers from Departments of Commerce, DPIIT, Fisheries, Chemicals & Petrochemicals, Economic Affairs, Ministries of External Affairs, Food Processing, Micro, Small and Medium Enterprises, New and Renewable Energy, Power, Science and Technology, Shipping, Tourism and Skill Development & Entrepreneurship.
The main session on 16th January, 2020 was co-chaired by Joint Secretary, Department of Commerce, Nidhi Mani Tripathi, and Director General, Ministry of Trade, Industry and Fisheries, Erling Rimestad.
The Indian side was represented by officers from Departments of Commerce, DPIIT, Fisheries, Chemicals & Petrochemicals, Economic Affairs, Ministries of External Affairs, Food Processing, Micro, Small and Medium Enterprises, New and Renewable Energy, Power, Science and Technology, Shipping, Tourism and Skill Development & Entrepreneurship.
Both sides noted that the dynamic nature of commercial exchange between the two countries will result in increasing number of companies interested in establishing and gaining access to the markets in India and Norway.
Budget 2020-21: Downloading of TDS Certificates should be optional as nobody asks for it, MSMEs suggest
Budget 2020-21: Downloading of TDS Certificates should be optional as nobody asks for it, MSMEs suggest
New Delhi, Jan 17 As the government had sought feedback/ suggestions of people from all sectors across India for the Budget set to be presented on February 1, 2020, ideas, suggestions and requests are pouring in from industry to bring new reforms and to do away with the policies which are no longer relevant and increases “unease” of doing business in the country.
One such suggestion is related to TDS which stands for Tax Deducted at Source. It is a system introduced by Income Tax Department, under which the person responsible for making specified payments such as salary, commission, professional fees, interest, rent, etc. is liable to deduct a certain percentage of tax before making payment in full to the receiver of the payment.
In this, there is a mandatory provision to download the Certificate from TRACES Portal after the payment of the TDS, which according some MSME entrepreneurs is of no use.
On one hand when the downloaded TDS Certificate is not required for any future reference, on the other hand not downloading it invites a fine to the tune of Rs 250 per day.
one MSME entrepreneur based in Haryana said, “This provision irritates the employer mostly Micro Small and Medium Enterprises (MSMEs) a lot. MSME units is usually a one man show and the entrepreneur already has a lot on his platter to deal with. A penalty of Rs 250 per day is incurred if the deductor fails to download TDS Certificates.”
How it makes deductor unhappy and why is it necessary, whether the downloading of form 16 and 16 A can be made optional for the deductor or not? To get an answer of these questions KNN India spoke to a Gurugram based industrialist, S K Jain, Managing Director (MD) of Solo Components Private Limited.
Jain said if all the information is available in 26 AS of the income tax, then why is it necessary to download the form from their (Income Tax) website.
''Now, the whole process is automated in the sense that now for every PAN number there is 26 AS form which is available on the net, which is kind of an account of TDS through which we can easily come to know that who has deducted TDS and when it was deducted,'' he said.
He further said that now after this there is really no need of form 16 and 16 A because it is available on the net for everyone adding that' but the rule of downloading these forms and the idea of basically giving it to the suppliers still exists is not required. The department has also associated a penalty, if the form is not downloaded within fifteen days.''
Putting more emphasis to his arguments, he said no body demands but the department forces us to download and questioned that ''why we need to download if you (department) is already keeping the details of the same in 26 AS.''
''The department is not only charging huge amounts as a fine but also inciting people to generate papers. If my TDS is filed online and every details is online then why will I be forced to download,'' he asserted.
He requested that this particular provision shouldn't be mandatory rather downloading of TDS forms should be made optional.
''There shouldn't be any penalty, instead downloading should be made optional so that in case if anybody asks me for the same, I will download it and give it to them,'' he added.
''At least the penalty for not downloading these forms should be eliminated,'' he concluded.
According to a notification by CBDT in July 2018, “It is now mandatory for all deductors to issue TDS certificates after generating and downloading the same from “TDS Reconciliation Analysis and Correction Enabling System” or TRACES Portal.”
One such suggestion is related to TDS which stands for Tax Deducted at Source. It is a system introduced by Income Tax Department, under which the person responsible for making specified payments such as salary, commission, professional fees, interest, rent, etc. is liable to deduct a certain percentage of tax before making payment in full to the receiver of the payment.
In this, there is a mandatory provision to download the Certificate from TRACES Portal after the payment of the TDS, which according some MSME entrepreneurs is of no use.
On one hand when the downloaded TDS Certificate is not required for any future reference, on the other hand not downloading it invites a fine to the tune of Rs 250 per day.
one MSME entrepreneur based in Haryana said, “This provision irritates the employer mostly Micro Small and Medium Enterprises (MSMEs) a lot. MSME units is usually a one man show and the entrepreneur already has a lot on his platter to deal with. A penalty of Rs 250 per day is incurred if the deductor fails to download TDS Certificates.”
How it makes deductor unhappy and why is it necessary, whether the downloading of form 16 and 16 A can be made optional for the deductor or not? To get an answer of these questions KNN India spoke to a Gurugram based industrialist, S K Jain, Managing Director (MD) of Solo Components Private Limited.
Jain said if all the information is available in 26 AS of the income tax, then why is it necessary to download the form from their (Income Tax) website.
''Now, the whole process is automated in the sense that now for every PAN number there is 26 AS form which is available on the net, which is kind of an account of TDS through which we can easily come to know that who has deducted TDS and when it was deducted,'' he said.
He further said that now after this there is really no need of form 16 and 16 A because it is available on the net for everyone adding that' but the rule of downloading these forms and the idea of basically giving it to the suppliers still exists is not required. The department has also associated a penalty, if the form is not downloaded within fifteen days.''
Putting more emphasis to his arguments, he said no body demands but the department forces us to download and questioned that ''why we need to download if you (department) is already keeping the details of the same in 26 AS.''
''The department is not only charging huge amounts as a fine but also inciting people to generate papers. If my TDS is filed online and every details is online then why will I be forced to download,'' he asserted.
He requested that this particular provision shouldn't be mandatory rather downloading of TDS forms should be made optional.
''There shouldn't be any penalty, instead downloading should be made optional so that in case if anybody asks me for the same, I will download it and give it to them,'' he added.
''At least the penalty for not downloading these forms should be eliminated,'' he concluded.
According to a notification by CBDT in July 2018, “It is now mandatory for all deductors to issue TDS certificates after generating and downloading the same from “TDS Reconciliation Analysis and Correction Enabling System” or TRACES Portal.”
Further, it stated that, “…it may kindly be noted that the TDS Certificates downloaded only from TRACES Portal will be valid. Certificates issued in any other form or manner will not comply to the requirements referred in the Income-tax Act 1961 read with relevant Rules and Circulars issued in this behalf from time to time.”
“…Certificate of tax deducted at source is to be furnished within fifteen (15) days from the due date for furnishing the statement of tax deducted at source. Failure to comply with the provisions of the Act will attract penalty under the provisions of section 272A of the Act, a sum of one hundred rupees for every day during which the failure continues,” the notification added
Thursday, January 16, 2020
Wednesday, January 15, 2020
Sunday, January 12, 2020
Vehicles without FASTag will be charged double
Vehicles without FASTag will be charged double toll fee from Dec 1
New Delhi. The long queues at toll plazas on the National Highways will come to an end as the National Highways Authority of India (NHAI) has made FASTag (electronic toll collection system) mandatory for all vehicles from December 1.
However, vehicles coming without electronic tags will be charged double the toll fee. The new rule will make it possible for you to move across highways seamlessly in India without having to stop your car for paying toll tax.
At present, a single dedicated lane is in use at toll plazas for the vehicles equipped with ‘FASTag’ while the other lanes are for the ‘cash payment mode’. From December 1, all the lanes at toll plazas would be Fastag-enabled, while a single lane will be made available for cash payments.
To popularize the use of FASTags, the government is giving FASTags at highway counters for free till December 1, but you will have to recharge it on your own.
FASTags can also be purchased online on Amazon and by visiting websites of different member banks such as SBI, ICICI bank, Axis bank, Paytm Payment Banks, HDFC bank, IDFC First bank, etc. It has also been made available at over 12,000 banks branches of prominent private sector banks like ICICI bank, Axis bank, HDFC bank, etc.
Registration Certificate (RC) of the vehicle, passport-size photograph of the vehicle owner and KYC documents of the vehicle owner are the required documents for buying FASTags
Vehicles without FASTag will be charged double toll fee from Dec 1
New Delhi. The long queues at toll plazas on the National Highways will come to an end as the National Highways Authority of India (NHAI) has made FASTag (electronic toll collection system) mandatory for all vehicles from December 1.
However, vehicles coming without electronic tags will be charged double the toll fee. The new rule will make it possible for you to move across highways seamlessly in India without having to stop your car for paying toll tax.
At present, a single dedicated lane is in use at toll plazas for the vehicles equipped with ‘FASTag’ while the other lanes are for the ‘cash payment mode’. From December 1, all the lanes at toll plazas would be Fastag-enabled, while a single lane will be made available for cash payments.
To popularize the use of FASTags, the government is giving FASTags at highway counters for free till December 1, but you will have to recharge it on your own.
FASTags can also be purchased online on Amazon and by visiting websites of different member banks such as SBI, ICICI bank, Axis bank, Paytm Payment Banks, HDFC bank, IDFC First bank, etc. It has also been made available at over 12,000 banks branches of prominent private sector banks like ICICI bank, Axis bank, HDFC bank, etc.
Registration Certificate (RC) of the vehicle, passport-size photograph of the vehicle owner and KYC documents of the vehicle owner are the required documents for buying FASTags
Friday, January 10, 2020
கிராமம் சிறந்தது
கிராமம் சிறந்தது pic.twitter.com/fAztZ9zVJ7— Selvaraj Venkatesan (@niftytelevision) January 6, 2020
Despite efforts, MSME bad loans rise: CIBIL
Despite efforts, MSME bad loans rise: CIBIL
Mumbai, Jan 10 Despite many efforts, Non-performing assets (NPAs) of Micro Small and Medium Enterprises (MSMEs) have risen 50 basis points (bps) to 12.2 per cent as of September 2019, as against 11.7 per cent in September 2018, said a data from a credit information company TransUnion CIBIL.
The data further revealed that bad loans in the small and medium sector are rising despite the overall decline in bad loans in the commercial lending business of the banking sector.
However, the overall NPAs of commercial lending declined 20 bps to 16.8 per cent in September last, marginally lower than 17 per cent in September 2018, the report said.
As per the the Cibil study, the bad rate on MSME borrowers, rose to 3.02 per cent in the quarter ended September 2019 from 2.94 per cent in the September 2018 quarter.
“Major factor contributing to this marginally higher bad rate is the increase in the share of lending towards lower vintages and high risk borrowers in Q2 of FY19. Study on vintage distribution of borrowers acquired in Q2 of FY19 shows that there is a significant increase in the acquisition of lower vintage borrowers (with credit history of 1-4 years),” Cibil said.
“At a time when commercial credit growth was slowing down, growing 8.1 per cent over the year, gross NPA has increased by only at 6.8 per cent resulting in lowering of NPA rate by 20 bps. The gross NPA amount increased from Rs 10.2 lakh crore in September 2018 to Rs 10.9 lakh crore in September 2019,” it added.
NPA rate in commercial lending was at a peak of 17.5 per cent in June 2018, but due to various reform measures, it fell to 16.8 per cent, Cibil said.
The report said credit growth stood at 7.7%, 4.6%, and 1.9% for micro, small and medium enterprises, respectively, between September 2018 and September 2019. Commercial credit growth stood at 8.1% y-o-y.
According to TransUnion Cibil, CMR is a credit score for MSMEs pointing at early signs of risk, with values ranging from 1 to 10. Typically, MSMEs with CMR-1 to CMR-3 are considered lowest risk, CMR-4 to CMR-6 are considered medium risk and CMR-7 to CMR-10 are the highest risk, the credit information bureau said.
GST authorities begin issuing notices for tax audit exercise
GST authorities begin issuing notices for tax audit exercise
New Delhi, Jan 10 Goods
and Services Tax (GST) authorities have begun issuing notices for the
tax audit exercise, which involves detailed scrutiny of the accounts and
records for FY18.
GST
audits are being initiated as part of the government’s drive to improve
compliance and step up revenue collections amid an economic slowdown.
As
per the several media reports, Central GST authorities have already
started issuing audit notices to businesses posing a revenue leakage
risk.
All
businesses with more than Rs 2 crore annual sales are expected to get
their books audited for GST compliance and the authorities order a
separate compliance audit only in specific cases where they suspect
lapses.
The
audit ordered by the authorities seeks to verify the turnover declared,
taxes paid, refund claimed and input tax credit availed. It will also
assess the business’ compliance with the provisions of GST laws.
Tax
authorities had issued a detailed GST manual earlier in June, making it
clear that at least 70% of taxpayers in each commissionerate have to be
audited.
However, extensions given for filing of returns for 2017-18 in 2019 several times over delayed the exercise.
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