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Insights Daily Current Events, 18 April 2015

Insights Daily Current Events, 18 April 2015 

New I-T return forms to curb black money

As per the new income tax return forms, notified by the Central Board of Direct Taxes Indian taxpayers have to disclose details of all bank accounts held by them in the country and also foreign trips.

Details:

  • This new disclosure will start with the assessment year 2015-16.
  • Individuals having income from salary, pension, one house property and other sources like interest file the returns in ITR-1 form. Apart from this if they earn income from capital gains and foreign assets they file returns in ITR-2 forms. The new forms require an assessee to furnish the number of accounts he/she holds including those opened and closed during the previous year and the balance in the account as on March 31.
  • The assessee will also have to furnish the name of the bank, account number/numbers, its address, The Indian Financial System Code (IFSC code) and any possible joint account holder.
  • On foreign travel, tax payers are required to disclose passport number, the issuance place of the passport, countries visited, number of times such visits are made and in case of a resident taxpayer, the expenses incurred from own sources in relation to such travel.
  • The new ITR forms, this time, also feature a new column to include the Aadhaar number of the assessee.
  • Another feature now is if an assessee has forgotten to file his return or revised return within deadline, he can approach the CBDT directly and get permission to file the return, which the authority will decide on the merits.

The requirements for additional disclosure come, as the government is trying hard to curb black money and improve tax collections.

Sources: The Hindu.

 

Moon formed 4.47 billion years ago, says study

According to a new study of meteorites, that provides clues to the giant collision which formed Earth and the lunar body, the moon may have been created about 4.47 billion years ago.

Details of the Study:

  • The Study says that a giant impact between a large protoplanet and the proto-Earth formed the Moon. The timing of this giant impact, however, is uncertain, with the ages of the most ancient lunar samples returned by the Apollo astronauts still being debated.
  • Research indicates numerous kilometre-sized fragments from the giant impact struck main belt asteroids at much higher velocities than typical main belt collisions, heating the surface and leaving behind a permanent record of the impact event.
  • Collisions on these asteroids in more recent times delivered these shocked remnants to Earth, which scientists have now used to date the age of the moon.
  • By modelling the evolution of giant impact debris over time and fitting the results to ancient impact heat signatures in stony meteorites, the team was able to infer that the moon formed about 4.47 billion years ago, in agreement with many previous estimates.
  • The most ancient solar system materials found in meteorites are about 100 million years older than this age. The impact signatures provide insights into the last stages of planet formation. They can also help researchers deduce the earliest bombardment history of ancient bodies like Vesta, one of the targets of NASA’s Dawn mission.

Sources: The Hindu.

 

India is below Bhutan in broadband reach: TRAI

Telecom regulator TRAI recently said that India is ranked below Bhutan and Sri Lanka in terms of broadband penetration and the multi-layered structure involved in the decision making for the sector needs to be overhauled.

Details:

  • India ranks 125th in the world for fixed broadband penetration.
  • In the wireless or mobile broadband segment, India is ranked at 113th with a penetration of 3.2 per 100 inhabitants.

Suggestions made by TRAI:

  • To promote the use of fixed-line broadband, TRAI proposed that the licence fee on the revenues earned from fixed line should be exempted for 5 years.
  • TRAI suggested the need to revamp government bodies involved in decision making that impact spread of broadband including that of Wireless Planning Commission (WPC) — custodian of spectrum at Department of Telecom.
  • TRAI said WPC should be converted into an independent body by de-linking it from DoT and suggested that it could be converted into a statutory body reporting to Parliament or any other existing statutory body.
  • It has also said that multi-layered structure for decision making, for National Optical Fibre Network (NOFN), was not suitable and structure needs immediate overhaul. TRAI has also called for an audit of spectrum held by all the bodies.

NOFN project aims to spread broadband across 2.5 lakh village panchayats by 2016 but has missed its target of completing roll out in first 50,000 panchayats by March 2015.

Sources: The Hindu.

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