Current Events :
Rajeev Jayaswal
rajeev.jayaswal@htlive.com
New Delhi : Tax breaks related to retirement benefit schemes such as Provident Fund (PF) and payments from Voluntary Retirement Schemes (VRS) have been retained, while deductions on yearly spends commonly claimed by salaried people – such as Leave Travel Allowance (LTA) and House Rent Allowance (HRA) – will no longer be available to those who opt for the new income tax structure unveiled by the government for the next financial year.
The list of exemptions that will be carried over to the new scheme includes 50 items from the close to 120 exemptions available to those who pay tax through the old system. HT has reviewed the list.
“Broadly, the exemptions that would remain available [even under the new taxation system] will pertain to matters related to retirement, for example gratuity, money from VRS. The old system, will, however, continue as it is,” Central Board of Direct Taxes (CBDT) chairperson Pramod Chandra Mody told HT on Monday, adding that taxpayers can remain on the old system if they want to avail the existing tax breaks.
The new scheme aims to leave people with more cash to spend, Union finance minister Nirmala Sitharaman said on Saturday while presenting the government’s budget for the 2020-21 financial year in Parliament. The new simplified system, she added, can leave a person with a salary of ₹15 lakh with up to ₹78,000 more per year.
“A taxpayer is smart enough, intelligent enough, responsible enough to take a call on how much he wants to spend or save. We should trust him to that extent,” the minister said in an interview later, when asked if the optional new structure will take away the incentive for people to save.
According to experts, many of the tax breaks that have been dropped are connected to annual salary — as compared to savings for retirement or pension payments.
“The taxpayer claiming this new regime will not be eligible to claim a host of deductions available under the current regime, such as housing rental allowance, leave travel allowance, interest on house property, certain deductions in relation to salary, etc,” Cyril Amarchand Mangaldas said in a report released on Monday.
The proposal to give an option to income tax assessees is similar to the option provided to domestic corporate taxpayers. In order to boost investments, the government in September drastically reduced tax rates — from 30% to 22% — for businesses provided that they forgo deductions.
Jammu, January 3
A Chetak helicopter of the Indian Army made an emergency crash landing after it developed a technical snag in Jammu and Kashmir’s Reasi on Monday, army officials said.
Both the pilots are safe, they said.
The chopper, which was on a routine sortie, developed some technical problem and had to make a crash landing in the Rudkhud area in Arnas belt of the district this morning, the officials said. — PTI
The brave ladies of Bhuj
Tribune News Service
New Delhi, February 2
The five-day DefExpo 2020, which will open in Lucknow on February 5, will see India engage with African nations in a big way. A unique feature of the event will be the India-Africa defence conclave. At least 14 Defence ministers from various countries of Africa will attend the India-Africa conclave.
Defence Secretary Ajay Kumar said the India-Africa conclave was being hosted with the cooperation of the Ministry of External Affairs. “This is to look at the export potential of Indian-made military equipment such as artillery guns, missiles and vehicles,” he added.
The Department of Defence Production under the Ministry of Defence has set an aim to “achieve export of Rs 35,000 crore” by 2025 and overall achieve a turnover of Rs 1,70,000 crore ($26 billion approx) in defence goods and services by 2025. On DefExpo, Kumar said, “We have confirmed participation of 40 ministerial delegations,” adding that the 11th edition of the biennial mega defence exhibition would see more than 100 companies participating and this includes 165 foreign companies.
The theme of the exhibition is — “India: The Emerging Defence Manufacturing Hub”. The aim is to bring the leading technologies in the defence sector under one roof and provide a myriad of opportunities for the government, private manufactures and startups. The event will cover the entire spectrum of the country’s aerospace, defence and security interests.
The sub-theme of the exhibition is “Digital Transformation of Defence” which aligns with the concept of the future battlefield.
Tribune News Service
New Delhi, February 2
The ninth edition of the joint military training exercise between India and Bangladesh — SAMPRITI-IX — will commence at Umroi, Meghalaya, from February 3.
The 14-day India-Bangladesh joint military training exercise is an important bilateral defence cooperation endeavour between India and Bangladesh.
During the exercise, both sides will practice counter-terrorism drills. The exercise aims to strengthen military cooperation in counter-terrorism environment simulated under the UN Charter.
During the joint military exercise, a command post exercise and a field training exercise will be conducted. The exercise is planned in such a manner that participants initially get familiar with each other’s organisational structure and tactical drills.
Subsequently, joint tactical exercise will be conducted wherein the battle drills of both armies will be practised. The training will culminate with a final validation exercise in which troops of both armies will practice a counter-terrorist operation in a controlled and simulated environment.
New Delhi, February 2
The iconic Mughal Gardens at the heart of the President’s Estate will be opened to the public from Wednesday, a Rashtrapati Bhavan statement said on Sunday.
The garden will remain open for the general public from February 5 to March 8 (except on Mondays which are maintenance days) between 10 am and 4 pm. However, the garden will open exclusively for farmers, differently abled, defence, paramilitary forces and Delhi police personnel on March 11 from 10 am to 4 pm.
5.18L visited last year
Entry and exit will be through Gate No. 35. The Herbal Garden (Tactile Garden) will be open exclusively for visually impaired people on March 11 from 11 am to 4 pm. Entry and exit will be from Gate No. 12, situated on Church Road (next to the North Avenue).
The Mughal Gardens saw 5.18 lakh visitors last year and has received 3 to 6 lakh visitors every year since 2003. The garden will be opened a day after President Kovind will open the annual “Udyanotsav” of Rashtrapati Bhavan on February 4 (Tuesday).
The main attraction of this year’s “Udyanotsav”, besides tulips and exotic flowers, are bulbous flowerings.
Around 10,000 tulips specially cultivated in Mughal Gardens are expected to bloom in phases during February. They are in vivid colours of red, white, orange and yellow mixed with red and pink.
Flower carpets in magnificent designs will also be on display in the central lawns revealing the skill and craft of the gardeners of Rashtrapati Bhavan. The dominant colour scheme of this year’s ornamental flowers is white, yellow, red and orange.
“As in previous years, a small beautified cactus corner with interesting varieties of cactus and succulents has been landscaped,” the statement said. — IANS
General MM Naravane #COAS & honorary Colonel Commandant of the #BombaySappers reviewed the Bicentenary Commemoration Parade & paid tribute to the gallant soldiers at Bombay Engineer Group & Centre #Pune
