Rs 10,000 penalty for late filing of income tax returns
i. As with the presentation of the Union Budget 2017, Finance Minister Arun Jaitley has made it easier for the small tax-payers, the budget has however proposed a fee for delayed filing of income tax return. If the income tax return is furnished after the due date but on or before the December 31 of the assessment year, there will be a fine of Rs 5,000 imposed. In other cases, there will be an imposition of a fine of Rs 10,000.
ii. However, in a case where the total income does not exceed Rs 5 lakh, the Budget proposed that the fee amount shall not exceed Rs 1,000.
Sanjeev Sanyal appointed Principal Economic Adviser
i. Sanjeev Sanyal, former global strategist and Managing Director of Deutshe Bank, was today appointed as Principal Economic Adviser. The Appointments Committee of Cabinet has approved Sanyal’s appointment for three years on contract basis, an order issued by Personnel Minister said. Sanyal will work under the Department of Economic Affairs.
Lakshya Sen becomes World No.1 Junior Badminton player
i. India’s Lakshya Sen has become the World No 1 Junior Badminton player. He achieved the distinction in the latest rankings of the Badminton World Federation (BWF). Fifteen-year-old is the first shuttler from Uttarakhand to attain the numero uno spot at the international level.
ii. Lakshya, who is considered as the shining future star of Indian badminton, moved ahead of Chia Hao Lee of the Chinese Taipei, to attain the top spot. According to BWF current rankings, Lakshya has 16,903 points in eight tournaments he has played in the season. Chia Hao, who is at the second spot, has 16,091 points.
Apple to start manufacturing in India
i. Tech giant Apple has reached an agreement with the Karnataka government to set up a manufacturing plant in Bengaluru, Karnataka. “Apple’s decision on initial manufacturing in Bengaluru has further enhanced the reputation of Bengaluru as the most preferred destination for foreign investment,” the Karnataka government said. Apple is reportedly expected to start production for the Indian market in April.
Tata Motors launches TAMO; to unveil first sportscar on March 7
i. As a core element of its transformation journey ‘FutuReady’, Tata Motors presented on 02nd February 2017 its new Passenger Vehicle strategy and introduced its new sub-brand – TAMO.
ii. TAMO will act as an incubating centre of innovation towards new technologies, business models and partnerships in order to define future mobility solutions. The first product developed by TAMO will premiere at the upcoming 87th Geneva International Motor Show on March 7, 2017.
GDP growth likely at 7.1% in 2017-18: HSBC
i. India is expected to clock GDP growth of 7.1 per cent in 2017—18 as the country gets sufficiently remonetised and the schemes in the Budget play a supportive role, says an HSBC report.
ii. The uptick in the growth numbers would be largely driven by the remonetisation process, which is expected by April-end, as this in turn would boost the consumption levels in the country. HSBC expect GDP to grow at 7.1 per cent year-on-year in 2017-18, up from 6.3 percent in 2016-17, as the country gets sufficiently remonetised (by April-end), and consumption moves back to pre-demonetisation levels.
Budget 2017-18 allocation to WCD hiked by nearly 26 pc
i. The Women and Child Development Ministry has received a nearly 26 per cent increase in budget allocation this year with the total money set aside climbing to Rs 22,095 crore from Rs 17,640 crore last year.
ii. The amount budgeted for ‘Indira Gandhi Matritva Sahyog Yojana’ saw a four times jump with Rs 2,700 crore being set aside this year as compared to Rs 634 crore in 2016-17. As per this scheme Rs 6,000 will be provided for mothers who seek institutionalised delivery and vaccination.
Sula Fest begins in Maharashtra
i. The tenth edition of Sula Fest has began on 03rd February at the Sula Vineyards in Nashik, Maharashtra. The line-up for the three-day festival, which will also feature professional wine tastings and grape stomping, includes artists Infected Mushroom and Nucleya. Tickets for Sula Fest, which is offering a camping stay facility, range from RS. 1500 to Rs. 4900.
India recorded highest domestic air passenger growth in 2016
i. Emerging as a stand-out performer, India witnessed the highest growth of 23.3 per cent in domestic air travel demand worldwide in 2016 twice that of neighbouring China, according to International Air Transport Association (IATA).
ii. The global airlines’ grouping has stated that domestic India market topped the growth chart for the second year in a row with passenger volumes surging twice as that of China. “Domestic air travel rose 5.7 per cent in 2016. Capacity rose 5.1 per cent and load factor was 82.2 per cent, up 0.5 percentage points over 2015.
Survival of India-Pakistan Indus water treaty appears ‘weak’: UN report
i. The 40-year-old Indus Waters Treaty between India and Pakistan has been an outstanding example of conflict resolution but scarcity of water in the basin states since the early 1990s has brought the agreement under strain and its “survival appears weak”, according to a UN report. “The treaty fails to address two issues: the division of shortages in dry years between India and Pakistan, when flows are almost half as compared to wet years, and the cumulative impact of storages on the flows of the River Chenab into Pakistan,” said the UNDP report titled ‘Development Advocate Pakistan’.
ii. Wular Barrage and Kishenganga project on the Jhelum and Neelum rivers present a similar problem whereby water storage during the Rabi season is critical as flows are almost one-fifth of the Kharif season, according the report, which was released on 01st February 2017.
World’s most expensive saree was sold for Rs 40 lakh
i. The most expensive silk saree was made by Chennai Silks and was sold for around Rs.40 lakh in January 2008, according to Guinness World Records. The saree featured reproductions of 11 paintings by Indian artist Raja Ravi Varma and took about 4,760 man-hours to produce. The saree, studded with gold, diamond, emerald, and other precious stones, weighed around 8 kilograms.
Sports Ministry budget hiked by Rs 350 crore
i.The Sports Ministry budget got a substantial hike of Rs 350 crore in the union budget for 2017-18, presented by Finance Minister Arun Jaitley in the Parliament. Jaitley allocated a total of Rs 1943 crore, compared to Rs 1592 crore earmarked last year.
ii. The steep increase in the budgetary allocation comes at a time when Indian athletes are preparing for the Commonwealth Games and Asian Games in 2018. The hike also comes in the wake of India’s dismal showing at the Rio Olympics where it won just two medals – a silver and bronze.
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