Current Affairs 3rd June 2018

Current Affairs 3rd June 2018 - Important Points

• New scheme SevaBhojYojna launched by - Union Government
•  New Benami Transactions Informants Reward Scheme, 2018 launched by - Income Tax Department

Current Affairs 3rd June 2018 - Details

New scheme SevaBhojYojna launched by - Union Government

SevabhojYojna is introduced by the culture Union ministry on 1st June 2018 in order to reimburse the central share of CGST and IGST  on items like prashad, langar, bhandara which are offered free of cost by the charitable and  religious instituitions.

 Key details

• The ministry of Culture is planning to register the charitable institutions for the time period goes with the finance commission period, and then later on it may be renewed  by the ministry.
• These registered institutions details would be made online on the portal for the public view and GST authorities.
• Eligible institutions are also required to register with Darpan portal simultaneously.

 New Benami Transactions Informants Reward Scheme, 2018 launched by - Income Tax Department

The Income Tax Department has issued a new reward scheme named “Benami Transactions Informants Reward Scheme, 2018” in order  to seek out people’s participation in the Income Tax Department’s efforts to unearth black money and to minimize tax evasion.

Key objective of this scheme is at encouraging people to give information about benami transactions and properties as well as income earned on such properties by such hidden investors and beneficial owners.

Important Highlights

• In the new rewards scheme, a reward up to Rs 1 crore will be given to those who can give specific information in the prescribed manner to the Joint or  Additional Commissioners of BPUs (Benami Prohibition Units) in Investigation Directorates of Income Tax Department about:
  - Benami properties , transactions, and proceeds from such properties which are to be actionable under Benami Property Transactions Act, 1988, as amended by Benami Transactions (Prohibition) Amendment Act, 2016.
  - Substantial evasion of tax on income or assets in India which are actionable under the Income-tax Act, 1961 People of foreign origin would also be eligible for such a reward if they provide the required specific information.
  - The identity of the people giving information will be kept strictly confidential.
• Other than this, the Government has also introduced a reward of up to Rs 5 crore to those people who can share specific information regarding income and assets actionable under  Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015.
• The amount has been kept high to make it attractive to potential sources in foreign countries.
• This same act was introduced by the Union Government to investigate and assess income and specific assets kept in foreign countries by people taxable in India, recover tax on it and take other actions like penalty and prosecution.
  Did you know?
  The new reward scheme supersedes the earlier reward scheme,issued in 2007. The Government initially amended Benami Property Transactions Act, 1988, by Benami Transactions (Prohibition) Amendment Act, 2016 to make the this law stronger.