Author: ForumIAS

Difference Among Tax Exemption, Tax Deduction and Tax Rebate PT facts Tax exemptions: Reduces the overall taxable income. It refers to income, expenditure or investment on which no tax is levied Tax exemptions can be claimed from a specific source of income and not from the gross total income For example, once can claim House… Continue reading Difference Among Tax Exemption, Tax Deduction and Tax Rebate

Why Indian industry needs more than MSME sops News Data from the Centre for Monitoring Indian Economy (CMIE’s) suggests that MSME have shown signs of a recovery in the past fiscal year Important facts Trends: Net Sales: Net sales of MSMEs declined considerably between fiscal year 2012 and 2016. However, it improved in 2017-2018. The… Continue reading Why Indian industry needs more than MSME sops

Cabinet gives nod to set up GST Appellate Tribunal News The Union cabinet has approved the creation of National Bench of the Goods and Services Tax Appellate Tribunal (GSTAT). Important facts GSTAT would serve as the forum of second appeals to do with the applicability of GST It is first common forum of dispute resolution… Continue reading Cabinet gives nod to set up GST Appellate Tribunal

Reforming Farmer Producer Organisations News: The article discusses the functioning of FPOs and need for their reform. Facts: Indian farming is predominantly subsistence-oriented with 86% of individual holdings below two hectares which occupy 47% of the country’s total cultivated area. The production and productivity of these farms are generally low, with limited marketable surplus and… Continue reading Reforming Farmer Producer Organisations

India must become a low-tax-rate, high-tax-compliance nation.. where each citizen pays a moderate rate News: India must become a low-tax-rate, high-tax-compliance nation to improve Tax-GDP ratio. Important Facts: Tax-GDP ratio: Tax to gross domestic product (GDP) ratio is the ratio of taxes collected by a government and the GDP of the nation. The tax-to-GDP ratio… Continue reading India must become a low-tax-rate, high-tax-compliance nation.. where each citizen pays a moderate rate

Sedition and its discontents News In recent times Activists, cartoonists and intellectuals have been arrested under Section 124-A of IPC Important Facts Section 124-A Section 124-A deals with the offence of sedition. The term sedition covers speech or writing, or any form of visible representation, which brings the government into hatred or contempt, or excites… Continue reading Sedition and its discontents

Govt empowers  autonomous councils in N-E News:  Union cabinet approved an amendment to Article 280 and the Sixth Schedule of the Constitution. Facts: The amendment to sixth schedule would increase autonomy, financial resources and powers of the autonomous district councils in Assam, Meghalaya, Mizoram and Tripura. Finance Commission would be mandated to recommend devolution of financial… Continue reading Govt empowers  autonomous councils in N-E

How air pressure change in Arctic is causing fog in Delhi News A new study of the Indian Institute of Tropical Meteorology (IITM), Pune, has found that widespread fog conditions over the Indo-Gangetic plains were connected to the abnormal movement of high pressure systems over the Arctic Circle and the Eurasian middle latitudes. Important facts The… Continue reading How air pressure change in Arctic is causing fog in Delhi