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By admin: Nov. 4, 2022

Union Environment minister Bhupendra Yadav to lead Indian delegation at the COP27 meeting in Egypt

Tags: Environment place in news Summits

Union Minister of Environment, Forest and Climate Change,  Bhupender Yadav will be leading the Indian delegation to attend the 27th Session of Conference of Parties of the UNFCCC (COP 27) scheduled to be held at Sharm El-Sheikh, Egypt from 6-18 November, 2022. The last , COP 26 was held in Glasgow, United Kingdom  from 31 October to 13 November 2021.

The COP 27 conference is being organized by the Bonn, Germany based United Nation Framework Convention on Climate Change (UNFCCC) with Egypt being the host country.

Agenda of the conference 

The COP 27 will focus on delivering action on a number of issues critical to tackling the climate emergency like;

• urgently reducing greenhouse gas emissions, 
• building resilience and adapting to the inevitable impacts of climate change, and 
• delivering on the commitments to finance climate action in developing countries. 

The theme of the COP 27 is Delivering for People and Planet.

 What is Conference of Parties (COP)? 

• The United Nations Conference on Environment and Development (UNCED), also known as the 'Earth Summit', was held in Rio de Janeiro, Brazil, from 3-14 June 1992. The conference focused  on the impact of human socio-economic activities on the environment. The countries assembled here  agreed to work together to deal with issues of sustainable development and climate change .
• The Rio Earth summit agreed to  create the  United Nation Framework Convention on Climate Change (UNFCCC) where the member countries can discuss issues related to global warming and climate change and take steps to deal with these problems .
• It entered into force on  21 March 1994, and has been ratified by 197 countries and territories .
• The countries which has ratified the UNFCCC are called as Parties 
• Every year they meet to discuss climate change related issues . These meetings are called Conference of Parties(COP) .
• The first COP was held in 1995 in Berlin, Germany .
• The next COP 27 will be held in Sharm el-Sheikh ,Egypt in 2022.

Uttarakhand Chief Minister launches Lakhpati Didi Yojana

Tags: Government Schemes State News

The Chief Minister of Uttarakhand Pushkar Singh Dhami launched the ‘Lakhpati Didi’ Yojana in Dehradun on 4 November 2022. The scheme is part of the government to empower the women of the state.

Lakhpati Didi Yojana 

The Lakhpati Didi Yojana is being launched by the Rural Development department of the Uttarakhand government under the National Rural Livelihood Mission (NRLM). 

The government is aiming to enable at least 1.25 lakh women’s associated with various self-help groups (SHG) in the state to earn over  one lakh rupees  per year (Lakhpati)  by 2025. 

Under the 'Lakhpati Didi' scheme for women belonging to Self Help Groups (SHGs), will be encouraged to take up micro-enterprises with skill development.

The government will tie up e-commerce platforms like Amazon, Flipkart, Government e-Marketplace (GeM) so that the SHG products get national and International markets.

Uttarakhand which was formed on 9 November 2000 after the bifurcation of Uttar Pradesh will turn 25 in 2025.  To commemorate the occasion the state government has set the target to make 1.25 lakh women Lakhpati by 2025.

Uttarakhand 

Uttarakhand was formed on 9th November 2000 as the 27th State of India. It was formed by carving out the hilly areas of Uttar Pradesh.

It shares international boundaries with China (Tibet) in the north and Nepal in the east. On its north-west lies Himachal Pradesh, while on the south is Uttar Pradesh.

 The state is also famous as God’s Land or Dev Bhoomi.

It has a total of 13 districts.

Official state symbols 

• State animal – Musk Deer
• State flower – Brahma Kamal
• State tree – Buransh (Rhododendron)
• State Bird – Monal
• State  musical Instrument – Dhol

Government set up Radhakrishnan committee for strengthening the Assessment & Accreditation of Higher Educational Institutions

Tags: committee Person in news

The Government of India has set up a four member high level committee for strengthening the Assessment & Accreditation of Higher Educational Institutions under the chairmanship of Dr. K. Radhakrishnan on 4 November 2022. 

The Committee will suggest measures to the government to strengthen the Assessment & Accreditation processes for the Higher Educational Institutions and prepare a road map for the National Accreditation Council envisioned in the National Education Policy, 2020.

 Members of the committee

 The chairperson of the committee is Dr. K. Radhakrishnan who is the Chairperson, Board of Governors, IIT Kanpur & Chairperson, and Standing Committee of IIT Council. The other members are Prof. Mridul Hazarika, Vice-Chancellor, Mahapurusha Srimanta Sankaradeva Viswavidyalaya, Assam; Prof. Bharat Bhasker, Professor, IIM, Lucknow and the Joint Secretary, Department of Higher Education, Ministry of Education, Government of India.

What is the role of accreditation in Higher Educational Institution? 

Accreditation plays a vital role in making quality assurance an integral part of the functioning of Higher Educational Institutions. 

Accreditation status of any Higher Educational Institution serves as a source of reliable information for the students, employers and the society regarding the quality of education being offered in the Institution.

Union Minister of Education and Minister of Skill Development and Entrepreneurship : Dharmendra Pradhan 

Vice President Dhankhar inaugurates the 15th CII Agro Tech -2022

Tags: place in news Summits Person in news

The Vice President of India Jagdeep Dhankhar inaugurated the 15th CII Agro Tech -2022 at Chandigarh on 4 November 2022. The CII Agro Tech 2022 has been organised by the Confederation of Indian Industries (CII) in partnership with Haryana and Punjab government from 4-7 November 2022.

The CII Agro Tech -2022 is India’s premier international initiative exclusively focused on strengthening the Indian Agriculture and Food Processing sector through technology interventions, discussions, and nurturing partnerships.

Theme of the 15th CII Agro Tech -2022: ‘Digital Transformation for Sustainable Agriculture and Food Security’.

Confederation of Indian Industries (CII) 

It is a business lobby group of top business houses in India.

It was set up in 1895.

It works to create and sustain an environment conducive to the growth of industry in India, partnering industry and government alike through advisory and consultative processes.

Headquarters: New Delhi

President: Sanjiv Bajaj

Amit Dasgupta honoured with a member of the Order of Australia Award

Tags: Awards Person in news

Amit Dasgupta on 3 November 2022 was appointed as an Honorary Member in the General Division of the Order of Australia (AM) for his service to the Australia-India bilateral relationship by the Australian government. Amit Dasgupta is a former Indian diplomat, author and educator.

Order of Australia is an award and when it is conferred on a person the Australian government says that they have made the person  its member.

Amit Dasgupta was the  Consul-General of India to Australia from 2009 to 2012.  Dasgupta was instrumental in establishing the Australia-India Youth Dialogue. Now in its second decade, the Dialogue is a permanent fixture of the bilateral relationship and fosters connections between Australian and Indian young people.

The Order of Australia 

It was established in 1975 by Queen Elizabeth II ,Queen of Australia to honour Australians and others  who have demonstrated outstanding service or exceptional achievement.

Within the Order of Australia award there are four categories of award. Rank wise(Highest to lowest) they are as follows ;

Companion of the Order of Australia; for eminent achievement and merit of the highest degree in service to Australia or to humanity at large

Officer of the Order of Australia; for distinguished service of a high degree to Australia or to humanity at large 

Member of the Order of Australia; for service in a particular locality or field of activity or to a particular group

Medal of the Order of Australia; is awarded for service worthy of particular recognition.

 Commonwealth of Australia 

Head of State: British Monarch, King Charles III

Prime Minister: Anthony Albanese

Currency: Australian Dollar

Capital: Canberra

Kerala to host Track Asia Cup 2022

Tags: Sports State News Sports News

Track Asia Cup-2022, one of the premier cycling competitions, will be held at the LNCPE Outdoor Velodrome in Kerala from November 25 to 28.

Important facts

• The event will see participation of over 200 cyclists from over 25 Asian countries and will be held outside Delhi for the first time in history.

• It is authorised by the Asian Cycling Confederation and Cycling Federation of India. 

• The Track Asia Cup is also used to select Asian countries for the 2024 Summer Olympics in Paris.

• The highlight of the event will be the participation of cycling stalwarts from China, Japan, Korea and Kazakhstan.

• Apart from these countries, Sri Lanka, Bangladesh, Afghanistan, Pakistan and Indonesia will compete with India.

About Track Asia Cup 2022

• It is a flagship event of the Asian Cycling Confederation (ACC).

• It showcases excellent competitive cycling exhibitions across Asia.

• Star cyclists including Olympic medalists will compete in various individual and team events.

• Track Asia Cup 2022 will play a vital role in developing cycling as a major sporting event in the state.

• This is probably the first time that a sporting event is being held in Kerala in which more than 20 countries are participating.

Currency in circulation declines for the first time in 20 Year during Diwali week: SBI Ecowrap

Tags: Economy/Finance

State Bank of India (SBI) in its latest research report Ecowrap published on 3 November 2022 has said that the currency in circulation declined by Rs 7,600 crore in the Diwali week this year. This was for the first time in the last 20 years that the cash circulation has come down during Diwali festival season where there is generally a spike in discretionary spending.

However in 2009 there was a decline of Rs 950 crore but it was due to the economic slowdown in the country due to the global financial crisis. It was not considered by the report as it was an unusual occurrence.

Reason for the decline of the cash circulation 

According to the report the main reason for the decline in cash circulation was the change in the Indian payment system from a cash led to smartphone led payment economy.

The innovation in fintech has led to development of interoperable payments systems like Unified Payment Interface (UPI), Wallets & Prepaid Instruments have made it simple and cheaper to transfer money digitally, even for those who don’t have bank accounts.  

The report always gives credit to the government initiative to push digital payment systems instead of cash.

Future projections 

According to the report there has been a progressive decline in the share of currency in circulation in the country and rise in the share of digital payments.

The share of the currency in circulation in the payment system was 88% in 2015-16 which declined to 20% in 2021-22.

It is estimated to go down further to 11.15% in 2026-27.

Consequently, the digital transactions share is continuously increasing from 11.26% in 2015-16 to 80.4% in 2021-22 and is expected to touch 88% in 2026-27

What is currency in circulation? 

The currency in circulation represents the banknotes and coins in circulation, held by the general public and financial institutions, recorded at the face value.

Banknotes are the currency notes that are issued by the Reserve Bank of India. One Rupee notes and Coins are issued by the Government of India.

However not all the notes and coins issued are in circulation.

Some of the banknotes and coins are not in circulation like currency notes and coins held in the vault of the RBI, Banks have to maintain Cash Reserve Ratio requirements where currency is blocked etc. 

US and South Korea extends their air exercise in response to North Korea’s ICBM test

Tags: International News

In response to the launch of an Intercontinental Ballistic missile (ICBM) by North Korea on 3 November the United States and the South Korea have decided to extend their joint Air Force exercise Vigilant Storm by one more day.

The Vigilant Storm exercise began on 31 October 2022 was to officially end on 4 November 2022. The exercise involves approximately 240 aircraft between the two countries.

North Korea has denounced as “very dangerous” the decision by Washington and South Korea to extend their air drills. North Korea has long condemned joint military drills between the US and South Korea as a rehearsal for invasion and had warned of “powerful follow-up measures”.

North Korea Missile test 

In apparent response to the joint Air Force exercise,North Korea on 3 November launched three ballistic missiles, including a suspected ICBM. The launch followed firing of at least 20 missiles, the most in a single day by North Korea on 2 November 2022,  including one that landed off South Korea’s coast for the first time.

Conflict in Korean Peninsula 

• The Korean peninsula has been  under the control of Japan since 1910. After the defeat of Japan in the second world war it was occupied by the Soviet Union and United States . 
• They divided the country for administrative purposes at the 38 parallel  in 1945.
• The area under Soviet Union control  was called North Korea and the area under the United States of America  control was known as South Korea. 
• Soon a civil war ensued between the communist  North Korea and democratic South Korea. 
• North Korea with the support of the Soviet Union and China invaded South Korea in 1950.
• The United Nations called for member countries to provide assistance to South Korea and the United States under the United Nations mandate ordered its army to support South Korea.
• The Chinese Army joined the war in 1950 to support the  communist North Korean forces.
• On July 27, 1953, military commanders from the United States (representing the United Nations Command), the North Korean’s  Korean People's Army, and Chinese People's Volunteer Army signed the Korean Armistice Agreement, ending roughly three years of fighting of the 1950-1953 Korean War.
•  Since then the border area of North and South K0rea has been turned into a demilitarized zone but till date no peace agreement has been signed between the two. Technically both the countries are still at war.
• The United States has its troops in South Korea and is committed to defend South Korea from North Korea which wants to unify both the Koreans under its rule. 
• North Korea is supported by China and Russia.

Two Korean countries at a glance 

Adani New Industries instals India’s largest wind turbine

Tags: National National News

Adani New Industries Limited (ANIL) on November 3, 2022 announced that it has installed a wind turbine taller than the world's tallest 'Statue of Unity' at Mundra, Gujarat.

Important facts

• This turbine has been installed by Mundra Windtech Limited (MWL), a subsidiary of Adani Enterprises Limited (AEL).

• The 200 m long wind turbine has a power generation capacity of 5.2 MW and can provide electricity to about 4,000 homes.

• It is taller than the Statue of Unity, the tallest statue in the world at 182 metres.

• It is the largest wind turbine in terms of power generation and has a rotor diameter of 160 metres.

• The hub height of the wind turbine generator is 120 metres, which is equivalent to a 40-storey building.

About Mundra Windtech Limited (MWL)

• It has been incorporated as a wholly-owned subsidiary company for manufacturing wind turbine generators.

• It was incorporated on June 7, 2021.

• It is incorporated to do business as manufacturers of wind turbine generators and other subsidiaries.

Union Agriculture Minister chairs steering committee meeting of National Natural Farming Mission

Tags: National National News

Union Agriculture Minister Narendra Singh Tomar chaired the first steering committee meeting of National Mission on Natural Farming (NMNF) on 3 November, 2022 at Krishi Bhawan, New Delhi. 

Important facts

• In the meeting, Tomar launched the NMNF portal.

• The portal is developed by the agriculture ministry. 

• The portal contains all the information about the mission, implementation outline, resources, implementation progress, farmer registration, blog etc., which will be useful for the farmers.

• This portal will help in promoting natural farming in the country.

• Union Rural Development Minister Giriraj Singh and Jal Shakti Minister Gajendra Singh Shekhawat and Uttar Pradesh Agriculture Minister Surya Pratap Shahi and Union Agriculture Secretary Manoj Ahuja were present in the meeting.

• On this occasion, Tomar said that with the cooperation of all, the mission of natural farming would be carried forward in the country.

• Jal Shakti Minister Shekhawat said that his ministry has signed MoU with Sahakar Bharti and in the first phase 75 Sahakar Ganga villages have been identified and a roadmap has been prepared and farmers have been trained.

About Natural farming

• Natural farming is a traditional indigenous farming method based on livestock.

• It does not use any chemical fertilisers or pesticides or organic manures, vermicompost, biofertilizers, bio-pesticides.

• This farming is done with the aim of reducing the cost of cultivation and thus provides benefits mostly to the small and marginal farmers.

• Natural farming in India is being promoted under Paramparagat Krishi Vikas Yojana (PKVY) in the form of Indian Natural Farming System Program (BPKP).

• The Rashtriya Krishi Vikas Yojana has received 4.2 times (as compared to the previous year) allocation of Rs 10,433 crore in the budget for the year 2022-23, which will earmark funds for on-the-ground implementation of chemical-free farming.

• Sikkim is the first organic state in India.

Union Minister kishan reddy inaugurated the Ganga Utsav 2022 in New Delhi

Tags: Festivals National National News

The Union Minister for Culture, Tourism G Kishan Reddy inaugurated the Ganga Utsav 2022 on 4 November, 2022 in New Delhi.

Important facts

• National Mission for Clean Ganga (NMCG), Department of Water Resources, River Development and Ganga Rejuvenation, Ministry of Jal Shakti is organising Ganga Utsav.

• It is organised on 4th November, 2022 at Major Dhyan Chand Stadium in New Delhi in two sessions. 

• G. Kishan Reddy was the Chief Guest in the morning session in the presence of the Minister for State, Jal Shakti and Tribal Affairs Bishweswar Tudu.

• Union Jal Shakti Minister Gajendra Singh Shekhawat presided over the evening session.

• NMCG will take Ganga Utsav - Nadi Mahotsav 2022 to new heights through active participation of multiple stakeholders.

Objective of Ganga Utsav 2022

• The main objective of Ganga Utsav 2022 is to celebrate our rivers and spread awareness on the importance of river rejuvenation across river basins in India.

• It aims to organise similar events at more than 75 locations in different states to celebrate the Festival of Rivers of India.

• Various activities of Ganga Utsav will take place on both physical and virtual platforms at the Centre, State and District level.

Background of the Ganga Utsav

• Initially this festival was organised in the year 2017 as 'Ek Sham Ganga Ke Naam' involving limited stakeholders.

• With the help of an international consortium like Indo-German cooperation, the event later evolved into 'Bal Ganga Mela' in the year 2018.

• Bal Ganga Mela 2018 was organised in association with HCL Foundation.

• In the year 2019, the event progressed into a carnival, which saw the participation of school students and youth.

• The third edition of Ganga Utsav 2020 was organised through a three-day virtual medium.

• Ganga Utsav 2021- Nadi Mahotsav was celebrated as part of the celebration of 'Azadi Ka Amrit Mahotsav'.

Bank of England makes biggest interest rate hike in 33 years to cool rampant inflation

Tags: Economy/Finance International News

The central bank of the United Kingdom, Bank of England (BoE) raised its interest rates by the most since 1989 on 3 November 2022. It joins the US Federal Reserve and other central banks worldwide in rapid hikes as it tries to beat back high inflation fuelled by the conflict between Russia and Ukraine.

The BoE increased the Bank Rate to 3% from 2.25% and warned that the British economy might not grow for another two years.

The BoE Governor Andrew Bailey said that  “High energy, food and other bills are hitting people hard. Households have less to spend on other things. This has meant that the size of the UK economy has started to fall,”

The BoE said it now expects inflation will hit a 40-year high of around 11% during the current quarter, more than five times its 2% target. But it also thinks the economy has entered a recession.

When there is a negative growth in the economy for the two consecutive quarters then the economy is in recession.

Problem of Gas in Europe 

Europe has been particularly hard hit by a jump in natural gas prices as Russia responded to Western sanctions and support for Ukraine by curtailing shipments of the fuel used to heat homes, generate electricity and power industry and European nations competed for alternative supplies on global markets.

Important Central Banks in the world 

European Central Bank (ECB)

It is the Central Bank of the 19 European Union countries which have adopted Euro as their common currency.

Member countries of Eurozone: Belgium, Germany, Spain, France, Ireland, Italy, Luxembourg, the Netherlands, Austria, Portugal and Finland, Slovenia , Cyprus, Malta,  Slovakia, Estonia , Latvia, Lithuania. 

India’s Praggnanandhaa and Nandhidhaa wins the Asian Continental Chess championship

Tags: Sports Person in news

Top seeded Indian Grandmaster R Praggnanandhaa and P V Nandhidhaa won the titles in the Open and women’s sections respectively in the Asian Continental Chess championship held in New Delhi.

The Asian Continental Chess Championship was held in New Delhi from 26 October to 3 November 2022.

R Praggnanandhaa remained unbeaten in the tournament and has also qualified for the   FIDE World Chess cup to be held in 2023.

The international chess governing body FIDE has not yet announced the date and place of the World Chess Cup 2023.

NCST Gives Nod To Include Pahari Community In ST List

Tags: National State News National News

The National Commission for Scheduled Tribes (NCST) on 4 November, 2022 approved inclusion of Pahari Ethnic Group, Paddari Tribe, Koli and Gadda Brahmans in the Scheduled Tribes (STs).

Important facts

• The proposal to include these groups in the list of STs was placed before the Commission on 7 October by the Union Ministry of Tribal Affairs.

• The Commission studied and approved the proposal in its meetings.

• The Union Ministry of Tribal Affairs will now submit a memorandum to the cabinet to approve the reservation for Pahari ethnic group, Paddari tribe, Kolis and Gadda Brahmins under the ST category.

• After the cabinet approval, the ministry will introduce a bill in the Parliament to amend the Constitution (Jammu and Kashmir) Scheduled Tribes Order, 1989 to include these communities in the STs.

• When approved by the Parliament, the President shall notify the revised schedule of the ST list under Article 342 of the Constitution of India.

• On October 4 and 5, 2022, Home Minister Amit Shah had announced ST status for Pahari based on the recommendations of the GD Sharma panel.

About Pahari Community

• Pahari people is a term used for several heterogeneous communities settled in parts of Jammu and Kashmir, Himachal Pradesh and Pakistan-occupied Kashmir (PoK).

• Pahari is a term used to describe the various northern Indo-Aryan languages spoken by the people, most of them found in the lower Himalayas.

• In 1989, the Government of Jammu and Kashmir had set up an advisory board for the development of the Pahari speaking people and the welfare of the Pahari people.

Four tribes to the list of Scheduled Tribes (ST)

• The Hatti tribe in the Trans-Giri area in Himachal Pradesh.

• The Narikoravan and Kurivikkaran hill tribes of Tamil Nadu.

• The Binjhia tribe in Chhattisgarh.

• The Cabinet also approved a proposal to bring the Gond community of Uttar Pradesh under the ST list.

National Commission for Scheduled Tribes  

• It has been established by amending Article 338 and inserting a new Article 338A in the Indian Constitution through the 89th Amendment Act.

• It is a constitutional body.

• It consists of a chairman, a vice-chairman and three whole-time members (including a woman member).

• Its term is for 3 years and the chairman is appointed by the President.

• It investigates and monitors matters relating to Safeguards provided for STs.

• Chairman - Harsha Chauhan

• Union Minister of Tribal Affairs - Arjun Munda

Benjamin Netanyahu comes back to power in Israel

Tags: Person in news International News

Benjamin Netanyahu is going to become the Prime Minister of Israel once again. Netanyahu's party, the Likud Party, won 64 of the 120 seats in the final round of counting held on November 1.

Important facts

• Elections have been held in Israel for the fifth time in the last three years, after which a party has returned to power with an absolute majority.

• Netanyahu’s right-wing Likud party won 32 seats, his right-wing religious and nationalist bloc won a total of 64 seats in the 120 seat parliament, or Knesset.

• Lapid’s Yesh Atid party won 24 seats.

• Benjamin Netanyahu, 73, is the longest-serving prime minister, having been elected five times over the course of 15 years.

• After the counting, his rival and Prime Minister Yair Lapid conceded defeat.

About Israel

• Prime Minister - Benjamin Netanyahu 

• Capital - Jerusalem

• President - Isaac Herzog

• Currency - Israeli shekel

• Official Languages - Hebrew; Arabic

India tops list of countries with cheapest manufacturing costs

Tags: Economy/Finance

According to a report published by the US News and World Report, India has been ranked as the country with the cheapest manufacturing cost, far ahead of China and Vietnam. The report was compiled on the survey conducted by the US media company amongst 85 countries.

The report evaluates 85 countries on 73 attributes. The attributes are grouped into 10 sub categories like adventure, agility, and entrepreneurship, open for business, social purpose and quality of life.

Performance of India 

On a scale of 100, India has scored cent percent when it comes to cheap manufacturing costs.

According to the report India has an overall score of 37 out of 100 in the ’Open for Business' category.

However India has scored low on certain attributes.  India has scored low 16.2/100 when it comes to 'favourable tax environment', 18.1/100 in the 'not corrupt' sub-category and 3.5 in 'transparent government policies'.

The report comes at a time when the Modi government is attempting to make India a hub of global manufacturing. The 'Aatmanirbhar Bharat' was launched by the government months after the COVID-19 outbreak in 2020, is aimed at boosting the country's production capacity by attracting foreign players.

Best Country Ranking 

In the overall Best country ranking, Switzerland has topped the chart, followed by Germany, Canada, US and Sweden.

India has been ranked 31st in the best country ranking amongst 85 countries.

EESL appoints Vishal Kapoor as CEO

Tags: Person in news

Energy Efficiency Services Limited (EESL) on 2 November, 2022 announced the appointment of Vishal Kapoor as its chief executive officer (CEO).

Important facts

• Kapoor took charge after completing his tenure as Joint Secretary in the Ministry of Power.

• As Joint Secretary, he led various government interventions, schemes and reforms in the distribution sector.

• He also led cyber security and IT initiatives in the power sector.

• He worked with Indian Railways in the design, operation and maintenance of rolling stock of Indian Railways.

• He introduced high-capacity car carrying cargo cars in India and exported over a dozen engines to Tanzania and Myanmar.

• EESL Group has been at the forefront of India's journey towards sustainability and self-reliance.

• Kapoor holds a degree in Mechanical Engineering from the Indian Railway Institute of Mechanical and Electrical Engineering (IRIMEE).

CBDT unveils single ITR form for all taxpayers

Tags: Economy/Finance National News

The Central Board of Direct Taxes (CBDT) on 1 November has proposed a single income tax return (ITR) form for all taxpayers.  

Important facts

• All taxpayers, except trusts and non-profit organisations, can file returns with the proposed new common ITR form, on which the CBDT has invited stakeholder comments by 15 December.

• Currently, taxpayers are required to furnish their income tax returns in ITR-1 to ITR-7, depending on the category.

What is Income Tax Return (ITR)?

• ITR is a form which a person is supposed to submit to the Income Tax Department of India.

• It contains information about the income of the individual during the year and the taxes to be paid on it.

Kinds of ITR forms

• There are seven types of ITR forms, which are used by different categories of taxpayers.

1. ITR Form 1 - ALSO called ‘Sahaj’, is for small and medium taxpayers. Sahaj forms can be filed by individuals who have an income up to Rs 50 lakh, with earnings from salary, one house property/ other sources (interest etc).

2. ITR-2 - It is filed by people with income from residential property.

3. ITR-3 - It is intended for people who have income as profits from business/ profession.

4. ITR-4 (Sugam) - It is, like ITR-1 (Sahaj), a simple form, and can be filed by individuals, Hindu Undivided Families (HUFs) and firms with total income up to Rs 50 lakh from businesses and professions.

5. ITR-5 and 6 - These are for limited liability partnerships (LLPs) and businesses respectively.

6. ITR-7 - It is filed by trusts and non-profit organisations.

The changes that has been proposed

• As per the proposal, all taxpayers, except trusts and non-profit organisations (ITR-7), will use a single ITR form, which will include a separate head for disclosure of income from virtual digital assets.

• The current ITR-1 and ITR-4 will continue.

• The purpose of the draft form is to make return filing easier, and save the time of individuals and non-business-type taxpayers.