Direct Tax Collections grows by 17.1% in FY 2017-18
Direct Tax collections for FY 2017-18 represents that net collections are at Rs.9.95 lakh crore which is 17.1% higher than the net collections for FY 2016-17. The net Direct Tax collections represent 101.5% of the Budget Estimates (Rs.9.8 lakh crore) and 99% of the Revised Estimates (Rs. 10.05 lakh crore) of Direct Taxes for F.Y. 2017-18
Gross collections (before adjusting for refunds) in FY 2017-18 have increased by 13% to Rs.11.44 lakh crore. Refunds amounting to Rs.1.49 lakh crore have been issued during 2017-18. The growth rate for net collections for Corporate Income Tax (CIT) is 17.1% and for Personal Income Tax (including STT) is 18.9%. However, it is reiterated that the aforesaid figures are as yet provisional and subject to change pending final collation of data of collections.
During FY 2017-18, 6.84 crore Income Tax Returns (ITRs) were filed with the Income Tax Department as compared to 5.43 crore ITRs filed during FY 2016-17, showing a growth of 26%. There has been a sustained increase in the number of ITRs filed in the last four financial years. As compared to 3.79 crore ITRs filed in F.Y. 2013-14, the number of ITRs filed during F.Y. 2017-18 (6.84 crore) has increased by 80.5%.
During FY 2017-18, the number of new ITR filers has also increased to 99.49 lakh (as on 30.03.2018) as compared to 85.51 lakh new ITR filers added during FY 2016-17, which translates into a growth of 16.3%.The increase in total returns filed and new returns filed during FY 2017-18 is a result of sustained efforts made by the Income Tax Department in following up with potential non-filers through email, SMS, statutory notices, outreach programmes, etc. as well as through structural changes made in law and the Government’s emphasis on widening of tax net.
Schaeffler India Announces new Initiative to Support Less-privileged Students
Schaeffler India Announces new Initiative to Support Education of Less-privileged Students
– Schaeffler Technical Enhancement Program (STEP), an initiative under HOPE – Schaeffler India’s flagship CSR program
New Delhi/Pune, April 03, 2018 – Schaeffler India, a leading industrial and automotive supplier, announced vocational skill development training course to promising youth belonging to economically disadvantaged backgrounds. The program called STEP – Schaeffler Technical Enhancement Program will be run under the CSR umbrella HOPE. The training courses will be offered in association with Rasquinha Don Bosco Technical Institute at Chakan who are the implementation partners for the program.
STEP will empower students with technical skills with a focus on making them employable and self-reliant. Schaeffler has set up the skill training center with state-of-the-art pneumatic, hydraulic and simulation machines to offer students courses in CNC Machine programing. Till date, 26 students from the adjoining areas of Chakan have been enrolled for the 6 months course. Students are recommended and screened by recognized social workers from Don Bosco to ascertain the family background of the student.
At a ceremony held at the Don Bosco premises in Chakan, the center was inaugurated by senior executives from Schaeffler India – Mr. Rakesh Jinsi, Director, Scaheffler India Limited Board; Mr. Dharmesh Arora, CEO – Scaheffler India; Mr. Santanu Ghoshal, VP Human Resource- Scaheffler India and representatives from Rasquinha Don Bosco Training center.
Commenting on the initiative, Mr. Santanu Ghoshal, VP and Head-HR, Schaeffler India said, “As a company, Schaeffler strongly believes in inclusive growth. In alignment with Skill India vision, we are committed to equal access to learning and work opportunity for all sections of the society. Skill development offers the youth a foundation to achieve their potential and every individual deserves a chance to improve their lives by earning a decent livelihood. STEP is our way to empower the next generation and reinforce our commitment for community wellbeing and social responsibility.”
Students will be provided certificates under NSDC (National Skill Development Corporation) after successful completion of the training course and placement assistance. The candidates will get vocational training as recommended by the Modular Employable Skills by the Ministry of Skill Development. Along with courses on CNC programming, the curriculum will also provide communication and soft skills training to support the candidates through interview preparation and process and final placements.
About HOPE
Schaeffler India as a part of its CSR program has consolidated its activities and focus exclusively on a few core areas which will make a meaningful impact on the community and make a difference. HOPE is Schaeffler India’s umbrella initiative encompassing the values, vision and mission of the organization. Through this initiative Schaeffler India strives to contribute, to the motto \’सर्वेभवन्तुसुखिनः\’ (May everyone be happy. It is derived from the four core areas of focus – Healthcare, Occupational skill, Preservation of national heritage art & culture and Empowerment of society. Under HOPE, Schaeffler India runs a number of initiatives for the four focus areas.
About Schaeffler India
Schaeffler, with four plants and 19 sales offices has significant presence in India. Schaeffler’s three major product brands – FAG, INA and LUK – are well represented in India. Schaeffler has been present in India for over 50 years. The manufacturing plant in Vadodara, Gujarat was set up in 1964 and produces a vast range of ball bearings, cylindrical roller bearings, and spherical roller bearing and wheel bearings and sold under the brand name of FAG. The second plant in Vadodara at Savli produces next generation deep groove ball bearings and large size roller bearings also sold under the name of FAG. Schaeffler’s third state-of-the-art plant is located at Talegaon near Pune, and manufactures engine and transmission components for front accessory drive systems, chain drive systems, valve train, shift systems and a range of needle roller bearings and elements, under the brand INA. The fourth manufacturing location is based out of Hosur, that manufactures clutch systems and dual mass flywheels for passenger cars, light commercial vehicles, heavy commercial vehicles and tractors and the products are sold under the brand of LuK. In addition to this, Schaeffler also has dedicated engineering and research and development support based in India to augment the product teams and among the largest aftermarket networks serving the industrial and automotive markets. Schaeffler India employs about 3000 employees across the 3 legal entities, with consolidated revenues of INR 4020 crores in 2017.
About Schaeffler Group
The Schaeffler Group is a global automotive and industrial supplier. Top quality, outstanding technology and exceptionally innovative spirit form the basis for the continued success of the company. By delivering high precision components and systems in engine, transmission, and chassis applications as well as rolling and plain bearing solutions for a large number of industrial applications, the Schaeffler Group is already shaping “Mobility for tomorrow”. The technology company generated sales of approximately EUR 14.0 billion in 2017. With around 86,600 employees, Schaeffler is one of the world’s largest family-controlled companies and, with approximately 170 locations in over 50 countries, has a worldwide network of
CAIT SOUGHT PM INTERVENTION ON SEALING ISSUE
TRADERS MAY HANDOVER KEYS OF SHOPS TO GOVT-MAY SHIFT TO OTHER CITIES
The Confederation of All India Traders (CAIT) today sought the direct intervention of Prime Minister Shri Narendra Modi in resolving sealing issue. In a communication sent today to Prime Minister, the CAIT highlighted the issue of not obeying due process of law by the Authorities, arbitrariness of the Monitoring Committee and cruel behaviour with the traders worst than a criminal among other issues and demanded the Prime Minister to bring an Ordinance to stop sealing for at least one year.
The CAIT with deep regrets today said that if no action is taken then traders will left with no other alternative but to handover the keys of their shops to the Government or may shift to neighbouring cities or close down their businesses. This is the only way to protect us from great insult, victimisation, harassment and mental agony.It is irony that in the Capital of World’s largest democracy, the fundamental rights of traders are being brutally crushed and no. one is listening to the woes.
In its communication to Prime Minister, CAIT Secretary General Mr. Praveen Khandelwal said that sealing is being done in highly aggressive & unreasonable manner causing great hardships, sufferings, trauma and economic loss to vast section of traders who are serving people of Delhi since a long time. The basic provisions of The Delhi Municipal Corporation Act,1957 are being blatantly flouted while conducting sealing. No opportunity of defence is given to traders. Even in case of dreaded criminal, due opportunity is given but traders have been treated worst than criminals.
The traders are blamed for misusing the building by undertaking commercial activities. No one says that since Independence, the Government Agencies were completely failed in providing sufficient commercial space in Delhi in proportion to growing population in the city. It is to be noted that even the Government has admitted such failure through an Affidavit filed by Secretary, Ministry of Urban Development, Govt of India in Supreme Court in 2008 saying that Government could develop only 16% of the commercial space in Delhi in four decades. The rest of the required commercial space was made available by the traders with their own resources. If this would not happen, there could have been much hue & cry and prices could have escalated much high.
The Monitoring Committee is acting in a most dictatorial way and has become an Administrative Authority on its own but unconstitutional and the officials of MCD and other Agencies do not muster enough courage to inform the Committee about their boundation as per explicit provisions of MCD Act and thereby conducting sealing and other activities by sidelining their own governing Act, the MCD Act,1957.
While urging the Prime Minister to bring an Ordinance to stop sealing, the CAIT also said that officials should be advised to follow due process of law strictly and a high level committee may be constituted under Chairmanship of Delhi LG consisting of senior officials of Central & State Government and representatives of trade to thrash out each issue pertaining to sealing.
Introducing Metamorphosis
NITI Aayog, India International Centre and Centre for Policy Research are pleased to invite you to the keynote
Introducing Metamorphoses
by Prof Yochai Benkler
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Wednesday, 2 May 2018, 6:30 p.m.
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| Metamorphoses Website |
Professor Yochai Benkler will be delivering the keynote ‘Introducing Metamorphoses’ – a series of nine interactions, which will unfold over a year, covering different aspects of the digital revolution. Metamorphoses is a modest effort to try and bridge the gap between digital technologies, which are transforming our lives, and our understanding of their multiple dimensions. The series is a joint initiative between NITI Aayog (the Government of India’s think tank), Indian International Centre (IIC) and Centre for Policy Research (CPR).
The keynote will set the big picture, where Prof. Benkler will talk about current and future technologies and their likely impact on democracy, development, growth and inequality.
Inaugural remarks: Mr N N Vohra, President IIC
Brief opening remarks by Mr Amitabh Kant, Chief Executive Officer, NITI Aayog; Ambassador Shyam Saran, Life Trustee, IIC and former Foreign Secretary; and Ms Yamini Aiyar, President & Chief Executive, CPR.
Keynote by Prof. Benkler followed by a curated question and answer session with the audience.
Closing remarks by Air Marshall Naresh Verma, Director, IIC
Prof. Yochai Benkler is the Berkman Professor of Entrepreneurial Legal Studies at Harvard Law School, and faculty co-director of the Berkman Klein Center for Internet and Society at Harvard University. Since the 1990s he has played a role in characterizing the role of information commons and decentralized collaboration to innovation, information production, and freedom in the networked economy and society. His books include The Wealth of Networks: How social production transforms markets and freedom (Yale University Press 2006), which won academic awards from the American Political Science Association, the American Sociological Association, and the McGannon award for social and ethical relevance in communications. In 2012 he received a lifetime achievement award from Oxford University in recognition of his contribution to the study and public understanding of the Internet and information goods. His work is socially engaged, winning him the Ford Foundation Visionaries Award in 2011, the Electronic Frontier Foundation’s Pioneer Award for 2007, and the Public Knowledge IP3 Award in 2006. It is also anchored in the realities of markets, cited as “perhaps the best work yet about the fast moving, enthusiast-driven Internet” by the Financial Times and named best business book about the future in 2006 by Strategy and Business. Benkler has advised governments and international organizations on innovation policy and telecommunications, and serves on the boards or advisory boards of several nonprofits engaged in working towards an open society. His work can be freely accessed athttp://www.benkler.org.
The talk will be livestreamed on the IIC website; available on Facebook-live on the Metamorphoses Facebook page; and video recordings will be available on YouTube, as well as disseminated through social media channels hosted on the Metamorphoses website. The promotional video for Metamorphoses can be accesse
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In memory of Pehlu Khan
Bhumi Adhikar Andolan against the Assault on Cattle Economy and Lynching of Dalits and Minorities.In Memory of Pehlu Khan|New Delhi| April 3rd 2018 marks one entire year since Pehlu Khan’s death, a dairy farmer from Nooh district of Haryana who was attacked by a group of 200 cow vigilantes affiliated with right-wing Hindutva groups in Alwar, Rajasthan. It is shameful to see that the Rajasthan govt. has still not made the case a priority – to deliver justice to the victims or address the increasing cases of cow vigilantism. There is a growing threat to the power of democratically elected state-government and courts from quasi militant groups such as the gau-rakshaks, who have undermined the Right to Life of individuals and communities, especially in the rural agrarian belt.Various militant and political outfits such as RSS and VHP have regularly attacked cattle traders under the guise of “gauraksha” (cow protection). Pehlu Khan’s family is still struggling to come to terms with their loss and live a normal life. The delay in this case clearly shows not a lack of evidence, but a lack of will to bring the killers to justice. The role of the local police officials in the subduing and diluting of the cases, including threatening families and friends of the victims of filing false cases, destroying evidence and adopting a strategy of false encounters must also be looked into.Com. Hannan Mollah stated that since Pehlu Khan’s lynching, over 300 more cases have been reported, the victims were dairy farmers, dalit and Muslim cattle traders, and none of them have received justice even now. It is time for the nation to agitate against such politically motivated murders; as a democracy, India cannot standby as innocent farmers, traders and other social minorities are murdered in broad daylight.Bhumi Adhikar Andolan continues its demand for justice for these victims, for immediate relief to be provided to the families of the victims of these attacks and strives to provide support to the families of the victims. It also condemns the protection given to these gau-rakshaks who have run havoc across the country, and are visibly operating with the patronage of local and state administration and political groups who have vested interests.Com NK Shukla stated that these repeated attacks on cattle traders and dairy farmers are part of a bigger design to undermine the dairy sector of the country. He further added that these attacks are creating havoc on the lives of the farmers who are already distressed because they are not getting a fair MSP, they are burdened by debts and being pushed to commit suicides.Maulana Hanif also said that the repeated attacks on the Muslim community in Mewat is a result of a larger political propaganda, he stated that the need of the hour is for all the communities in Mewat to unite and stand as a strong front against such communal forces.At the protest organized on 3rdApril, 2018 at Parliament Street in Delhi, leaders of the Bhumi Adhikar Andolan called for nation-wide struggle against increasing cases of violence meted by right-wing groups in the name of cow-protection and of vendetta against all progressive movements and of continued attacks on dalits and minorities.It is mentionable that Bhumi Adhikar Andolan had also organised a two day National Convention and Photo Feature on the same issues in March, it was attended by farmers, political leaders, social activists and academicians from all over the country.Bhumi Adhikar Andolan also announced its support to the call for a countrywide protest called by Jan Ekta, Jan Adhikar Andolan on the completion of 4 years of the Modi Government with the slogan “Pol Khol, Halla Bol!”The protest was addressed by: N. K Shukla (Joint. Sec AIKS), Phul Singh (State Sec. Haryana AIKS), Com. Hannan Mollah (Gen. Secy. AIKS), Jiten Chaudhary (MP, Lok Sabha, CPIM), KK Ragesh (MP, RS. Kerala, CPIM), Pehlu Khan’s Family, Com. Bharat Singh (State Secy. Uttar Pradesh, AIKS), Maulana Hanif, Shifat Manager (Alwar), Com. Ramesh (AIKMS).Bhumi Adhikar Andolan
RBI did not audit PNB scam period
Apportioning blame to the Reserve Bank of India over the PNB loan fraud, Central Vigilance Commissioner K V Chowdary on Tuesday said there had been “no apparent audit” by the central bank during the period of the scam.
Chowdary stressed the need to put into place a more robust auditing system.
“They did not do this (an audit),” the head of the probity watchdog told PTI.
The CVC exercises superintendence over the CBI which is looking into the over Rs 13,000-crore Punjab National Bank fraud case.
mwdia agencies
India take a tough loss against Japan
India take a tough loss against the Mighty Japanese Team at the FIBA U16 Asian Championship
Bengaluru, 3rd April 2018: The Indian U16 Men’s Basketball Team lost 57-109 to Japan at the second day of the preliminary round of the FIBA U16 Asian Championship going on in Foshan, China .
India started the game on a strong note with taking the lead early in the first quarter and ended the quarter with a tied score of 17 each but the fast paced Japanese team came back even stronger in the second quarter with the help of their impressive full court defence outscoring India 36-12. Japan had 10 consecutive points as a result of turnovers from the Indian side. Japan kept on building on their lead in the following quarters and took the victory with an emphatic lead of 52 points. Indian Centre Princepal Singh continued his outstanding form by scoring 26 points and grabbing 13 rebounds whereas Captain Harshvardhan Tomar also recorded a double-double scoring 11 points and collecting 10 rebounds. Keisei Tominaga of Japan led all the scorers with 27points with an outstanding shooting night converting 7 three point shots.
Japan(Keisei Tominaga 27pts, Chikara Tanaka 22pts) bt India(Princepal 26pts, Rajveer 10pts, Harshvardhan 11pts)57-109(17-17, 36-12, 34-14, 22-14)
The 16 teams qualified to compete are hosts China, reigning champions Korea, Australia, Bahrain, Chinese Taipei, Hong Kong, India, Iran, Japan, Kazakhstan, Lebanon, Macau, Malaysia, New Zealand, Philippines and Saudi Arabia. Thirteen (13) teams will be divided into three (3) groups (A, B, C) of three (3) teams each and one (1) group (D) of four (4). The best placed Team in each group will qualify directly to the Knock-out stage starting with the Quarter-Finals. 2nd and 3rd placed Teams will proceed to the Play-Offs Round. The 4th placed team in group D will be eliminated.
India is placed in Group D alongside Korea, Japan and Lebanon.
Preliminary Round:
Schedule: India Vs Korea (2nd April)
India Vs Japan (3rd April)
India Vs Lebanon (4th April)
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