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UPSC Daily Current Affair : 01-April-2020

Updated: Apr 4, 2020

Topic Covered :

  1. TAXATION AND OTHER LAWS (RELAXATION OF CERTAIN PROVISIONS) ORDINANCE, 2020

  2. HOW DOES ALCOHOL IN SANITISERS (AND SOAP) KILL THE VIRUS?

  3. NEWSPAPER SECTOR

  4. RIGHT TO DISCUSS COVID – 19

  5. SUPREME COURT ON MIGRANTS

  6. TABLIGHI JAMAAT

  7. NEW TEST KITS IN TWO MONTHS

  8. 2ND EXTRAORDINARY G20 FINANCE MINISTERS AND CENTRAL BANK GOVERNORS VIRTUAL MEETING

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TAXATION AND OTHER LAWS (RELAXATION OF CERTAIN PROVISIONS) ORDINANCE, 2020

Why in news?

Due to the outbreak of Novel Corona Virus (COVID-19) across many countries of the world has caused immense loss to the lives of people. Keeping in view the challenges faced by taxpayers in meeting the compliance requirements under such conditions, the Union Finance Minister had announced several relief measures relating to statutory and regulatory compliance matters across sectors in view of COVID-19 and thus brought the Ordinance.


Highlights:

  • Direct Tax and Benami :

a. Extension of last date of filing income tax. b. Extension of Aadhar Pan Linkage date. c. Increase in various dates. d. Under Vivad se Vishwas Scheme, the date has also been extended up to 30.06.2020.


Hence, declaration and payment under the Scheme can be made up to 30.06.2020 without additional payment.

  1. Indirect Taxes : Last date of furnishing of the Central Excise returns due in March, April and May 2020 has been extended to 30th June,2020. The date for making payment to avail of the benefit under Sabka Vishwas Legal Dispute Resolution Scheme 2019 has been extended to 30th June 2020 thus giving more time to taxpayers to get their disputes resolved. In addition to the extension of time limits under the Taxation and Benami Acts as above, an enabling section has got inserted in the CGST Act, 2017 empowering the Government to extend due dates for various compliances inter-alia including statement of outward supplies, filing refund claims, filing appeals, etc. specified, prescribed or notified under the Act, on recommendations of the GST Council.

  2. PM CARES :

The Ordinance also amended the provisions of the Income-tax Act to provide the same tax treatment to PM CARES Fund as available to Prime Minister National Relief Fund.


Source : PIB


2ND EXTRAORDINARY G20 FINANCE MINISTERS AND CENTRAL BANK GOVERNORS VIRTUAL MEETING

Why in news?


Union Minister for Finance & Corporate Affairs, Smt. Nirmala Sitharaman participated in the 2nd Extraordinary G20 Finance Ministers and Central Bank Governors (FMCBG) meeting under the Saudi Arabian Presidency today, to discuss the impact of COVID-19 pandemic on the global economy and coordinate efforts in response to this global challenge.


Highlights:

  1. G20 Finance Ministers and Central Bank Governors during the 1st Extraordinary Virtual G20 FMCBG Meeting held on March 23, 2020 had decided to meet virtually on a regular basis to continue discussions on the evolution of the COVID-19 pandemic, including its impact on markets and economic conditions and take further actions to support the economy during and after this phase.

  2. During the summit, the Leaders had tasked G20 Finance Ministers and Central Bank Governors to deliver a G20 Action Plan in Response to COVID-19, in close cooperation with relevant international organizations (IOs).

  3. Finance Minister made specific interventions on reviewing and enhancing the IMF toolkit and further expanding the swap line network.

  4. Smt Sitaraman supported the proposed G20 Action Plan and emphasized that such an exercise would provide an opportunity for immense cross learning and critical insights.

Source : PIB



NEW TEST KITS IN TWO MONTHS

Why in news?

  • India is likely to start manufacturing new serological diagnostic testing kits within the next two months as many advances have been made after the virus was isolated by research agencies, the ICMR said.


Highlights:

  1. ICMR is hopeful that at least a serological diagnostic testing will be made in India in next one or two months.

  2. Serological tests are tests that look for antibodies in blood and help in diagnosing diseases.

  3. Government has formed a science and technology committee co-chaired by V K Paul and principal scientific adviser K Vijayraghavan.

Source : TOI



TABLIGHI JAMAAT

Why in news?