Vivad se Vishwas scheme 2020

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The tax system is the government’s largest source of income. Tax revenue is used for various projects for the development of the nation by the government. Taxation in India is well structured and consists of different levels.

The Indian tax system is well structured and has a three-tier federal structure. The tax structure consists of the central government, state governments, and local municipal bodies.

India’s central government imposes several taxes such as customs duties, central excise duties, income taxes, and service taxes. The state government collects several types of taxes, including farm income taxes, state excise taxes, professional tax, land revenue tax, and stamp duty. On services such as water and drainage supply, local governments are allowed to collect octroi and property tax.

An income tax is a tax imposed on individuals or entities on the basis of their income or profits. Generally, income tax is computed by multiplying the tax rate by the taxable income. There may be variations in tax rates according to the taxpayer’s characteristics and the income being received. 

Income tax in India is governed by Entry 82 of the Union List of the Seventh Schedule to the Constitution of India, empowering the central government to tax non-agricultural income; agricultural income is defined in Section 10(1) of the Income-tax Act, 1961. The Income Tax Department is the central government’s largest revenue generator; total tax revenue increased from ₹1,392.26 billion (US$20 billion) in 1997–98 to ₹5,889.09 billion (US$83 billion) in 2007–08. In 2018–19, direct tax collections reported by the CBDT were about 11.17 lakh crore (₹1.117 trillion).

Income tax dispute resolution in India is multi-layered and time-consuming, which negatively affects doing business in India. Tax appeals in India are handled by the Supreme Court of India, which has an extensive jurisdiction. The system, however, can be abused. In the present dispute resolution procedure, tax appeals filed by the income tax department are the most common.

The Indian Government, to clear the backlog of appeals, has launched a direct tax litigation settlement scheme named the ‘Direct Tax Vivad Se Viswas Scheme’ (VSV scheme) on March 17, 2020. The ‘VSV scheme’ provides taxpayers with an option to put a full stop to the entire litigation process and achieve finality merely by paying the tax component of the dispute. The Indian Government shall waive penalty and interest, and is offering a 50 percent discount to settle revenue appeals and appeals where the taxpayer has a favourable precedent by a higher court. An important aspect is that the ‘VSV scheme’ is not an amnesty scheme and explicitly clarifies that availing this option shall have no precedence value qua the principal issues. Thus, taxpayers can decide to settle their appeals based on an objective comparison of future litigation costs with the cost of availing the settlement option.“The last date of payment under ‘Vivad se Vishwas Direct Tax 2020 (without additional amount) was extended to 30th September 2021 and with the additional amount the due date is 31st October 2021.”

With respect to the matters covered in the declaration, the taxpayer is immune from interest, penalties, and prosecution for any offence under the Income-tax Act.

Mob lynching-to what extent correct?

Mob Lynching is an open punishment applied by a gather that does not have the authority to do so. Most times, lynching occurs when a group believes that a person has committed a crime, even if it has not been trialed or convicted. lynching’s practice may include public hangings, tar, and feathering, or other forms of extreme punishment or execution performed in public. Lynching differs from uncommon types of punishment because the public performs it outside the legal system. This is often handled by a group of people. Lynching is a mob justice in which ordinary people come together to terrorize or punish someone they think violates a legal, moral, and social standard. Today in our society cases of mob-lynching occur in the name of homecoming, love jihad, cow protection, and self-defense camps, the longstanding issues of communalism against the community are being expressed now as violence. The crowd is making a target of people .also many cases recorder where There is an attempt to provoke communities suffering from such attacks. 

The instant “justice” of the crowd also reveals the breaking of people’s confidence in law and order. mass lynching cases are mainly caused by the spread of rumors, suspicions, or religious beliefs. If we understand the events in what order they happened then, we may consider that some were the consequences of caste-based horrors, some were because of religious beliefs, and the rest was because of false news or rumors.

No doubt we should respect religious beliefs, but what if few people kill a person based on suspicion or suspicion? But the main question is that too what extend it is justified to take law in the hands. And to do injustice with someone in the name of the justice. Now need of the time is that government itself investigate the matter and give punishment to those who are culprit.

 

Evil corruption

Corruption refers to a form of criminal activity or dishonesty. It refers to an evil act by an individual or a group. It includes activities like bribery or embezzlement. Most people in positions of authority are susceptible to Corruption. Corruption certainly reflects greedy and selfish behavior. Bribery is the most common method of Corruption which involves improper use of favors and gifts in exchange for personal gain. the favors include money, gifts, company shares, sexual favors, employment, entertainment, and political benefits. Also, the personal gain can be – giving preferential treatment and overlooking crime.

One important way of preventing Corruption is to give a better salary in a government job. Many government employees receive pretty low salaries. so they resort to bribery to meet their expenses. So, government employees should receive higher salaries. , high salaries would reduce their motivation and resolve to engage in bribery. By Increasing the number of workers we can curb Corruption. In many government offices, the workload is very high. This provides an opportunity to slow down the work of government employees. Consequently, these employees then indulge in bribery in return for faster delivery of work. Hence, this opportunity to bribe can be removed by bringing in more employees in government offices.

Strong laws are very important for stopping Corruption. strict punishments need to be meted out to guilty individuals. Furthermore, there should be an efficient and quick implementation of strict laws. Applying cameras in workplaces is an excellent way to prevent corruption. Above all, many individuals would refrain from indulging in Corruption due to fear of being caught. Furthermore, these individuals would have otherwise engaged in Corruption. Furthermore, the politician supports them due to the benefits they receive. Corruption is a great evil in society. This evil should be quickly eliminated from society. 

A new version of Censorship.

 As per the Ministry of Electronics & Information Technology (MEITy), social media platforms like Facebook, WhatsApp, Twitter, and Instagram have to follow the new Guidelines of government failing which can lead to a ban. guidelines were issued in February 2021, and social media platforms had around 3 months to acquire these guidelines. The companies are yet to respond to the Intermediary Guidelines. The decision taken due to the fake headlines do nothing but spread fear among people. 

According to the constitution, India is a democracy at least on pen and paper. However, certain powerful people in the Central Government, to strengthen power, are now trying to silence free speech on social media. Free speech is a right granted to all human beings globally. The Universal Declaration of Human Rights (UDHR) recognizes it as a fundamental right. India happens to be one having this right. This means, Indian citizens should have access to this right, and it’s the government’s responsibility to see that this right is being protected.

Yet, these powerful individuals within the Central Government, have time and again gone to unbelievable measures to control this right. 

. The disappointed young people of today turn to social media to express their objections about everything they found mistaken or unsuitable. Be it a person of any class, culture, community, and religion. everyone turns to the internet. And the only way to check these critics would be by introducing “Agreement Officers”.That is exactly what the government has done through its intermediary guidelines to check who’s saying what on the internet.

If this guideline came into being. There exists no mechanism for the common mass to raise their voices. The only time when the masses get to raise their voice is during the elections. But then again, it’s the media that controls the elections these days. Unfortunately, reporting is done in such a way that we’re persuaded in support of a particular political party. This plan, if achieved, will badly affect the very foundation of our democracy.

Criticism makes democracy strong. But these guidelines go against it.

Maybe government believes that criticism isn’t important anymore and hence has concluded that the internet should be controlled. It’s dishonest of this country to say that other countries are trying to crush free speech.

The government needs to come into a discussion with the social media companies and the common people. But the government didn’t give a single thought to it. It is nothing but censorship in disguise.

Women empowerment

Amongst covid-19 pandemic, 2021 budget has potential to increase women labor force participation up to 2 percent this year.

Nirmala Sitaraman, Minister of finance, the government of

India shared that budget 2021 has the potential to increase the employment of

women. COVID-19 pandemic had disproportionately impacted women

forcing them to drop out of the workforce. The women labor force participation according to the center comes down from 25 percent to 21 percent, due to job loss by women. In urban India only 12 out of every 100 still employed are women, a shocking

statistic, down from the already low 18. No doubt the covid 19 pandemics have resulted in many challenges such as pay disparities and expensive child care is an economic downturn that hit women workers measurably harder than men. Whenever the economy shrinks people lose jobs, then look for another job but women aren’t sitting it out so much as being pushed out by disproportionate job loss, 

lack of child care, pay disparities, and lack of public policy to support working women. women with children are much more likely to report that working from home has hurt their productivity and affected their careers  .there are three drivers of increased women labor force participation 1.Jobs that exist in locations where the woman has family support.2) Contemporary and new skilling (like digital marketing, for instance) that allows for marketability3) A government mandate that enables small businesses to be rewarded for hiring more women. The allowance of women to work in all shifts is a move towards reducing the gender divide brought in by COVID-19. This will help industries such as IT and BPO in Special Economic Zone’s, manufacturing companies in sectors such as Textiles, Pharma- as well as large organizations with a national presence. The textile industry, one of India’s ancient industries that employ the largest numbers of women has received a big stimulus with the announcement of seven Textile Parks. The third aspect which would allow small businesses to be rewarded for hiring women has not seen any pull in any of the budgets presented in the few last years. Large organizations in metropolitan cities have already bought the business case for both genders that led to women’s employment being enhanced. It is the 2 and 3 level metropolitan cities and towns that need the influence of involvement. And this is where there is a large population of women – educated, career-seeking, and yet unable to earn

reasonable money due to the non-availability of jobs matching their aspirations. As per data, young women in the age group of 20-24 across urban locales, are more interested in being employed than similar-aged women in rural India. As such, this is a very important talent pool, waiting to be engaged. The BPO and micro-enterprises in these locations will require a stimulus to engage women more proactively. Had the budget addressed this, by providing a bit small, yet encouraging a sum of money to employers of women, India would have seen a jump in women’s job creation to almost double-digit increases, which will have a multiplier effect on the economy.

Pradhan mantri Jeevan jyoti bima yojana

Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY ) is a social benefit scheme launched on May 9, 2015, by the government. The PMJJBY scheme is a life cover for a fixed amount of Rs 2 lakh for an annual premium of Rs 330 and is available to people in the age group of 18 to 50 years having a bank account. The life coverage will be available until the age of 55 years. The one-time payment towards the PMJJBY will be automatically debited from one’s account. Therefore, one has to enable auto-debit while signing up for the scheme.

The life cover of Rs. 2 lakh shall be for the one year period starting from 1st June to 31st May every year. The PMJJBY scheme is a yearly renewable scheme and to continue one has to give the consent to the banks in the month of May every year.

Pradhan Mantri Jan Dhan Yojana with a aim to provide financial support through cheaper term insurance to empower the disadvantaged and economically low strata of society, with motto of “JanDhan se Jan Surakhsha”.Term insurance is a type of life insurance, provides coverage for a certain period of time or years. If the insured dies over the policy tenure a death benefit (or sum assured) is paid out.

This scheme will be linked also to the bank accounts opened under the Pradhan mantra jan dhan yojana scheme. Most of these account had zero balance initially. The government aims to reduce the number of such zero balance accounts by using this and related schemes.

Now all Bank account holders can avail this facility through their net-banking service facility or filling a form at the bank branch at any time of the year.

But, there are some problem create by this, the banks have complained that revenue received will be very low. Some bankers have claimed that amount they are receiving is not sufficient to cover the service costs. Since this is a [group insurance] scheme, banks have not received instruction regarding cases where excessive claims are in a year. Insurers have also pointed out that no health certificate or information of pre-existing disease is required for joining.

Government Contribution

  • Various other Ministries can co-contribute premium for various categories of their beneficiaries out of their budget or out of Public Welfare Fund created in this budget out of unclaimed money.  This will be decided separately during the year.
  • Common Publicity Expenditure will be borne by Government.

The premium paid towards the pmjjby scheme is applicable for tax exemption under sec 80c of the income tax act

 If the bank account has become inoperative or there are not sufficient funds, the coverage will lapse. Those who exit the scheme may re-join later by furnishing a declaration of good health and paying the annual premium.

If the insurance cover is ceased due to any technical reasons such as the insufficient balance on the due date or due to any administrative issues, the same can be reinstated on receipt of appropriate premium subject, however, to the cover being treated as fresh and the 45 days lien clause being applicable

For the cover period 1st June 2019 to 31st May 2020, subscribers are required to enroll and give their auto-debit consent by 31st May 2019. As on 23.04.2018, gross enrolment reported by banks subject to verification of eligibility, etc. was nearly 5.3382 crore, while the total number of claims received was about 100,881 and the total number of claims disbursed was nearly 92,089.

Even though the sum assured is very low, one may get it to supplement existing coverage. Ideally, as a thumb rule, one should have a life cover of at least ten times of one’s annual take-home income.

So, these all information covered under Jeevan jyoti bima yojana .and that is really an achievement of government to give them facility and financial support for under privileged people.