Transcript Raj Malhotra`s IAS Study Group, Chandigarh

(Week 5; 2016)
Raj Malhotra’s IAS Study Group, Chandigarh
INCREASING THE SAVING RATE
Raj Malhotra’s IAS Study Group, Chandigarh
Indian Express – RANA
KAPOOR ARTICLE
“Fashioning a banking turn”
Raj Malhotra’s IAS Study Group, Chandigarh
Growth
Efficiency
Attractiveness
Reach
Raj Malhotra’s IAS Study Group, Chandigarh
 Increase disposable income
 Raise exemptions to 5 Lakhs
 Link the exemption to inflation
Raj Malhotra’s IAS Study Group, Chandigarh
 Efficiency in financial transaction
 Use of Plastic, e-transactions
 (it will give impetus to people for saving in banks)
 Will also, curb Black Money
Raj Malhotra’s IAS Study Group, Chandigarh
 Make savings attractive
 Greater tax exemptions (like EPF, PPF
E-E-E status to even NPS)
 Inflation adjusted instruments
Raj Malhotra’s IAS Study Group, Chandigarh
 Connect Post Offices (Postal Bank
of India)
Also
 Payment Banks
 Small Banks
 Mobile Money
 (IMPS – Immediate Payment
System)
Raj Malhotra’s IAS Study Group, Chandigarh
Direct Tax Reforms
Raj Malhotra’s IAS Study Group, Chandigarh
 Tax Administration Reforms Commission (TARC)
 Under Dr. Parthasarthi Shome in 2013
Raj Malhotra’s IAS Study Group, Chandigarh
 Falling Tax/GDP Ratio (around 9%)
 Lax Tax administration
 Mounting Disputes
 Retrospective Taxation
Raj Malhotra’s IAS Study Group, Chandigarh
Governance Reforms
 Merge CBDT and CBEC
 Abolish post of Revenue Secretary
Raj Malhotra’s IAS Study Group, Chandigarh
Dispute Management
 Avoid Retrospective taxation
 Faster Disposal of cases (timeframe)
Raj Malhotra’s IAS Study Group, Chandigarh
Process Reforms
 PAN to be Common Business Identification Number
 Time frame based refunds
 Pre-filled IT forms
 Full digitization of the process
Raj Malhotra’s IAS Study Group, Chandigarh
 Not enough reforms to punish erring tax payers
 Does not take suggest measures to build a culture of
paying tax as a duty
 No discussion on fixing accountability in tax
department in case of non-fulfillment of tax targets
 No reforms in sight to improve Fiscal Marksmanship
Raj Malhotra’s IAS Study Group, Chandigarh
 Taxpayer-friendly measures like
 To improve the ease of doing business
 Reduce litigation
 Accelerate the resolution of tax disputes
Raj Malhotra’s IAS Study Group, Chandigarh
 Suggested a higher interest levy for all delays in refunds
 Stock trading gains of up to Rs.5 lakh will be treated as capital
gains and not business income
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(to encourage more retail investments in the stock market)
 TDS rates for individuals be reduced to 5% from 10%
 Dividend income on which dividend distribution tax has been
levied should be treated as part of total income
 Defer ICDS
 (Income Computation and Disclosure Standards)
Raj Malhotra’s IAS Study Group, Chandigarh
Gene Editing
Raj Malhotra’s IAS Study Group, Chandigarh
UK gives green light to gene editing in viable human
embryos ( for one research project)
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 By mechanism of CRISPR CAS 9 (which
act as gene scissors)
 After cutting DNA healthy or desired
genes will be inserted
Raj Malhotra’s IAS Study Group, Chandigarh
Regulation
 Permission only for one time
 Modified DNA will not be planted back to
embryo
Scientific knowledge
 Early stage of embryo called Blastocyst
 Miscarriages, infertility, genetic disorders etc
Bioethics
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Destruction of life
Playing nature
Designer baby syndrome
Rich poor affordability issues
Raj Malhotra’s IAS Study Group, Chandigarh
This is the end of the
presentation for Issue Based
Current Affairs for Week 5 (2016)
For Regular Updates visit our website :
www.rajiasacademy.com
Raj Malhotra’s IAS Study Group, Chandigarh