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Best IAS Coaching in Bangalore Daily Current Affairs 25th March 2020 Shiksha IAS https://iasshiksha.com/daily-current-affair/daily-current-affairs-25th-march-2020/ DAILY CURRENT AFFAIRS 25TH MARCH 2020 Posted on March 26, 2020 by admin Page: 1 Best IAS Coaching in Bangalore Daily Current Affairs 25th March 2020 Shiksha IAS https://iasshiksha.com/daily-current-affair/daily-current-affairs-25th-march-2020/ TODAY’S IMPORTANT TOPIC’S FOR UPSC PREPARATION 1. GOVERNMENT EXTENDS TAX DEADLINES TO JUNE 30. 2. TOKYO OLYMPICS MOVED TO 2021 OVER VIRUS CARE. 3. ENCOURAGE DOORSTEP DELIVERY: CENTRE. 4. U.S. COULD BECOME VIRUS EPICENTRE: WHO. 5. ECONOMIC PACKAGE SOON, SAYS FM. 6. RBI ADVANCES VAROABLE RATE TERM REPO AUCTION. GOVERNMENT EXTENDS TAX DEADLINES TO JUNE 30 Deadlines for filing income tax and GST returns have been extended to June 30, as part of a slew of relaxations of financial year-end compliance announced by Finance Minister Nirmala Sitharaman. The changes were prompted by the shutdown of large parts of the country in a bid to control the spread of the COVID-19 viral infection, so that taxpayers were not forced to endanger their health in a bid to meet compliance requirements. Charges: Bank account holders would not be charged extra for using a debit card to withdraw money from the ATMs of other banks for the next three months. Charges for not meeting minimum balance requirements would also be waived. Bank charges for digital transactions were also being reduced. Income tax returns for the financial year 2018-19 can now be filed until June 30, with the interest rate on delayed payments reduced to 9% from 12%. The last date for linking Aadhaar with PAN has also been extended from March 31 to June 30. Other taxpayer compliance deadlines, including for investment in savings instruments or for roll-over benefit of capital gains, under the Income Tax Act and other laws have also been extended. The deadline for filing GST returns for March, April and May, as well as for opting for the composition scheme, has been extended to June 30 for smaller companies — with less than ₹5 crore aggregate annual turnover — without any interest, late fee or penalty being charged. For bigger companies, only interest would be charged at the reduced rate of 9%. The date for filing annual GST returns for 2018-19 has also been extended to the last week of June. Deadlines for the Vivaad se Vishwas and Sabka Vishwas schemes for defaulting taxpayers are also being extended. Page: 2 Best IAS Coaching in Bangalore Daily Current Affairs 25th March 2020 Shiksha IAS https://iasshiksha.com/daily-current-affair/daily-current-affairs-25th-march-2020/ Threshold raised: The Centre has also decided to raise the threshold of default under Section 4 of the Insolvency and Bankruptcy Code, 2016, from ₹1 lakh to ₹1 crore in order to prevent triggering of insolvency proceedings against Micro, Small and Medium Enterprises. Statutory corporate requirements are also being relaxed at this time, including filings in the MCA-21 registry, mandatory board meetings, residency requirements for independent directors and deposit reserve requirements. The Finance Minister added that customs clearance operations would run around the clock, all seven days of the week, till the end of June. For fisheries imports, the validity of sanitary permits were being extended, while other requirements were being relaxed. Sabka Vishwas Scheme: Sabka Vishwas Scheme was announced in the Union Budget 2019. It is related to indirect tax It is a Legacy Dispute Resolution Scheme. The scheme targets those taxpayers who want to close their pending disputes related to Service Tax and Excise Tax(now subsumed under Goods and Services Tax). This scheme offers amnesty (official pardon) to those who wish to disclose any previously undisclosed tax liability without any penalty or prosecution. The two main components of the Scheme are dispute resolution and amnesty: The dispute resolution componentis aimed at liquidating the legacy cases of Central Excise and Service Tax that are subsumed in GST and are pending in litigation at various forums. The amnesty componentof the Scheme offers an opportunity to the taxpayers to pay the outstanding tax and be free of any other consequence under the law. The most attractive aspect of the Scheme is that it provides substantial relief in the tax dues for all categories of cases as well as full waiver of interest, fine, penalty, In all these cases, there would be no other liability of interest, fine or penalty. The Scheme is especially tailored to free the large number of small taxpayersof their pending disputes with the tax administration. Page: 3 Best IAS Coaching in Bangalore Daily Current Affairs 25th March 2020 Shiksha IAS https://iasshiksha.com/daily-current-affair/daily-current-affairs-25th-march-2020/ Vivad Se Vishwas Scheme: The Vivad se Vishwas Scheme is to do for direct tax-related disputes exactly what Sabka Page: 4 Best IAS Coaching in Bangalore Daily Current Affairs 25th March 2020 Shiksha IAS https://iasshiksha.com/daily-current-affair/daily-current-affairs-25th-march-2020/ Vishwas did for indirect tax-related disputes. The scheme launched by the Finance Ministry offers a complete waiver on interest and penalty to the taxpayers who pay their disputed taxes on or before March 31, 2020. Its key objective is to collect taxes and at the same time reduce litigation. The Scheme intends to reduce revenue shortfalls of the GoI. The scheme is to remain open till June 2020. Those who avail the scheme after March 31, 2020 are to pay additional amount, that is along with interests and penalty. There are more than 400,000 cases that are eligible to avail the scheme. This involves Rs 9.3 lakh crores. However, experts believe that under COVID-19 crisis, it is essential to extend the date of deposit date beyond March 31. TOKYO OLYMPICS MOVED TO 2021 OVER VIRUS CARE Olympics games were started in 776 BC on Mount Olympia in the honour of Greek God “Zeus”. The modern Olympic Games were started in Athens the capital of Greece on 6th April, 1896 with great efforts made by French nobleman, Baron Pierre de Coubertin. The Olympics Games are organised after every four years. Page: 5 Best IAS Coaching in Bangalore Daily Current Affairs 25th March 2020 Shiksha IAS https://iasshiksha.com/daily-current-affair/daily-current-affairs-25th-march-2020/ he Olympic flag is made up of White Silk and contains five interviewed rings as the Olympic Emblem. The Official Olympic Motto is “Cititus, Altius, Forties”, a Latin Phrase meaning Swifter, Higher, Stronger. Women have been allowed to compete in the Olympics since 1900. From 1924-1992, the Winter and the Summer Olympics took place in the same year. Now, they’re on separate cycles and alternate every two years. The 2012 London Games were the first Olympics in which all participating countries sent female athletes. The five rings of the Olympic symbol – designed by Baron Pierre de Coubertin, co-founder of the modern Olympic Games – represent the five inhabited continents of the world. The six colors – blue, yellow, black, green, red, and the white background – were chosen because every nation’s flag contains at least one of them. India at Olympics: India first participated at the Olympic Games in 1900, with a lone athlete (Norman Pritchard) winning two medals- both silver- in athletics. The nation first sent a team to the Summer Olympic Games in 1920, and has participated in every Summer Games since then. India has also competed at several Winter Olympic Games beginning in 1964. Indian athletes have won a total of 28 medals so far, all at the Summer Games. For a period of time, India national field hockey team was dominant in Olympic competition, winning eleven medals in twelve Olympics between 1920 and 1980. The run included 8 gold medals total and six successive gold medals from 1928–1956. Page: 6 Best IAS Coaching in Bangalore Daily Current Affairs 25th March 2020 Shiksha IAS https://iasshiksha.com/daily-current-affair/daily-current-affairs-25th-march-2020/ Person Medal Event Year Venue Norman Pitchard Silver 200 m dash 1900 Paris Norman Pitchard Silver 200 m hurdles 1900 Paris KD Jadhav Bronze Wrestling 1952 Helsinki Leander Paes Bronze Tennis 1996 Atlanta Karnam Malleswari Bronze Weightlifting 2000 Sydney Rajyavardhan Singh Rathore Silver Shooting 2004 Athens Abhinav Bindra Gold Shooting 2008 Beijing Sushil Kumar Bronze Wrestling 2008 Beijing Vijender Kumar Bronze Boxing 2008 Beijing Vijay Kumar Silver Shooting 2012 London Sushil Kumar Silver Wrestling 2012 London Yogeshwar Dutt Bronze Wrestling 2012 London Mary Kom Bronze Boxing 2012 London Saina Nehwal Bronze Badminton 2012 London Gagan Narang Bronze Shooting 2012 London P.V. Sindhu Silver Badminton 2016 Rio de Janeiro Sakshi Malik Bronze Wrestling 2016 Rio de Janeiro HOCKEY: Year Venue Medal Captain Remarks 1928 Amsterdam Gold Jaipal Singh Netherlands - Silver 1932 Los Angeles Gold Lal Bokhari United States - Silver 1936 Berlin Gold Dhyanchand Germany - Silver 1948 London Gold Kishan Lal Great Britain - Silver 1952 Helsinki Gold K.D. Singh Netherlands - Silver 1956 Melbourne Gold Balbir Singh Sr Pakistan - Silver 1960 Rome Silver Leslie Claudius Pakistan - Gold 1964 Tokyo Gold Charanjit Singh Pakistan - Silver 1968 Mexico City Bronze Gurbux Singh Pakistan - Gold 1972 Munich Bronze Harmeek Singh West Germany - Gold Page: 7 Best IAS Coaching in Bangalore Daily Current Affairs 25th March 2020 Shiksha IAS https://iasshiksha.com/daily-current-affair/daily-current-affairs-25th-march-2020/ Year Venue Medal Captain Remarks 1980 Moscow Gold Vasudevan Bhaskaran Spain - Silver Why in News? The 2020 Tokyo Olympics, originally scheduled to be held from July 24 to August 9, have been postponed to 2021.
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