What are the function of CBDT?

• The Central Board of Direct Taxes is a Statutory Authority functioning under the Central Board of Revenue Act, 1963.
• It is a part of the Department of Revenue in the Ministry of Finance, GoI.
• It provides essential inputs for policy and planning of direct taxes in India and is also responsible for administration of the direct tax laws through Income Tax Department.
• It is India’s official financial action task force unit.
• Function of CBDT
• Formulation of various policies.
• Supervision of the entire Income Tax Department
• It deals with matters related to levying and collecting Direct Taxes.
• Suggests legislative changes in Direct Tax Enactments, rates and reforms.

Sports Minister to launch ‘Fit India Freedom Run’

• Union Sports Minister Shri Kiren Rijiju to launch unique Fit India Freedom Run on August 14 to October 2.
• Participants can take part at their own pace – anywhere and at any time of their convenience.
• They can break up their runs over several days in this period.
• The total kilometers clocked can be tracked using a Global Positioning System (GPS) watch or manually.
• This event is targeted to encourage fitness among the masses while following Covid-19 protocols.

Major Improvements in National Overseas Scholarship Scheme

• The Annual Family Income limit for National Overseas Scholarship Scheme for Scheduled Castes students w.e.f. selection year 2020-21 has been increased from Rs 6 lakh to Rs 8 lakh per annum.
• Students securing admission in higher ranking institutions internationally will be given preference.
• The minimum qualifying marks have been increased from 55% to 60%.
• Various verification processes have been simplified.
• Police verification has been done away and self-declaration has been introduced.

“Empowering Tribals, Transforming India”

• NITI Ayog has launched the online performance dashboard named as ‘Empowering Tribals, Transforming India’
• The platform is developed by the Ministry of Tribal Affairs.
•  It an interactive and dynamic online platform that showcases updated & real-time details.
• It shows the details of 11 schemes / initiatives of the Ministry for achieving SDGs.
• It captures performance of 5 Scholarship Schemes of Ministry wherein every year about 30 lakh underprivileged ST beneficiaries reap benefit to the tune of INR 2500 crores.
• NITI Ayog:
• The Government, in January 2015, replaced Planning Commission with NITI Aayog (National Institution for Transforming India).
• Chairperson: Prime Minister
• Aim: To achieve Sustainable Development Goals.
• To foster cooperative federalism through structured support initiatives and mechanisms with the States on a continuous basis, recognizing that strong States make a strong nation.

Assam to launch Arunodoi Scheme

• The Assam Government is set to roll out the Arunodoi Scheme from October 02, 2020.
• The scheme is to provide financial assistance to around 17 lakh families in the state.
• This is the largest direct benefit transfer scheme till date in the state.
• Under this scheme an amount of 830 rupees will be given to eligible families per month to buy essential food items.
• The amount will be transferred to the bank account of the nominated woman of the family.
• The applicant should be a resident of the state and he should be residing in the state.
• The household income of the applicant for this scheme should not exceed Rs 2 lakhs per annum.
• Preference will be given to especially abled nominated female, widowed / divorced / unmarried female / separate female and specially-abled household member.
• The main aim of the scheme is to take care of the financial problems of the poor and BPL families in the state with substantial financial support.

President Kovind to address nation on eve of Independence Day

• President Ram Nath Kovind will address the nation on Friday on the eve of 74th Independence Day.
• The address will be broadcast from 07:00 pm onwards on the entire national network of All India Radio (AIR) and overall Doordarshan channels

Current COVID19 Situation in India

QUIZ TIME

The Annual Family Income limit for National Overseas Scholarship Scheme for SC students is:

1. 6 lakhs
2. 7 lakhs
3. 8 lakhs
4. 9 lakhs

Answer – C

‘Empowering Tribals, Transforming India’ dashboard is developed by which of the following?

1. Ministry of Tribal Affairs
2. NITI Ayog
3. Ministry of IT
4. Ministry of Social Justice and empowerment

Answer – A

NITI Ayog replaced:

1. NDC
2. Planning Commission
3. Finance Commission
4. Investment Commission

Answer – B

Arunodoi Scheme pertains to which of the following states?

1. Arunachal Pradesh
2. Assam
3. Sikkim
4. Odisha

Answer – B

Question of the Day

What are Sustainable Development Goals (SDGs)?

Answer in next session…