12 Aug 2020: PIB Summary & Analysis

August 12th, 2020 PIB:- Download PDF Here

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TABLE OF CONTENTS

1. Transparent Taxation – Honouring the Honest
2. International Youth Day
3. Union Home Minister’s Medal for Excellence in Investigation, 2020

1. Transparent Taxation – Honouring the Honest

Context:

Prime Minister to launch platform to honour honest taxpayers.

Details:

  • This move is aimed at easing compliance and expediting refunds, benefiting honest taxpayers.
  • This launch is expected to carry forward the journey of tax reforms that have been taken by the Central Board of Direct Taxes (CBDT).
  • Some of the reforms include:
    • Reduction in corporate tax from 30% to 22% for existing companies and from 25% to 15% for new manufacturing companies.
    • Abolition of the dividend distribution tax.
  • Other steps have also been taken for bringing in efficiency and transparency in the functioning of the Income Tax Department, including Document Identification Number (DIN) and pre-filling of income tax returns to make compliance more convenient.

2. International Youth Day

Context:

August 12 is observed as International Youth Day.

About International Youth Day:

  • The day was designated by the United Nations and it was observed for the first time in 2000.
  • It is meant as an opportunity for governments and others to draw attention to youth issues worldwide.
  • The purpose of the day is to draw attention to a given set of cultural and legal issues surrounding youth.
  • The theme for the International Youth Day 2020 is “Youth Engagement for Global Action”.

3. Union Home Minister’s Medal for Excellence in Investigation, 2020

Context:

The “Union Home Minister’s Medal for Excellence in Investigation” for the year 2020 have been awarded to 121 police personnel.

About the Medal:

  • This medal was constituted in 2018 with the objective of promoting high professional standards of investigation of crime and to recognize such excellence in investigation by investigating officers.

Read previous PIB here.

August 12th, 2020 PIB:- Download PDF Here

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