Daily GK Update – 19th January 2016 Current Affairs 

R V Easwar Committee released its report to simplfy Income tax Act, 1961.

The are around 27 suggestions by 10 member committee for amendments under the Income tax Act, 1961.

There are also 8 recommendations for reform through administrative instructions.

  • Amendment to Section 255(3) to enhance the monetary limit for Single Member Bench (SMC) cases before the Tribunal to rupees one crore from the present rupees 15 lakhs.
  • Amendment to Section 254(2) to reduce the time-limit for rectification of orders of the Tribunal from the present four years to 120 days.
  • Deletion of section 143(1D) – Avoiding undesirable delay in issue of refunds
  • TDS rates for individuals and Hindu undivided families (HUFs) to be reduced to 5 percent as against the present 10 percent.
  • Proposal for certain amendments in rule 30 and 31 in relation to time and mode of payment of TDS and filing of statement of TDS under the provisions of section 200
  • RV Easwar Committee was constituted on 27 October 2015 to study and identify the provisions/phrases in the Income-tax Act, 1961.

WB to fund 20 million USD for reconstructing Indira Gandhi Zoological Park.

  • The decision is a new addition in the portfolio of the bank as part of its ever-expanding work on urban regeneration.
  • The funding is a part of the 370 million US dollar Andhra Pradesh Disaster Recovery Project for which the bank is extending assistance of 250 million US dollars from 2015-2020.

CEO and MD of Tata Motors : Guenter Butschek

  • Guenter Butschek appointed as CEO and MD of India’s biggest auto maker Tata Motors’ Group.
  • He was appointed after post of Managing Director of Tata Motors was vacant for two years since the death of Karl Slym on 26 January 2014 after falling from a hotel building in Bangkok.
  • He is expected to join the company by 15 February 2016.
  • He joins Tata Motors after his stint as the Chief Operating Officer at Airbus and Member of the Group Executive Committee.

SBI offers loans for women entrepreneurs under MUDRA scheme.

The loan named Boutique finance for women entrepreneurs is a special loan scheme under PM MUDRA Yojana.

  • The scheme has been launched for catering to the financial needs of women entrepreneurs.
  • Under the scheme, State Bank of India too has come forward to participate and provide loans to help women entrepreneurs in West Bengal who are engaged in various handicraft activities.

Tamilnadu CM Jayalalitha launched Amma Call Centre.

  • The initiative is aimed at Quick delivery of government services.
  • The ‘Amma Call Centre’, which will work all through the year, was launched by the Chief Minister here through video-conferencing.
  • The latest initiative was aimed at ensuring quick response to people’s grievances where in they can dial toll-free number ’1100’ at any point of time in the day.

40th edition of International Kolkata Book Fair on 27 janaury 2016.

  • World’s largest non trade fair- International Kolkata Book Fair is all set to bring to life a slice of history.
  • In a first of its kind, the Publishers and Booksellers Guild – organisers of the International Kolkata Book Fair – will organise a ‘heritage walk’ that takes the person through the 39-year-old journey of the fair.

Renowned film maker Lakshman Rao Mohite alias Geethapriya passed away.

  • He was 84 and survived by wife, son and two daughters.
  • He penned lyrics for over 250 songs in Kannada and directed 40 films including one Hindi film.
  • He wrote his first song for Sri Rama Pooja film in 1954 and became director through Mannina Maga, starring Rajkumar in 1968.
  • The movie bagged National Film Award for Best Feature Film in Kannada and State awards.

Clean water technology solutions company HaloSource Inc.  appointed Tamal Chaudhuri as India Head.

  • HaloSource Inc., a clean water technology solutions company trading on London’s Alternative Investment Market, has appointed Tamal Chaudhuri as General Manager, heading up the company’s India operations.
  • He will be responsible for driving all aspects of the company’s business in the region.

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Yasutaro Koide , world’s oldesh man passes away at age of 112.

  • The super-centenarian, recognised as the world’s oldest male at 112 last year, died of heart failure and pneumonia.
  • Koide, a former tailor who was born on March 13, 1903 in Fukui prefecture, northwest of Tokyo, received a certificate from Guinness World Records confirming the achievement after another Japanese man who was just a month older died in July.

Ronnie O’Sullivan defeats Barry Hawkins to win 6th Snooker Masters Title.

  • The final was held at the Alexandra Palace in London.
  • O’Sullivan had previously won the event in 1995, 2005, 2007, 2009 and 2014, equalling the record set by Stephen Hendry.


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