Continuing the practice of placing key statistics relating to direct tax collections and administration in public domain, the Central Board of Direct Taxes (CBDT) has further released time-series data as updated up to FY 2017-18 and income-distribution data for AY 2016-17 and AY 2017-18. The key highlights of these statistics are as under:

There is a constant growth in direct tax-GDP ratio over last three years and the ratio of 5.98% in FY 2017-18 is the best DT-GDP ratio in last 10 years.
There is a growth of more than 80% in the number of returns filed in the last four financial years from 3.79 crore in FY 2013-14 (base year) to 6.85 crore in FY 2017-18.
The number of persons filing return of income has also increased by about 65% during this period from 3.31 crore in FY 2013-14 to 5.44 crore in FY 2017-18.
There has been continuous increase in the amount of income declared in the returns filed by all categories of taxpayers over the last three Assessment Years (AYs). For AY 2014-15, corresponding to FY 2013-14 (base year), the return filers had declared gross total income of Rs.26.92 lakh crore, which has increased by 67% to Rs.44.88 lakh crore for AY 2017-18, showing higher level of compliance resulting from various legislative and administrative measures taken by the Government, including effective enforcement measures against tax evasion.

The total number of taxpayers (including corporates, firms, HUFs, etc.) showing income of above Rs. 1 crore has also registered sharp increase over the three-year horizon. While 88,649 taxpayers disclosed income above Rs. 1 crore in AY 2014-15, the figure was 1,40,139 for AY 2017-18 (growth of about 60%). Similarly, the number of individual taxpayers disclosing income above Rs. 1 crore increased during the period under reference from 48,416 to 81,344, which translates into a growth of 68%.

Forbes’ global 2000 best employers list: Larsen & Toubro, a leading player in country’s engineering and construction sector, has featured at 22nd rank among the top 25 companies in the Forbes’ global 2000 best employers list. The chart is topped by Google parent Alphabet. Other than L&T, the only other Indian firms to feature in the top 100 list are Mahindra & Mahindra at 55, Grasim Industries at 59 and HDFC at 91. According to the US magazine, only 24 firms list in the overall list.

It has been second year in a row that Alphabest has topped the list with Microsoft following it. The six out of 10 spots have been captured by the American companies.

For India, there are only 24 domestic companies in the list which include the state-run GIC Re ranked 106, tobacco major ITC at 108, state-run alloy major SAIL at 139, Sun Pharma at 172, Asian Paints at 179, and HDFC Bank at 183.

At 201 is Adani Ports & Special Economic Zone, JSW Steel is placed at 207, at 253 is Kotak Mahindra Bank, Hero Motocorp is ranked 295, Tech Mahindra comes at 351, ICICI Bank at 359, Wipro at 362, Hindalco at 378, State Bank of India is ranked 381, Bajaj Auto at 417, Tata Motors scores 437, Power Finance Corporation is at 479, Axis Bank at 481 and the state-run Indian Overseas Bank is ranked at 489, according to the list.

New Delhi: A parliamentary panel will examine the functioning of the Employees Provident Fund Organisation (EPFO), its coverage and recovery of arrears. The Parliamentary Standing Committee on Labour has also decided to review the implementation of labour laws, social security and welfare scheme for workers.

The panel will be headed by BJP MP Kirit Somaiya. It has selected a wide range of subjects related to labourers, including the International Labour Organisation conventions binding on India and the measures taken by the government to implement them, according to a bulletin issued by the Lok Sabha secretariat.

It will also look into the working conditions and welfare of mine workers, and review the working of the Directorate General of Mines Safety.

The panel had earlier suggested that the EPFO should act as the sole regulator for all categories of provident funds, particularly private PF trusts, and there should be a strong regulatory system in place for all PF trusts.

Even though India slipped by one spot, it was still ranked one of the 10 most valuable nation brands in the world. Brand Finance's annual Nation Brands report measures nations' brands based on the country's image and the economy as a whole. India was ranked 8th in last year's report but slipped by a spot to the 9th rank. Despite its brand value rising 5% from last year, India has slipped one rank for the second consecutive year.

India's brand value was $2,046 billion in 2017 and has increased to $2,159 billion in 2018, the report mentioned. India is one of the only two countries in the top 10 to have lost a spot. The other country to slip by a rank is Japan.

Topping the list and maintaining its lead is US with a brand value of $25,899 billion which rose by 23% from last year. The US economy has grown at a rapid pace and is expected to continue it in the coming months. All of its parameters, including GDP, consumer sales, car output show growth.

The country to see the highest jump in brand value is Germany with 28%.

Four unnamed Himalayan peaks near Gangotri glacier have been named after former Prime Minister Atal Bihari Vajpayee. The peaks are located at 6,557, 6,566, 6,160 and 6,100 metres on the right flank of Gangotri glacier, said Colonel Amit Bisht, principal of Nehru Institute of Mountaineering and leader of the mountain climbing team which recently scaled the newly named peaks, on Saturday.

The team, which returned after the climb, had hoisted the national tricolour on each of the peaks. Located near Sudarshan and Saifi peaks in Raktvan valley, the peaks have been named Atal-1, 2, 3 and 4, Bisht said. The expedition was flagged off from Dehradun on October 4 by Chief Minister Trivendra Singh Rawat. The expedition was jointly conducted by NIM and the tourism department.

Mumbai: IFC, a member of the World Bank Group, on Friday said that it has launched a $1 billion masala bond programme to fund its investment activities in India.

The first tranche of $100 million under the programme, which opened last night on the London Stock Exchange, was sold to a range of investors, including asset managers, banks, and a pension fund in the United States and Europe, the statement said.

Masala bonds are rupee-denominated borrowings issued overseas.

“Our investment activities in India touched a record high last year. In line with our strategy, we have made big strides in the areas of affordable housing, SME finance, distressed assets resolution, renewable energy, logistics, and disruptive technologies. Our pipeline remains strong, and this masala bond programme will help us support our investment activities in the near and medium term,” according to Mengistu Alemayehu, director, South Asia, IFC.

IFC uses masala bonds to raise rupee funds overseas, and brings the proceeds to India for investments.

NEW DELHI: Prime Minister Narendra Modi today said a national award in the name of Netaji Subhash Chandra Bose will be given every year to police personnel who do "exemplary work" in rescue and relief operations during any kind of disasters.
The announcement came on the 75th anniversary of Bose's declaration of the formation of India's first independent government -- the Azad Hind Government on October 21, 1943.

PM Modi said the award will be announced on January 23, on Netaji's birthday.

BERLIN - Officials overseeing a U.N.-backed fund to help poor countries tackle climate change have approved more than $1 billion in new investments after a four-day meeting in Bahrain.

The Green Climate Fund said Sunday that the meeting approved 19 new projects, including a program to protect freshwater resources in Bahrain.

Environmentalists had argued the Gulf nation should pay for the project itself using money it has made off its vast reserves of oil and gas.

NITI Aayog is organizing the fourth edition of NITI Lecture Series at Vigyan Bhawan, New Delhi on 22.10.2018. Prime Minister Shri Narendra Modi will attend the 4th edition of NITI Lecture series in which the key note address will be delivered by Jensen Huang, President and Co-Founder, NVIDIA Corporation. The theme this year is “AI for ALL: Leveraging Artificial Intelligence for Inclusive Growth”. Union Ministers, policy makers, experts from different walks of life along with NITI Aayog Vice Chairman, Members, CEO and Senior officials will be a part of august gathering on this occasion..

AI & NITI

Artificial intelligence is the use of computers to simulate human intelligence. AI amplifies our cognitive abilities — letting us solve problems where the complexity is too great, the information is incomplete, or the details are too subtle and require expert training.

Union Budget-2018 mandated NITI Aayog to come up with a national programme on employing Artificial Intelligence towards national development. NITI has, since, published a National Strategy for Artificial Intelligence.

National Strategy lays down the vision of India for evolving a robust ecosystem for AI research and adoption. The Strategy is termed #AIForAll as it is focused on leveraging AI for inclusive growth in line with the Government policy of Sabka Saath, Sabka Vikas.

Aditya Tare struck a fluent half-century as a clinical Mumbai defeated Delhi by four wickets to win their third Vijay Hazare Trophy title at M Chinnaswamy stadium here on Saturday.

Mumbai last won the trophy way back in 2006-07 when they defeated Rajasthan. Opting to bowl after winning the toss, pacers, Shivam Dubey (3/29) and Dhawal Kulkarni (3/30) picked up three wickets apiece as Mumbai bowled out Delhi for a paltry 177 in 45.4 overs.

Later, Tare starred with the bat with an 89-ball 71 that included 13 boundaries and a six and in the company of crisis man Siddesh Lad (48) stitched 105 runs for the fifth wicket to seal the win for Mumbai with 15 overs to spare.

But Tare had his heart in his mouth in 19th over of the innings when he survived a caught behind decision. Repeated TV replays showed the ball had bounced before nestling into Delhi wicket-keeper Unmukt Chand’s gloves. Tare eventually fell prey to Manan Sharma, trapped plumb in front of the wicket in the 31st over but by then he had already taken Mumbai to sniffing distance of a win. Lad’s valiant 48 came off 68 deliveries with four boundaries and two sixes but he fell two short of his half century, caught by Dhruv Shorey off Lalit Yadav with Mumbai scoreboard reading 176 for six.

Lad also survived a run out appeal at the non-strikers end after the umpires could not come to a conclusive proof to suggest that the straight drive off Tare hit the boots of Subodh Bhati and ricocheted onto the stumps.