CBDT notifies Rules and Forms for Direct Tax Vivad Se Vishwas (DTVSV) Scheme, 2024

• The Scheme to come into force with effect from 1st Oct. 2024
• DTVSV Scheme provides for lesser settlement amounts for a ‘new appellant’ in comparison to an ‘old appellant’
• Four separate Forms have been notified for the purposes of the DTVSV Scheme.

These are as under:

1. Form-1: Form for filing declaration and Undertaking by the declarant
2. Form-2: Form for Certificate to be issued by Designated Authority
3. Form-3: Form for Intimation of payment by the declarant
4. Form-4: Order for Full and Final Settlement of tax arrears by Designated Authority

Direct Tax Vivad Se Vishwas Scheme 2024:

• The scheme aims to reduce ongoing litigations related to income tax.
• VSV 2.0 will enable taxpayers andthe Income Tax Department to resolve disputes through a streamlined appeals process.
• It will provide a mechanism forfiling appeals across various appellate forums, including the Joint Commissioner of Income-tax (Appeals), the Income Tax Appellate Tribunal (ITAT), and higher courts.
• The scheme covers appeals, writ petitions, and special leave petitions pendingas of July 22, 2024, and will waive penalties and interest for settlements, ensuring no prosecution will be initiated for cases resolved under the scheme.
• The scheme also covers cases with objections filed before the Dispute Resolution Panel (DRP) where no final assessment order has been issued and pending revision applications before the Commissioner.
• However, certain cases are excludedfrom eligibility, including those involving searches, prosecutions, and undisclosed foreign income.
• Tax payer sunder specific legal restrictions or serious offenses will also not benefit from the scheme.
• The primary goal of VSV 2.0 is to provide a cost-effective mechanismfor settling disputed issues, thereby alleviating the burden of litigation on taxpayers and the judicial system. 

Who will benefit from this scheme?
As per the Finance Act, 2024 the Direct Tax Vivad Se Vishwas Scheme, 2024 can be used by the following appellants:

• A person in whose case an appeal or a writ petition or special leave petition has been filed either by him or by the income-tax authority or by both, before an appellate forum and such appeal or petition is pending as on the specified date; or
• A person who has filed his objections before the Dispute Resolution Panel under section 144C of the Income-tax Act and the Dispute Resolution Panel has not issued any direction on or before the specified date; or
• A person in whose case the Dispute Resolution Panel has issued direction under sub-section (5) of section 144C of the Income-tax Act and the Assessing Officer has not completed the assessment under sub-section (13) of that section on or before the specified date; or
• A person who has filed an application for revision under section 264 of the Income-tax Act and such application is pending as on the specified date.

GeM celebrates 100 days of governance; announces drastic reduction in its transaction charges

• GeM has announced a New Revenue Policy of the portal which was given effect to from 9^thAugust 2024. 

As per this Policy:

• All orders valued up to ₹10 Lakh will now attract zero transaction charges, as opposed to the earlier order value ceiling of ₹5 Lakh.
• Orders above ₹10 Lakh up to ₹10 Crore will be levied transaction charges worth 0.30% of total order value, as compared to earlier transaction charges of 0.45%.
• Orders above ₹10 Crore will now pay a flat fee of ₹3 Lakh, a massive reduction from the transaction charges previously capped at ₹72.5 Lakh.

GeM Portal

• Government e-Marketplace, shortly known as GeM, is a digital platform that enables buying and selling of goods and services.
• It is the Public Procurement Portal for procurement of goods and services for all Central Government and State Government Ministries, Departments, Public Sector Units (PSUs) and affiliated.
• The portal was launched in August 2016, by the Ministry of Commerce & Industry.
• The purchases through GeM by Government users have been authorised and made mandatory by Ministry of Finance by adding a new Rule No. 149 in the General Financial Rules, 2017.
• The sole purpose of GeM is to enhance efficiency; transparency and speed in public procurement.

Significance:

• Boost to Digital Economy:

• The e-marketplace can promote the use of technology in government procurement processes, contributing to the growth of India''s digital economy.
• In the last 6.5 years, GeM has revolutionised the ecosystem of public procurement in the country through technology, the digitization of processes, the digital integration of all stakeholders, and the use of analytics.
• Improved vendor participation: GeM can encourage more vendors, including small and medium enterprises, to participate in government procurement processes, leading to increased competition and better value for money for the government.
• Transparency and Efficiency: A government e-marketplace can improve the transparency and efficiency of procurement processes by standardising and automating procedures,reducing the scope for corruption and human error.

Challenges of GeM Portal

       1. Registration/Onboarding Process:

• The biggest challenge faced by informal sector women workers is the onboarding process.
• These workers rarely have the requisite documentation (especially GSTIN or PAN cards) to onboard on GeM.
• Further, the current registration process is lengthy and requires large amounts of documentation.

       2. Government Pricing Mandate:

• Many product/service offerings are not feasible for our members due to low mandated prices set by various government departments.
• The current system on GeM also mandates a compulsory minimum discount of 10%, even on small order quantities.
• Coupled with GST and shipping charges, this makes the cost to suppliers prohibitive.
• Most enterprises struggle to cover their overheads, let alone make a tenable profit.

       3. Location Matching:

• The available bids are often for distant locations, which not only eliminates the limited profit margin, but also starts cutting into the cost of production.

INDIAN AIR FORCE AIR SHOW SET TO DAZZLE CHENNAI AHEAD OF 92ND IAF ANNIVERSARY

• This year''s event is based on theme "Bhartiya Vayu Sena - Saksham, Sashakt, Atmanirbhar" (Potent, Powerful, and Self-Reliant), highlighting the lAF''s unwavering commitment to safeguarding the nation''s airspace.
• The air show will feature performances by the lAF''s elite teams Akash Ganga, renowned for their skydiving prowess, the Suryakiran Aerobatic Team, famed for their close formation aerobatics, and the Sarang Helicopter Display Team, known for their stunning aerial choreography.

Indian Air Force

• President of India is the Supreme Commander of the Armed Forces,
• The fourth-largest air force in the world is the Indian Air Force.
• Headquarters: New Delhi
• Motto of India Air Force: Touch the sky with Glory.
• It was taken from the eleventh chapter of the Bhagavad Gita.
• The Chief of Air Staff, an air chief marshal is responsible for the operational command of the air force.

History

• On October 8, 1932, the former British Empire established the IAF. 
• It was created to support the British Royal Air Force, particularly against Japan in World War II.
• The IAF was used to attack Japanese bases in Burma in order to stop the Japanese army''s advance toward India.
• King George VI gave the IAF''s accomplishments the prefix "Royal" in 1945.
• This honorific title was dropped in 1950, when India became a republic.

Significance of Indian Air Force Day

• Celebrating Heroes: It’s a platform to celebrate the achievements and contributions of IAF personnel, both past and present. Their courage, skill, and unwavering commitment deserve recognition and appreciation.
• Inspiring Future Generations: The Day serves as a source of inspiration for young people, showcasing the IAF as a career path filled with purpose, dedication, and service to the nation. It encourages them to consider joining the force and contributing to its future success.
• Symbol of National Strength: The IAF’s impressive display of aerial prowess and technological advancement during the Day’s celebrations instills a sense of national pride and confidence in the country’s ability to defend itself.
• Unifying Force: The Day transcends differences and brings people together in a common spirit of patriotism and appreciation for the IAF’s vital role in protecting the nation. It fosters a sense of unity and shared purpose.
• Highlighting Technological Advancements: The Day serves as a platform to showcase the IAF’s commitment to modernization and technological advancement. It highlights the continuous efforts towards developing indigenous aircraft, weapons systems, and other cutting-edge technologies.

Are antibiotics responsible for bowel diseases?

Key Findings on the Impact of Antibiotics on Gut Health

• Recent research published in Science Advances has highlighted the significant effects of antibiotics on the integrity of the intestinal mucus barrier. This study raises concerns about the consequences of irrational antibiotic use beyond the well-known issue of antimicrobial resistance.

Study Overview

• Experimental Setup: Mice were treated with four different antibiotics—ampicillin, metronidazole, neomycin, and vancomycin—twice daily for three days.
• Main Discovery: All four antibiotics disrupted the mucus layer that protects the intestinal epithelium, allowing microbes to interact closely with host tissues. This can trigger immune responses and increase susceptibility to intestinal inflammation.

Implications for Inflammatory Bowel Disease (IBD)

• Potential Link to IBD: Researchers propose that the erosion of the mucus barrier from repeated antibiotic use could contribute to the development of inflammatory bowel diseases over time, particularly when combined with genetic predispositions.

Recovery Strategies

• TUDCA Treatment: The study explored the use of tauroursodeoxycholic acid (TUDCA) to reverse the mucus secretion deficits caused by vancomycin. TUDCA alleviated ER stress in goblet cells, restoring mucus production and supporting the hypothesis that ER stress is a critical factor in antibiotic-induced damage.

Inflammatory Bowel Disease (IBD)

• IBD is a term that describes disorders involving long-standing (chronic) inflammation of tissues in your digestive tract. 
• For some people, IBD is only a mild illness. For others, it''s a debilitating condition that can lead to life-threatening complications.

Types of IBD include:

• Ulcerative colitis: This condition involves inflammation and sores (ulcers) along the lining of your large intestine (colon) and rectum.

Crohn''s disease. 

• This type of IBD is characterized by inflammation of the lining of your digestive tract, which often involves the deeper layers of the digestive tract.
• Crohn''s disease most commonly affects the small intestine. However, it can also affect the large intestine and, uncommonly, the upper gastrointestinal tract.
• A third category, indeterminate colitis IBD, refers to IBD that has features of both Crohn’s disease and ulcerative colitis.