Daily updates 18 July 2019

National News

1.  Cabinet approves setting up of NMC

i. The Union Cabinet has approved National Medical Commission Bill, 2019. The bill provides for setting up of a National Medical Commission in place of Medical Council of India and repeal the Indian Medical Council Act 1956.
ii. The features of the bill include, the Common final year MBBS Exams will be know as National Exit Test(NEXT) which would serve as Licentiate Exam, for entrance to Post Graduate medical course and as screening test of foreign medical graduates.

Static/Current Takeaways Important For RRB NTPC/IBPS RRB Main:

• Union Minister of Health and Family Welfare: Dr. Harsh Vardhan.

2. Panel to prevent extinction of Great Indian Bustard and the Lesser Florican

i. The Supreme Court of India has constituted a high powered committee to urgently frame and implement an emergency response plan for the protection of two Indian birds- Great Indian Bustard and the Lesser Florican. 
ii. The 3 member panel constitutes Dr Deepak Apte, Dr Asad R Rahmani and Dr Dhananjai Mohan.

International News

3. Palau Becomes 76th Country to Join ISA

i. Palau, an archipelago of over 500 islands in Oceania, became the 76th signatory country to join the International Solar Alliance.
ii. The International Solar Alliance is a group of 121 solar resource-rich countries with headquarters in Gurugram, India. 
iii. The organisation aims to deploy over 1,000 gigawatts of solar energy and mobilise more than USD 1,000 billion into solar power by 2030, according to the United Nations Framework Convention on Climate Change (UNFCCC).

Static/Current Takeaways Important For EPFO/LIC ADO Main:

• Capital of Palau: Ngerulmud; Currency of Palau: U.S. Dollar.

Banking and Economy News

4. ADB cuts India’s GDP growth rate from 7.2% to 7% for FY20

i. Asian Development Bank lowered India's GDP growth rate from 7.2% to 7% for the current fiscal year.
ii. India is expected to grow by 7% in 2019 and 7.2% in 2020, slightly slower than projected in April, ADB said in its supplement to the Asian Development Outlook 2019.

Static/Current Takeaways Important For SBI PO/Clerk Main:

•  President of ADB Bank: Takehiko Nakao;  HQ of ADB Bank: Manila, Philippines.

5. HDFC Bank, CSC launch credit card for VLEs and small traders

i. HDFC Bank and Common Services Centres launched a co-branded ‘Small Business Money Back Credit Card’ for small traders and village-level entrepreneurs (VLEs).
ii. The credit card is specifically designed for VLEs and VLE-sourced customers. It will give users easy access to credit for their day-to-day business expenses.

Static/Current Takeaways Important For EPFO/LIC ADO Mains:

• MD of HDFC Bank: Aditya Puri; Headquarters: Mumbai.

Agreements

6. L&T Infotech acquires AI firm Lymbyc for Rs 38 crore

i. Larsen & Toubro Infotech Ltd acquires AI firm Lymbyc for Rs 38 crore. 
ii. Lymbyc’s expertise in data discovery, agile analytics and ability to process large data sets, will enhance LTI’s Mosaic platform to provide differentiated analytics solutions.
iii. Lymbyc  is a Bengaluru-headquartered company known for its capabilities in analytics and data sciences space.

Static/Current Takeaways Important For SBI PO/Clerk Mains:

• CEO of Larsen & Toubro Infotech Ltd: Sanjay Jalona.
• CEO of Lymbyc: Satyakam Mohanty.

7. Ebix acquires Yatra Online in $337.8 million

i. US company, Ebix has announced the acquisition of travel portal Yatra Online for $337.8 million.
ii. Now, Yatra has become the part of Ebix’s EbixCash travel portfolio, forming India’s one of the “largest and most profitable” travel services companies. 
iii. Yatra will continue to serve customers under its brand, alongside EbixCash’s two other travel brands 'Via' and 'Mercury'.
iv. Ebix is a provider of on-demand software and e-commerce services.

Static/Current Takeaways Important For RRB NTPC/IBPS RRB Mains:

• CEO of Yatra Online: Dhruv Shringi; CEO of Ebix: Robin Raina.

State News

8. Maharashtra increases aid to kin of Martyred Jawans

i. Maharashtra government increased financial aid to families of jawans martyred in war or war-like situations or conflict related to national security from Rs 25 lakh to Rs 1 crore. 
ii. Personnel wounded in conflict will get monetary compensation ranging from Rs 20 lakh to Rs 60 lakh each, depending on the severity of their injury.

Static/Current Takeaways Important For EPFO/LIC ADO Main:

• CM of Maharashtra: Devendra Fadnavis.
• Governor of Maharashtra: CH Vidyasagar Rao; Capital of Maharashtra: Mumbai.

9. Uttarakhand to host first ever Himalayan states conclave

i. Uttarakhand will host the first ever Himalayan states conclave here on July 28 where the prime focus will be on sustainable development.
ii. The conclave will host the Chief Ministers of the Himalayan states - Uttarakhand, Jammu and Kashmir, Himachal Pradesh, Sikkim, Assam, Arunachal Pradesh, Meghalaya, Nagaland, Tripura, Mizoram and Nagaland, along with administrators and specialists.

Static/Current Takeaways Important For RRB NTPC/IBPS RRB Main:

• CM of Uttarakhand: Trivendra Singh Rawat.
• Governor of Uttarakhand: Baby Rani Maurya.
• Capital of Uttarakhand: Dehradun.

10. Internet Saathi' programme to be expanded to Punjab, Odisha

i. Google India and Tata Trusts initiative is aimed at facilitating digital literacy among women in rural India named "Internet Saathi". This initiative will be expanded to villages in Punjab and Odisha.
ii. This programme has now reached 2.6 lakh villages in 20 states. In Punjab, the programme will cover around 5,000 villages. In Odisha, it will cover over 16,000 villages.

Static/Current Takeaways Important For SBI PO/Clerk Main:

• Chief of "Internet Saath" Google India: Neha Barjatya.

Awards

11. Govt's ''Find the Incredible You'' campaign wins PATA award

i. The "Find the Incredible You" campaign of the Tourism Ministry, has won the Pacific Asia Travel Association (PATA) Gold Award, 2019.
ii. The campaign won the award under the "Marketing - Primary Government Destination" category. 
iii. The Ministry of Tourism, as part of its promotional initiatives, annually releases Global Media Campaigns under the 'Incredible India' brand-line in the television, print, digital and social media platforms.

Static/Current Takeaways Important For EPFO/LIC ADO Mains:

• Minister of State (Independent Charge) of the Ministry of Tourism: Prahalad Singh Patel.

Important Days

12. Nelson Mandela International Day: 18 July

i. The United Nations observes 18 July every year as Nelson Mandela International Day. 
ii. The day acknowledges the Nelson Mandela's contribution to the struggle for democracy internationally and the promotion of a culture of peace throughout the world. Nelson Mandela Day is an occasion for all to take action and inspire change.

Static/Current Takeaways Important For SBI PO/Clerk Mains:

• Headquarters of United Nations: New York, USA; Founded: 24 October 1945.
• Mr Antonio Guterres is the Secretary-General of the United Nations.

13. World Day for International Justice: 17th july

i. World Day for International Justice is observed all around the world on 17th July. 
ii. The aim of the day is to promote international criminal justice and as a way of supporting the work of the ICC.
iii. It came about when 120 states adopted a statute in Rome. It was known as the Rome Statute of the International Criminal Court, All the countries that agreed to adopt the statute were accepting the jurisdiction of the ICC.

Static/Current Takeaways Important For SBI PO/Clerk Main:

• International Criminal Court HQ: The Hague, Netherlands.

Sports

14. Anish Bhanwala claims gold medal in ISSF Junior World Cup

i. Shooter Anish Bhanwala claimed gold in 25m rapid fire pistol competition to continue India's dominance in the tournament in Suhl, Germany.
ii. India's position at the top of the standings. Now India have so far won eight gold, seven silver and three bronze medals in the tournament.

15. Hima Das wins gold in "Tabor Athletics"

i. Star Indian sprinter Hima Das clinched gold in a 200m race in 23.25 seconds creditable timing in the Tabor Athletics Meet in Czech Republic.

Static/Current Takeaways Important For RRB NTPC/IBPS RRB Main:

• President of Czech Republic: Miloš Zeman.
• Capital of Czech Republic: Prague; Currency of Czech Republic: Czech koruna.

Difference between an Income Tax Rectification request and Revised Return

When filing income tax returns, you need to pay attention to detail. But as careful as one may be, at times certain errors may fail to get noticed.

Whether you have filed your income tax returns well in advance or even if filed at the last minute, there is a possibility of making a mistake. You may have forgotten to include certain exemptions, erroneously entered a wrong challan number for the tax credit, or even failed to include certain income.

The list can go on and on, as there could be endless possibilities. Hence, the tax department allows individuals to correct genuine mistakes in their income tax returns.

You may correct the error through two routes:

1. Submitting a rectification request under Section 154 of the Income Tax Act or
2. Filing a revised return under Section 139(5)

Difference between an Income Tax Rectification request and Revised Return

Once you submit and verify your income tax returns, an income tax Assessing Officer will authenticate the data you have entered and will send you an Intimation under Section 143(1) of the Income Tax Act. Here, you will need to match the data you’ve submitted and computed under Section 143(1) by the assessing officer. If there is a mistake, it will need to be corrected by submitting a rectification request.

You can submit a rectification request after the income tax return is processed or on receiving an Intimation u/s 143(1). You can rectify mistakes apparent from the record. Under this section, one can rectify clerical, arithmetical mistakes, a mismatch in tax payments, inclusion of income chargeable under an incorrect heading, and even changes in your resident status. Further, there must be confirmation that the mistake is apparent from the records and it is not a mistake that requires debate, elaboration, investigation, etc.

You can file a rectification request within four years from the date of the order that needs to be rectified, not necessary the original order. Thus, even after you file a rectification request and there continues to be an error in the revised order, you can file another rectification within four years from the date of the revised order.

If you unintentionally failed to include certain income or forgot to claim additional income exemptions, then file a revised return. There is a possibility where one could have forgotten to include interest income or even misplaced a donation receipt to claim exemption under Section 80G. A revised return can be filed even before receiving an Intimation u/s 143(1).

You can file a revised return under Section 139(5) of the Income Tax Act. Earlier, it was not permitted to file a revised return for returns filed after the due date. However, from April 1, 2017, you can file a revised return even for belated returns. This is applicable for Assessment Year 2017-18 and onwards.

You can file a revised return before the end of the next assessment year, which is March 31, 2019 for the annual year of 2017-18(AY). Please note, the deadline for filing revised returns has been reduced. From next year, i.e. AY2018-19, the deadline for filing revised returns is March 31, 2019.

4 easy steps to file a rectification request

Step 1

Login to e-Filing portal and under the ‘e-File’ tab,go to ‘Rectification’.

(Source: incometaxindiaefiling.gov.in, PersonalFN Research)

Step 2

Fill in a short form. The PAN is prefilled. Select ‘Return to be rectified’ as ‘Income Tax Return’ from the drop-down box available, choose the relevant Assessment year for which the rectification needs to be filed and mention the communication reference number as mentioned in the intimation received. Click on ‘Validate’.

(Source: incometaxindiaefiling.gov.in, PersonalFN Research)

Step 3

On successful validation, an additional drop-down is displayed to select the ‘Rectification Request Type’option. You can select one of the following options:

‘Taxpayer is correcting data for Tax Credit Mismatch only’
‘Tax Payer is correcting the data in rectification’
‘No further Data Correction required. Reprocess the case’

On selecting the option ‘Taxpayer is correcting data for Tax Credit mismatch only’, three check boxes TCS, TDS, IT are displayed. You may select the checkbox for which data needs to be corrected. Details regarding these fields will be prefilled from the ITR filed. User can add a maximum of 10 entries for each of the selections. It isn’t required to upload any ITR.

(Source: incometaxindiaefiling.gov.in, PersonalFN Research)

On selecting the option, ‘Taxpayer is correcting Data in Rectification’, select the reason for rectification. Schedules being changed, Donation and Capital gain details (if applicable), upload XML and Digital Signature Certificate (DSC), if available and applicable. You can select a maximum of 4 reasons.

(Source: incometaxindiaefiling.gov.in, PersonalFN Research)

On selecting the option, ‘No further Data Correction Required. Reprocess the case’, you will need to select the appropriate check box –

Tax Credit Mismatch
Gender Mismatch (Only for Individuals),
Tax / Interest Mismatch

Select the checkbox for which re-processing is required. No upload of any ITR is required. You can view their 26AS details by clicking on “Click here to view 26AS details” button, and view the tax credit mismatch details by clicking on “Click here to view Tax Credit Mismatch details” button.

(Source: incometaxindiaefiling.gov.in, PersonalFN Research)

Step 4

After entering details under the rectification details type, click on ‘Submit’.

A confirmation popup will appear. Click on the ‘Ok’ tab to submit the rectification.
On successful submission, you will get a message as below:

(Source: incometaxindiaefiling.gov.in, PersonalFN Research)

5 Easy Steps to file a Revised Return

The steps to filing a revised return are similar to filing your original tax returns with one minor difference. In the Excel utility or in the online form, you need to select the ‘Revised’ return option, and provide the original e-Filing acknowledgement number and date of filing the original return.

We will take you through the procedure of revising your return through the online form.

Step 1

Login to the Income Tax efiling portal and access the online form. Under the e-File tab, click on ‘Prepare and Submit Online ITR’.

(Source: incometaxindiaefiling.gov.in, PersonalFN Research)

Step 2

Part A contains all the basic particulars. If you requested to prefill a new address in Step 2, you would get a blank form as below. Where asked, ‘Whether original or revised return?’, select the ‘Revised’ option.

(Source: incometaxindiaefiling.gov.in, PersonalFN Research)

You can then proceed to enter your income and deductions. Enter the details of what you had missed mentioning earlier.

Step 4

After mentioning all details, click on ‘Preview & Submit’. If there are any discrepancies or if you have missed any mandatory fields, you will get a pop-up message detailing the error. Once this is rectified, you will be able to preview the entire form on one page. Make sure all the details are accurate and correct. If needed, you can edit the section where there is an error. If there are no changes, submit the form.

Step 5

After submitting the revised return, you will once again need to e-verify this. You can verify the form through:

1. An electronic verification code (EVC) by logging in through your internet banking account;
2. Aadhaar OTP; or
3. By sending the signed acknowledgement copy to CPC, Bengaluru. The second option is preferable.

You may choose a similar or alternative option from that used when filing the original return

Samsung Galaxy Note10 will come with 25W fast charging, Note10+ goes up to 45W

As we get closer to Samsung’s August 7 Galaxy Unpacked event the trickle of leaks turns into a stream and we get more and more details about the Note10 lineup. The latest bits come courtesy of China’s 3C certification agency which approved a 25W fast charger bearing the EP-TA800 model number for the Galaxy Note10.

In addition, noted tipster IceUniverse revealed that the Galaxy Note10+ will come with support for 45W fast charging but the bundled charger will only support 25W speeds. We’ve seen previous hints that the larger Note will support 45W charging so it seems plausible that this will turn out true.

View image on Twitter

Ice universe@UniverseIce

Galaxy Note10, with a 25w charging head, has been confirmed.

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9:19 AM - Jul 17, 2019

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The Note10 series will also usher in faster wireless charging with speeds up to 20W. Earlier this month a different report claimed that the new Note line will release alongside the EP- 5200 wireless cradle.

The Note10 is rumored to come with a 4,170mAh battery while the larger Note10+ is expected to pack a 4,500 mAh cell.