Current Affairs: February 22 – 29, 2012

Current Affairs 22 February 2012

Progress in making of 12th Plan document reviewed by PM

• Prime Minister Manmohan Singh, who is chairman of National Development Council reviewed the progress made in preparing the 12th Five Year Plan document, which envisages 9 per cent annual economic growth during the 2012-17 period.

India’s Economic Growth in 2011-12: 6.9% says FM

• The finance minister says that high interest rates, coupled with adverse global situation, are impacting investment and economic growth and growth can not be taken for granted. He also states that the 2011-12 economic growth is estimated to slip to a three-year low of 6.9 per cent from 8.4 per cent a year ago.
• India was growing at over 9 per cent before the global financial crisis of 2008 pulled down its growth rate to 6.7 per cent in 2008-09.

No need to file income tax returns if salary is less than Rs. 5 Lakh

• As per a recent notofication by the Finance Ministry, the salaried employees earning up to 5 lakh rupees a year will not be required to file income tax returns from this year. Exemption from filing will be permitted only if the person has received a certificate of tax deduction in Form 16 from his or her employer.
• To claim income tax refund, however, such persons will have to file returns.
• There are about 85 lakh salaried persons in the country whose yearly income, including earnings from other sources like bank deposits, does not exceed 5 lakh rupees. Prior to the notification, it was obligatory for all salaried persons to file income tax returns under the Income Tax Act, 1961.

Indian Economy grew 7.1% in 2011-12: PMEAC

• Prime Minister’s Economic Advisory Council (PMEAC) Chairman Dr. C. Rangarajan said the economy grew at 7.1 percent in 2011-12 and India might as well be able to achieve 9 per cent growth in due course if global economic conditions improve.
• The PMEAC has pegged India’s rate of economic growth for the next fiscal to be between 7.5 percent to 8 percent. Releasing the Review of the Economy for 2011-12 in New Delhi, PMEAC.

Birth centennary celebrations of Sachidananda Hiranand Vatsyayan Agyeya

• Vice President Mohd. Hamid Ansari inaugurates the birth centenary celebration of the noted Hindi poet and writer Sachidananda Hiranand Vatsyayan Agyeya in Kolkata.

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Month: Current Affairs - February, 2012