Thursday, October 28, 2010

National symbols of India

National Flag Horizontal tricolour
State Emblem Sarnath Lion Capital of Ashoka
National motto Satyameva Jayate (meaning 'Truth alone triumphs')
National mantra Om
National language Hindi
National script Devanagari
National book Srimad-Bhagavad-Gita
National holidays Republic day, Independence day, Gandhi anniversary
Father of the nation Mahatma Gandhi
National Bird Peacock
National Flower Lotus
National Tree Banyan (Ficus bengalensis)
National Anthem Jan Gan Man Adhinayak Jaya hay
National Song Vande Mataram
National River Ganga or Ganges
National Aquatic Animal River Dolphin
National Calendar Saka Era
National Animal Bengal tiger (Panthera tigris)
National Fruit Mango (Mangifera indica)
National sweet Jalebi
National Game Hockey

Saturday, October 23, 2010

Right of children to free and Compulsory Education Act

The Right of children to Free and Compulsory Education Act has come into force from today, April 1, 2010. The act was passed by both houses of Indian parliament in July-August 2009 and recognised by the President of the Republic in August 2009. Every child in the age group of 6-14 years will be provided 8 years of elementary education in an appropriate classroom in the vicinity of his/her neighbourhood. Funding pattern between the Centre and the States will be in the ratio of 65:35 for all States/ UTs and in the case of eight States of NER, sharing pattern would be of 90:10. All schools including private schools shall be required to enrol children from weaker sections and disadvantaged communities in their incoming class to the extent of 25% of their enrolment, by simple random selection. Any cost that prevents a child from accessing school will be borne by the State which shall have the responsibility of enrolling the child as well as ensuring attendance and completion of 8 years of schooling. The state will be responsible to provide an elementary school in every neighbourhood which means there should be a primary school for class 1 to class 5 in the range of every km and secondary school for class 6 to 8 in the range of 3 km. The state would be responsible for providing transport if a school cannot be provided in an area of small population.

Interesting Links : Press Release, PIB, India

Thursday, October 7, 2010

TAXATION SYSTEM IN INDIA

India has a well-developed tax structure with clearly demarcated authority between Central and State Governments and local bodies.

Central Government levies taxes on income (except tax on agricultural income, which the State Governments can levy), customs duties, central excise and service tax.

Value Added Tax (VAT), (Sales tax in states where VAT is not yet in force), stamp duty, state excise, land revenue and profession tax are levied by the State Governments.
In last 10-15 years, Indian taxation system has undergone tremendous reforms. The tax rates have been rationalized and tax laws have been simplified resulting in better compliance, ease of tax payment and better enforcement. The process of rationalization of tax administration is ongoing in India.
Since April 01, 2005, most of the State Governments in India have replaced sales tax with VAT.

Taxes Levied by Central Government
Direct Taxes
Tax on Corporate Income
Capital Gains Tax
Personal Income Tax
Tax Incentives
Double Taxation Avoidance Treaty
Indirect Taxes
Excise Duty
Customs Duty
Service Tax
Securities Transaction Tax

Taxes Levied by State Governments and Local Bodies
Sales Tax/VAT
Other Taxes

Useful Links:
India in Busines, ITP Div, Govt. Of India
IMF