Current Affairs News of 12th July,2014

Apex Court has issued an order for the implementation of new wages effective since April 1 under the Govt�s flagship programme MGNREGA. When the national job scheme was started in 2006 the minimum wage for agricultural labourers in each state was taken as the standard wage for MGNREGA workers.However, in 2008 the centre decided to revise the MGNREGA wage rate by indexing it to consumer price index for agricultural labourers Note: MGNREGA: The National Rural Employment Guarantee Act 2005 , also known as the “Mahatma Gandhi National Rural Employment Guarantee Act”, and abbreviated to MGNREGA, is an Indian Labour Law and social security measure that aims to guarantee the �right to work�and ensure livelihood security in rural areas by providing at least 100 days of guaranteed wage employment in a financial year to every household whose adult members volunteer to do unskilled manual work Navy�s � Astra � : INS Kamorta India�s first indigenously built anti-submarine warfare INS Kamorta will be handed over by Garden Reach Shipbuilders and Engineers Ltd ( GRSE ) TO the Indian Navy. No frivolous appeals please : CBDT CBDT(Central Board Of Direct Taxes ) has instructed the tax authorities to cut down on frivolous appeals against favourable orders granted to tax payers. The threshold limit for filing an appeal before the Income Tax Appellate Tribunal ( ITAT) by the tax dept has been raised.(from 3 lakh to 4 lakh) Note : CBDT (Central Board of Direct Taxes ) is a statutory authority functioning under the Central BOARD OF Revenue act ,1963. On one hand CBDT provides essential inputs for policy and planning of direct taxes in India,at the same time it is also responsible for administration of direct tax laws through the Income Tax Department. CBDT is headed by a Chairman and also consist of 6 members all selected from IRS (Indian Revenue Service.)