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The Orange Economy A Put Where Development Drives Wealth

  In a time when mechanization and machine learning are changing conventional businesses, a flourishing portion of the worldwide economy is illustrating that human resourcefulness is still a important asset. The "Orange Economy"—also known as the imaginative economy or social industries—has played a major part in protecting culture, making occupations, and developing the economy. But what is this energetic thought, and why is it picking up conspicuousness in discussions almost worldwide development?   What is the Orange Economy?   The express "Orange Economy" was at first utilized by previous Colombian President Iván Duque Márquez and previous Culture Serve Felipe Buitrago. Concurring to the Inter-American Improvement Bank, it is "the organize of interconnected forms through which thoughts are turned into social merchandise and administrations whose esteem is decided by mental property."   Orange was particularly picked since it has been related with devel...
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Income tax department has issued new ITR forms with many changes, returns have to be filled by 30th November








The Income Tax Department has released the Income Tax Return Form (ITR Form) for the financial year 2019-20. For this, the government has also issued a notification. The last date to fill the ITR form for the financial year 2019-20 is 30 November. The department has issued 7 different forms this time. These include ITR-1 (Sahaj), ITR-2, ITR-3, ITR-4 (Sugam), ITR-5, ITR-6, ITR-7 and ITR-V (verification) forms. The Income Tax Department had earlier withdrawn Form 1 and Form 4 to include changes in tax rules due to the COVID19 epidemic. The Income Tax Department has given information about the new forms by tweeting. Taxpayers will have a separate space in each ITR form to provide details of expenses or investments made during the quarter ended 30th  June.

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Who else has to fill the ITR form?

ITR 1 Form: Citizens with an income up to Rs 50 lakh can fill this form. This includes income from salary, a house and interest.

ITR 2 Forms: ITR 2 Forms can be filled with individual and HUFs, which do not earn any income from the profits of the business or profession.

ITR 3 Form: This form is filled by individuals or HUF who have income from business or profession.

ITR 4 Form: Sugam Form is for those whose annual income from business or profession is up to Rs 50 lakh. Individuals who are directors in a company or invest in unlisted equity shares are barred from using this form to file an ITR.

ITR 5 Form: This is for Individual, HUF, Company and other taxpayers other than those who fill ITR-7 form.

ITR 6 Form: This is for companies other than companies claiming exemption under Section 11.

ITR 7 Form: For companies and people who need to file returns under section 139 (4A) or 139 (4B) or 139 (4C) or 139 (4D).


These changes in ITR forms

If you have taxable income as dividends from domestic companies, you are not eligible to file ITR-1. Those jointly owned by the house property cannot file ITR-1 or ITR-4. Investment is allowed till 30th June 2020 under section 80C (LIC, PPF, NSC), 80D (Mediclaim) and 80G (donation).  Will have to be informed about this. The new ITR form details all these investments and payments made between April and June to claim a tax deduction. Taxpayers need to answer the following questions related to deposits in current ITR, foreign travel and electricity bills in all ITR forms-

1. Have you deposited more than Rs 1 crore rupees in one or more current accounts during the last 1 year?

2. Have you spent more than 2 lakh rupees for yourself or any other person on foreign travel?

3. Have you spent more than 1 lakh rupees on electricity consumption in the last year?



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