IIT Jammu, IIM Vizag get maximum funds from govt

The government has disbursed Rs 258.54 crore of funds to new IITs and Rs 133.65 crore for new IIMs.Six new Indian Institutes of Technology (IITs) and seven new Indian Institutes of Management (IIMs) had been announced in the Budgets of 2014-15 and 2015-16. While they are yet to get their permanent campuses, the government has disbursed Rs 258.54 crore of funds to new IITs and Rs 133.65 crore for new IIMs.Of this, IIT Jammu received Rs 69.34 crore from the Ministry of Human Resource Development (HRD) while IIM Vishakhapatnam received Rs 29.63 crore from MHRD. However, institute officials said that they will function in their full student strength once the campuses are constructed.We are operating from a temporary location. Once the full campus is ready, the new IITs will be able to offer multiple undergraduate as well as postgraduate courses," said an associate professor at one of the new IITs.Similarly, the newer IIMs will have to build the brand reputation so that during the placement process, top recruiters are able to visit the campus

Govt notifies simplified ITR; e-filing to start from tomorrow

The government today notified a simplified Income Tax Return form for individuals which will be available for filing ITR for Assessment Year 2017-18 from tomorrow.Currently, SAHAJ (ITR 1) is filed by salaried employees and ITR 2 by individuals and HUFs whose income does not include income from business.The government has done away with two forms ITR 2A (used by individuals & HUFs not having income from business or profession and capital gains and who do not hold foreign assets).Only 6 crore out of 29 crore persons holding permanent account number (PAN) file income tax returns at present. 

Companies spend Rs 476 cr under Swachh Bharat Kosh as CSR initiative

Under the Companies Act, 2013, a certain class of profitable companies is required to spend at least 2 per cent of their three-year annual average net profit towards CSR works in a fiscal. The norm came into effect on April 1, 2014Companies spent about Rs 476 crore towards 'Swachh Bharat Kosh' as part of their corporate social responsibility (CSR) in two years, Parliament was informed today.In addition, companies spent a total of Rs 21 crore towards Clean Ganga Fund in 2014-15 and 2015-16.