Page 12 - BF Cover February 2019

ROUNDUP

INDUSTRY

NEWS
NEWS
NEWS
NEWS
NEWS

New Law in Nepal to make mandatory for children to INFOSYS selected for next
deposit percentage of income in parents account generation income tax filing

The Nepal Government is going to introduce a new law which will make it and processing centre
mandatory for the children to deposit 5 to 10 per
cent of their income into the bank accounts of par- Central government approved ex-
penditure sanction of Rs
ents to ensure their wellbeing, a spokesperson said.
According to prime minister's press advisor Kundan 4,241.97crore for development of
the next
Aryal, a Cabinet meeting has decided to present a generation
Bill on amendment to the Senior Citizen Act-2006 income tax
with such a provision at the Parliament. filing and

"The main objective of the proposed Bill is to ensure the security of senior citi- processing
zens," Aryal told. "There have been reports that people who are rich have been centre,
which will help cut down time for
neglecting their parents. We are introducing the law to discourage the prac- processing of returns. IT major
tice and ensure security for elderly people," Aryan said.
Infosys has been selected to imple-
Over 18 million jobs created in 15 months says CSO report ment the project after the bidding
More than 18 million jobs were generated by the country's formal sector in a process, Union minister Piyush Goyal
15- month period starting September 2017 and ending November 2018, sug- said.
gests a study based on payroll data of retirement fund body EPFO, PFRDA and The Integrated E-filing & Centralized
Employees' State Insurance Corporation (ESIC). As many as 1,84,38,748 new Processing Center 2.0 project of the
members joined the ESI scheme run by ESIC during the 15 months until Novem- income tax department will help in
ber 2018, showed the Central Statistics Office (CSO) study based on payroll data faster processing of returns and issue
of refunds to taxpayer's bank account
of different social security schemes.
directly without any interface with
The CSO study showed that as many as the department.
1,79,34,300 new members joined the social se- Goyal said the processing time at
curity schemes run by the Employees' Provident present for Income Tax Return (ITR)
Fund Organisation (EPFO) during September 2017 is 63 days and it will come down to
to November 2018. However, the study stated one day after implementation of the
that 1,39,31,607 members exited the EPFO project. The project is expected to
schemes during the 15-month period and be completed in 18 months and will
33,48,093 members rejoined the subscription be launched after three months of
again during the period. testing.

12 | 2019 | FEBRUARY | BANKING FINANCE