Central Board of Direct Taxes (CBDT) Current Affairs, GK & News

New TDS Rules from July 1

A new Tax Deducted at Source (TDS) rule is coming into effect from July 1, 2021. What are those new rules? Under the new rules, non-filer of income tax for past two financial years will be subjected to higher taxation. TDS or TCS will be charged at double rate specified in relevant provision of Income ..

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Tax collections for FY 21

The Ministry of Finance recently released the tax collection figures for the financial year 2020-21. According to the ministry, the direct tax collections for the financial year 2020-21 are Rs 9.45 lakh crores. Tax collections for the fiscal year 2020-21 The Direct Tax Collections include Personal Income Tax collections and Corporation Tax collections. The Personal ..

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Sushil Chandra: Next Chief Election Commissioner

Election Commissioner Sushil Chandra recently took over as the new Chief Election Commissioner of India. About Sushil Chandra Sushil Chandra was appointed as the Chief Election Commissioner by the President of India, Shri Ram Nath Kovind. He was appointed as the Election Commissioner along with Ashok Lavasa and Arora in 2019. He will oversee the ..

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CBDT issues clarification over Section 115 BAC of Income Tax Act

The Central Board of Direct Taxes recently clarified that the employers shall seek clarification and detect tax at source. Section 115 BAC The Section 115 BAC was inserted recently into the Income Tax Act, 1961. According to the section, a person receiving income other than family business shall be taxed under Section 115 BAC. This ..

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CBDT releases relief funds to MSME

The Central Board of Direct Taxes (CBDT) issued Rs 5,204 cores as relief funds to MSME (Micro Medium and Small Enterprises) sector. Around 8.2 lakh small businesses have received Income Tax Refunds so far. Highlights In the last 10 days, CBDT issued Rs 5,204 crores as Income Tax refunds. The funds were issued to help ..

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