direct tax Current Affairs, GK & News
Common Income Tax Return Form
A single income tax return (ITR) form was proposed for all taxpayers. The draft of the proposed form was unveiled recently by the Central Board of Direct Taxes (CBDT) to receive public inputs until December 15. How many kinds of ITR forms are there? There are 7 kinds of ITR forms used for different categories ..
Month: Current Affairs – November, 2022
Category: Economy & Banking Current Affairs - 2022 • India Nation & States Current Affairs
Topics: Central Board of Direct Taxes • Central Board of Direct Taxes (CBDT) • direct tax • Direct Tax Reforms • Income Tax
Income Tax Day: What are the recent Direct Tax Reforms in India?
India observes the “Income Tax Day” on July 24, every year. This day was introduced in 2010, for commemorating 150 years of Income Tax in India. The day is celebrated with multiple outreach programmes and events, in a bid to promote tax payments and raise awareness among potential taxpayers that paying taxes is their duty. ..
Month: Current Affairs - July, 2022
Category: Important Days & Events Current Affairs
Topics: direct tax • Direct Tax Reforms • Income Tax • Income Tax act of India • Income Tax Day
1.32 lakh declarations filed under Vivad se Vishwas scheme
On 19th July, 2021, the parliament of India was informed that over 1.32 lakh declarations generating Rs 99,765 crore of disputed tax have been filed under the ‘Vivad se Vishwas’ scheme. Key Points The declarations received under the ‘Vivad se Vishwas’ scheme cover around 28.73% of the total pending direct tax disputes in the ..
Month: Current Affairs - July, 2021
Category: Economy & Banking Current Affairs - 2022 • India Nation & States Current Affairs
Topics: direct tax • direct taxes • Tax Disputes • Vivad se Vishwas Act • vivad se vishwas scheme
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 ..
Month: Current Affairs - April, 2021
Category: Economy & Banking Current Affairs - 2022
Topics: Central Board of Direct Taxes (CBDT) • corporate tax • direct tax • Income Tax • Tax Deducted at Source
Net Tax Collection exceeds revised estimates in FY21
In the fiscal year (2020-21) that ended on March 31, 2021, the corporate tax and income tax collected were Rs 9.45 lakh crores. About the Tax Collections The tax collections in the fiscal year 2021 exceeded the revised target by 5%. The tax collected in 2021 was 10% lower than the direct tax collected in ..
Month: Current Affairs - April, 2021
Category: Economy & Banking Current Affairs - 2022
Topics: corporate tax • direct tax • Fiscal Year • Income Tax • Tax collection • Union Budget • Vivad Se Vishwas
Highlights: ‘Transparent Taxation – Honoring the Honest’ platform launched
Prime Minister Narendra Modi has launched a platform in order to honour and appreciate the honest taxpayers in the country. The ‘Transparent Taxation – Honouring the Honest’ platform has been launched by the PM through video-conferencing. The government aims to change the way in which taxes are being paid in India now, through this platform. ..
Month: Current Affairs - August, 2020
Category: Economy & Banking Current Affairs - 2022
Topics: direct tax • Income Tax • Prime minister • Tax Reforms • TransparentTaxation - Honouring the Honest