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 ..

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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. ..

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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 ..

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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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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 ..

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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. ..

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