direct taxes Current Affairs, GK & News

Cabinet approves amendment of Direct Tax Vivad se Vishwas Bill, 2020

The Union Cabinet approved the amendment of the Direct Tax Vivad se Vishwas Bill, 2020, so that it also covers the litigations pending in debt recovery tribunals (DRTs) across the country. The scheme can be availed in search and seizure procedures, where the recovery is up to ₹5 crore. Vivad se Vishwas Bill, 2020 is aimed at providing resolution ..

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The Direct Tax Vivad Se Vishwas bill introduced in Lok Sabha by the Finance Minister

The Finance Minister Nirmala Sitaraman proposed the scheme Vivad Se Vishwas Scheme in the Union Budget 2020. In order to implement the scheme, the minister introduced a bill in Lok Sabha on February 5, 2020. The main objective of the scheme is to Highlights The scheme aims to settle the pending cases on direct taxes. ..

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Rs 3.26 Lakh Crore Central GST Collection in First 8 Months of the Fiscal

Minister of State for Finance, Anurag Singh Thakur in a written reply to the Lok Sabha on Monday, November 25 informed that the central Goods and Service Tax (GST) collections till October 2019 for the financial year 2019-20 stood at Rs 3,26,490 crore, which is around half the target of central government for the current ..

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Cabinet approves abolition of Ombudsman for Direct and Indirect taxes

The Union Cabinet headed by Prime Minister Narendra Modi has approved the abolition of institutions of Ombudsman for income tax and indirect tax. The office of Income-Tax Ombudsman was set up in 2003 to deal with grievances of public related to the settlement of complaints relating to income tax. Why did the government decide to ..

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Government constitutes task force for drafting New Direct Tax Legislation

The Union Finance Ministry has constituted task force to review Income Tax (IT) Act 1961 and draft new direct tax law in consonance with current economic needs. CBDT member Arbind Modi will be convener of task force. Chief Economic Adviser Dr. Arvind Subramanian will be its permanent Special Invitee. Terms of Reference of Task Force ..

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