Income Tax Act 1961: Current Affairs, GK & News - 2020-2021

CBDT issues clarification over Section 115 BAC of Income Tax Act

Published: April 20, 2020

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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Lok Sabha clears Taxation (Amendment) bill, 2019

Published: December 3, 2019

On December 2, 2019, Lok Sabha passed the Taxation Laws (Amendment) bill, 2019. The main objective of the bill is to provide an option for the domestic companies to pay taxes at the rate of 22%. Key Features The bill replaced the ordinance promulgated by the President in September 2019. The ordinance reduced corporate taxes. ..

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Centre cuts Corporate Tax Rate for domestic investors

Published: September 21, 2019

The Centre government has cut the effective corporate tax rate for existing domestic companies to 25.17% (from 34.94% now) and for new domestic companies, it will be 15% now. For this purpose the government has brought in Taxation Laws (Amendment) Ordinance 2019 to make certain amendments in Income-tax Act 1961 and Finance (No. 2) Act ..

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CBDT notifies creation of special cell for startups

Published: August 31, 2019

Central Board of Direct Taxes (CBDT) has created five-member special cell to address grievances of startups with relation to angel tax and other tax-related issues. It will be headed by member (Income Tax and Computerisation) of CBDT. This initiative is the latest amongst the recent initiatives taken by the CBDT to further ease the compliance ..

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India, US to Sign Pact for Exchange of Country-By-Country Reports

Published: March 20, 2019

Both India and the US will sign an agreement to facilitate the exchange of country-by-country (CbC) reports filed by the ultimate parent corporations based in either of the countries. Country-By-Country Reports Base Erosion and Profit Shifting (BEPS) has been at the focus of OECD to address Tax evasion. Multinational companies were accused of gaming tax ..

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