Income Tax Act Current Affairs, GK & News

Small Savings Schemes: West Bengal becomes the highest contributor

The National Savings Institute operating under the Ministry of Finance recently announced that West Bengal is the top contributor to the Small Savings Scheme in the country. The state contributes 15% of the total corpus. It has so far collected Rs 90,000 crores under the Small Savings Scheme. Top performers of Small Savings Scheme West ..

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CBDT exempts Sovereign Wealth Fund: Key Facts, Benefits, Types, Sources of Sovereign Wealth Fund

The Central Board of Direct Taxes recently exempted the interest, dividend and long term capital gains made by the Sovereign Fund MIC Redwood 1 RSC Limited of Abu Dhabi, UAE (United Arab Emirates). Highlights The exemption has been provided under clause 23 FE of Section 10 of the Income Tax Act. This will allow sovereign ..

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Deadline to payments under Vivad se Vishwas scheme extended

On October 27, 2020, the Government of India extended the deadline for making payment under the Vivad se Vishwas scheme. The deadline has been extended to March 31, 2021. The deadline is being extended for the third time under this direct tax dispute settlement scheme. Key highlights In order to provide relief to the taxpayers ..

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Ordinance passed for 100% Tax Exemption on donations to PM Cares Fund

On March 31, 2020, the Government of India passed an ordinance to allow 100% exemption on donations made on PM Cares Funds. The ordinance has also extended the time limit of direct and indirect tax filings to June 30, 2020. Key Features on Direct Taxes The last date for filing Income Tax returns has been ..

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GoI sets up PM-CARES Funds to fight against COVID-19

On March 28, 2020, Prime Minister Modi announced PM-CARES Fund. The fund is being raised to deal with the distress or emergency as that of COVID-19 pandemic. Highlights PM-CARES is Prime Minister’s Citizen Assistance and Relief in Emergency Situations fund. It is a dedicated fund with the primary objective to deal with threats like COVID-19. ..

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