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 ..

Month: Current Affairs - November, 2020

Category: International Current Affairs

Topics: CBDT • Foreign Investment • Income Tax Act • India-UAE • Sovereign wealth fund

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 ..

Month: Current Affairs - October, 2020

Category: Government Schemes Current Affairs

Topics: Dispute resolution • Income Tax Act • Nirmala Sitharaman • tax appellate tribunal • Tribunal • union budget 2020-21 • vivad se vishwas scheme

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 ..

Month: Current Affairs - April, 2020

Category: Economy & Banking Current Affairs

Topics: Aadhaar • Aadhaar based e-PAN • Customs Act 1962 • Income Tax Act • PAN • PM CARES Fund • Sabka Vishwas-Legacy Dispute Resolution Scheme 2019 • Vivad Se Vishwas

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. ..

Month: Current Affairs - March, 2020

Category: India Nation & States Current Affairs

Topics: Corona virus • COVID-19 • Income Tax Act • PM CARES Fund • PM Modi • Prime Minister’s Relief Fund

Finance Minister on COVID-19: Tax Filings extended, ATM, bank charges waived off, Business Rules Eased and much more

On March 24, 2020, the Finance Minister Nirmala Sitaraman announced several key measures in the view of Corona Virus Pandemic. The minister also announced that the Economic Task Force is to announce Economic Relief Package to contain the spread of the disease. Financial Measures No charges on withdrawal of cash in bank ATMs. Also, the ..

Month: Current Affairs - March, 2020

Category: Economy & Banking Current Affairs

Topics: ATM Charges • Benami Transactions • Corona virus • COVID-19 • Finance Minister • Income Tax Act • nirmala sitaraman • Vivad Se Vishwas