Page-2 of Income Tax Act Current Affairs, GK & News
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
First SEZ in Tripura to focus on agro-based food processing
The Government of India approved the first SEZ (Special Economic Zone) at Sabroom, Tripura in October 2019. Recently, it was announced that the SEZ will primarily focus on agro-based food processing. Union Government is expected to invest around Rs 1550 crore in the project. Highlights The SEZ is to be developed by the Tripura Industrial ..
Month: Current Affairs - December, 2019
Category: Places in News Current Affairs
Topics: Chittagong Port • export promotion • Food Processing Industry • Income Tax Act • North East Development • SEZ • Tripura • Tripura Government
Recommendations of Task Force on Simplification of Direct Tax
The task force on simplification of direct tax legislation headed by Central Board of Direct Taxation (CBDT) member Akhilesh Ranjan has recommended major changes in personal income tax slabs. Recommendations of the Task Force Continuation of the minimum exemption limit of Rs 2.5 lakh per annum. Continuing the tax rebate announced in the interim budget ..
Topics: Economy • Goods and services tax • Income Tax Act • Income tax in India • Income tax in the United States • Income taxes • minimum alternate tax • Tax • Tax refund • Tax Slabs • Taxation in India • The Income-tax Act
Agricultural income (Taxation Provisions)
Section 2 (1A) of the Income Tax Act defines agricultural income as rent/revenue from land, income derived from this land through agriculture and income derived from buildings on that land. Section 10 (1) of the Income Tax Act excludes agricultural income from a computation of total income. Neither of these sections is dispute-free and chartered ..
Topics: Economic rent • Economy • Income in the United States • Income Tax • Income Tax Act • Income tax in India • Income tax in the United States • International taxation • Tax
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 ..
Month: Current Affairs - November, 2017
Topics: Committees • direct taxes • Finance Ministry • Income Tax Act • National • Rajaswa Gyan Sangam • Task Force • Taxation