Page-2 of Income Tax Act Current Affairs, GK & News
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 ..
Category: Places in News Current Affairs
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
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 • Taxation in the United Kingdom
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 ..
Lok Sabha on 11 May 2015 passed Undisclosed Foreign Income and Assets (Imposition of Tax) Bill, 2015 by a voice vote. The bill seeks to deal with the menace of black money and to replace the Income Tax (IT) Act, 1961 for the taxation of foreign income. Salient features of the Bill Scope- Provisions will ..
Month: Current Affairs - May, 2015