Page-3 of Income Tax Act Current Affairs, GK & News

Government constitutes task force for drafting New Direct Tax Legislation

November 22, 2017

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: 

Topics:  • • • • • • •

Lok Sabha passes Undisclosed Foreign Income and Assets (Imposition of Tax) Bill, 2015

May 12, 2015

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: 

Category: 

Topics:  • • • • • •

Union Cabinet gives nod for creation of two additional benches of the Authority for Advance Rulings (Income Tax)

February 25, 2015

Union Cabinet on 25 February 2015 gave nod for creation of two additional benches of the Authority for Advance Rulings (AAR- Income Tax). This decision was taken in Union Cabinet meeting chaired by Prime Minister Narendra Modi in order to enable resident taxpayers to obtain an advance ruling in respect of their income tax liability ..

Month: 

Topics:  • • •

Election Commission guidelines on financial transparency

October 3, 2014

ECI’s (Election Commission of India) guidelines on financial transparency came into effect on October 1, 2014. The order was, however, passed on August 29. Mode of holding funds and making payments It is now virtually mandatory for political parties to deposit their funds in banks. Also, no payment in excess of Rs. 20,000 can be ..

Month: 

Category: 

Topics:  • • • • •