Page-3 of Income Tax Act Current Affairs, GK & News
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
Lok Sabha passes Undisclosed Foreign Income and Assets (Imposition of Tax) Bill, 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: Current Affairs - May, 2015
Category: Legal & Constitution Current Affairs
Topics: Bills and Amendments • black money • Business • Current Affairs 2016 • Economy • Income Tax Act • Lok Sabha
Union Cabinet gives nod for creation of two additional benches of the Authority for Advance Rulings (Income Tax)
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: Current Affairs - February, 2015
Topics: Cabinet Decisions • Current Affairs 2016 • Income Tax Act • Union Cabinet
Election Commission guidelines on financial transparency
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: Current Affairs - October, 2014
Category: India Nation & States Current Affairs
Topics: Constitutional Bodies • Current Affairs - 2017 • Election Commission • Income Tax Act • National • Political Affairs