Income Tax Department Current Affairs, GK & News
The Income Tax Department has been allowed to share the PAN Card details of an individual entity with the Financial Intelligence Unit so that the FIU can investigate the possible sources of any large cash transaction. It will help in the detection of such suspicious transactions at banks. This has been allowed by the Central ..
Month: Current Affairs - July, 2020
Category: Economy & Banking Current Affairs
The task force, headed by CBDT member Akhilesh Ranjan, constituted by the Union government for drafting the new Direct Tax Code (DTC) has recently submitted its report to Union Minister of Finance and Corporate Affairs Nirmala Sitharaman. The task force was constituted to replace the 6-decades-old Income Tax Act 1961. It is believed that the ..
The Central Board of Direct Taxes (CBDT) has significantly increased the limit for the income tax department to appeal disputes in higher forums. One of the reasons behind the decision to raise the monetary limits is that the revenue department has fared poorly in the appeals filed by it, which was highlighted in the Economic ..
Topics: Commissioner of Income Tax • Economy • Economy of India • Income Tax Department • Income tax in India • Income tax in the United States • Ministry of Finance • Tax • Taxation in the United States
The Central Board of Direct Taxes (CBDT) has formed a four-member committee to look into the matter of taxation related pain points and submit its final report and recommendations by mid-March 2019. Its recommendations could include applying a filter for tax officer before a notice is issued and setting a time limit for concluding an ..
Topics: Central Civil Services • Economy of India • Government of India • Income Tax • Income Tax Department • Income tax in India • Ministry of Finance • Poonam Kishore Saxena • Tax • Taxation in India
Pramod Chandra Mody, a 1982 batch Indian Revenue Service (Income Tax cadre), has been appointed as the new chairman of Central Board of Direct Taxes (CBDT), the top policy making body of income tax department,. He succeeded Sushil Chandra, who was named as an new Election Commissioner (EC) of India. The CBDT Chairperson is ex-officio ..
Topics: Central Civil Services • Chairperson, Central Board of Direct Taxes • Economy of India • Government of India • Income Tax Department • Income tax in India • India • Indian Revenue Service • Ministry of Finance • Secretary to the Government of India • Taxation in India