Income Tax Department Current Affairs, GK & News

Federal Bank: 1st to list Payment Gateway on New tax platform

Federal Bank, based in Kerala, is the first bank to get listed its Payment Gateway platform on “TIN 2.0 platform” of the Income Tax Department. TIN 2.0 platform was started on July 1, 2022. Highlights of the platform include: On the TIN 2.0 platform, a payment gateway gas been opened to provide another payment option to taxpayers. ..

Month: 

Category: 

Topics: 

NSE Co-Location Case- Explained

The NSE co-location scam involves market manipulation at India’s largest stock exchange, the National Stock Exchange of India. Certain people got market information ahead of the rest of the market, allowing them to earn huge profits, thus violating the NSE’s demutualization exchange governance and transparency-based system. Overview: Insiders’ alleged collaboration in rigging NSE’s Algo-trading and ..

Month: 

Category: 

Topics: 

Income Tax Department to launch its new e-filing portal

Income Tax Department is set to launch its new ITR e-filing portal, which can be accessed through website called “www.incometax.gov.in’’. ITR e-filing portal ITR e-filing portal will be launched with aim of providing a modern, seamless and more convenient experience to taxpayers. Portal has been integrated with immediate processing of Income Tax Returns and quick refunds ..

Month: 

Category: 

Topics: 

FIU and IT Department Join Hands to Check Suspicious Cash Transactions

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: 

Category: 

Topics: 

Akhilesh Ranjan task force on Direct Tax Code submits Report to Finance Ministry

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 ..

Topics: 

CBDT Hikes Monetary Limits for Filing of Appeals by Income Tax Department

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: