Income tax in India: GK, Current Affairs, Questions, Trivia and News

K M Prasad appointed as new Principal Chief Commissioner of Income-tax (PCCIT) of National e-assessment centre

The National e-Assessment Centre (NeAC) has been set up by the  Central Board of Direct Taxes (CBDT) in the national capital as part of the government’s ambitious plan to launch faceless and nameless assessment for Income Tax  (IT) payers from October 2019. K M Prasad, the 1984-batch Indian Revenue Service (IRS) officer, has been appointed ..

Government Proposes Major changes in Corporate Tax Rates

The Union Minister of Finance Nirmala Sitharaman has announced big cuts in the corporate tax rate, giving a ₹1.45 lakh crore stimulus aimed at reviving private investment and lifting growth from a six-year low. The government has also rolled back the enhanced surcharge on capitals gains resulting from the sale of equity share in a ..

Government announces steps to boost Housing and revive Exports

As part of efforts to get the slowing down economy back to the track of growth, the Ministry of Finance has announced steps to help the nearly stalled real estate sector and increase India’s exports. Housing Sector Setting up of a Rs 20,000 crore fund (Rs 10,000 crore from Government and roughly same amount from ..

PM Launches National Pension Scheme for Small Traders and Self Employed Persons

Prime Minister Narendra Modi launched the National Pension Scheme for Traders and Self Employed Persons with annual turnover not exceeding Rs 1.5 crore. About the Scheme It is a voluntary and contributory pension scheme for traders in the age group of 18 to 40 years The scheme provides for minimum assured pension of Rs 3,000 ..

Recommendations of Task Force on Simplification of Direct Tax

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 ..

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 ..

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 ..

159th Income Tax Day (ITD-2019)

The Central Board of Direct Taxes (CBDT) has celebrated the 159th Income Tax Day i.e. Aaykar Diwas on 24th July 2019. The week preceding the Aaykar Diwas 2019 has been marked by various activities undertaken by the regional offices of the department across the country. The event will include release of departmental publications, e-journal, publicity ..