Income tax in India Current Affairs, GK & 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 ..
Topics: Central Civil Services • Commissioner of Income Tax • Economy of India • Government of India • Income Tax • Income tax in India • Indian Revenue Service • Internal Revenue Service • Ministry of Finance • Tax • Taxation in India
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 ..
Topics: Economies • Income tax in India • Service Tax • Tax • Tax incentives in Malaysia • Taxation in India • Value-added tax
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 ..
Category: Government Schemes Current Affairs
Topics: Economy • Income tax in India • Keynesian economics • National fiscal policy response to the Great Recession • Priority sector lending • Sahara India Pariwar
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 ..
Category: Government Schemes Current Affairs
Topics: Aadhaar • Atal Pension Yojana • Employees' Provident Fund Organisation • Employees' State Insurance • Government of India • In India • Income tax in India • India • Indian labour law • National Pension System • Pension • Pensions in India
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 ..
Topics: Economy • Goods and services tax • Income Tax Act • Income tax in India • Income tax in the United States • Income taxes • minimum alternate tax • Tax • Tax refund • Tax Slabs • Taxation in India • The Income-tax Act