Page-2 of Income tax in India Current Affairs, GK & News
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 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 ..
Income Tax Returns have seen a upward surge in tax compliance aftermath of demonetisation and GST introduction. However according to a report, around 8.80 million taxpayers turned out to be ‘stop filers’ i.e. those who did not file tax returns in a given year despite doing so in the financial year 2016-17, the year when ..
Srinagar’s Hurriyat Conference leader Syed Ali Shah Geelani has been imposed with a penalty of around Rs. 14 lakh by Enforcement Directorate after taking cognisance of the Income Tax report. This comes aftermath to illegal possession of 10 thousand dollars in violation of foreign exchange law. This foreign currency was seized during an Income Tax ..