Sanjeev Sharma head of CBDT panel to help bring down tax litigation]

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 ..

Pramod Chandra Mody appointed as chairman of Central Board of Direct Taxes (CBDT)

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 ..

MP government launches farm debt-waiver scheme ‘Jai Kisan Rin Mukti Yojana’

In Madhya Pradesh, Chief Minister Kamal Nath launched the Rs 50,000-crore farm debt-waiver scheme named ‘Jai Kisan Rin Mukti Yojana’ on January 16, 2019. It would benefit 55 lakh small and marginal farmers. Under this scheme, Farmers who have registered ..

Akhilesh Ranjan appointed as Convenor of Task Force drafting New Direct Tax Legislation

Union Finance Ministry has appointed Akhilesh Ranjan, Central Board of Direct Taxes (CBDT) member as Convenor of Task Force that is drafting New Direct Tax Legislation (Law). He will replace Arbind Modi who retired in September 2018. The other members ..

Month: Current Affairs - November, 2018

Government of India (GoI) reduces minimum annual deposit requirement for accounts under Sukanya Samriddhi

The Government of India (GoI) has reduced the minimum annual deposit requirement for accounts under Sukanya Samriddhi Yojana from Rs. 1,000 to Rs. 250. The move will enable more people to take advantage of the girl child savings scheme. The ..

GoI increases monetary threshold for filing appeals in tax disputes in courts and tribunals to bring down tax litigation in country

On July 12, the government sharply increased the monetary threshold for filing appeals in tax disputes in various courts and decided to withdraw many pending appeals to cut down litigation and improve ease of doing business. The new monetary threshold ..

Charitable Religious Institutions to be eligible for grant under scheme ‘Seva Bhoj Yojna’

On June 1, the Union Ministry of Culture has launched a new scheme called ‘Seva Bhoj Yojna’ with a total outlay of Rs. 325 Crores for Financial Years 2018-19 and 2019-20. The scheme seeks to reimburse the Central Government share ..

Agricultural income (Taxation Provisions)

Section 2 (1A) of the Income Tax Act defines agricultural income as rent/revenue from land, income derived from this land through agriculture and income derived from buildings on that land. Section 10 (1) of the Income Tax Act excludes agricultural ..

Aaykar Setu

The Central Board of Direct Taxes has launched an app ‘Aaykar Setu’. The app helps to file income tax return (ITR) online, locate the nearest Tax Return Prepares (TRP), provides calculators and other tools, helps manage your PAN and TDS. ..

The Union Government constitutes task force to draft new Direct Tax Law

The Government of India (GoI) had constituted an 8-member task force under CBDT member Arvind Modi in November 2017 to review the Income-tax Act of 1961 and to draft a new Direct Tax Law in consonance with the economic needs ..