The Union Government has recently constituted a task force to review the Income Tax Act 1961 and draft a new direct tax law in consonance with current economic...
The National Handicapped Finance and Development Corporation (NHFDC) was set up in January 1997 as a non-profit company under Union ministry of Social Justice and Empowerment. The corporation...
Lok Sabha has passed the Taxation Laws (Second Amendment) Bill, 2016 in the Lok Sabha. The Bill was introduced as some of the existing provisions of the Income...
The Union Cabinet has approved a proposal to levy close to 60% deduction on unaccounted deposits in banks above a threshold by amending the Income Tax (I-T) Act. The move...
Now, salaried employees who are earning up to Rs 5 lakh a year, are not required to file income tax returns for assessment year 2012-13. The immunity from...
People with income of Rs 10 Lakhs per annum will have to file their tax returns electronically beginning 2011-12 Financial year. The CBDT (Central Board of Direct Taxes)...
Giving respite to the software industry, the government announced that it would remove the complex multi-level system of Tax Deduction at Source (TDS) for the IT sector from...
During 2010-11, the government’s revenue from direct tax collection rose by 94% to Rs 4,46,935 crore in from Rs 2,30,181 crore in 2006-07. During the same period, the...
In a key respite to the nation’s public broadcaster, the Prasar Bharati has been relieved from paying any income tax. As per one of the amendments in the...
The Income Tax department has discovered more than Rs 5,800 Crore of concealed income in the low-profile Micro, Small and Medium Enterprises sector during the fiscal 2010-11. This...
