Arbind Modi to be convener of task force to review Income Tax Act 1961

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 needs. CBDT member Arbind Modi will be the convener of task force ..

Jammu and Kashmir government launched a scheme for disabled soldiers and their dependents in collaboration with NHFDC

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 provides financial assistance for wide range of income generating activities to disabled ..

Income Tax Amendment Bill passed in Lok Sabha

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 Tax Act, 1961 can possibly be misused for concealing black money. The ..

Union Cabinet approved proposal to levy 60% deduction on accounted deposits

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 was taken amid banks reporting over Rs 21,000 crore being deposited in ..

Salaried employees to get more tax benefits

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 filing I-T returns is valid in those conditions, when total income of ..

Month: Current Affairs - July, 2012

E-file returns compulsory if income exceeds Rs 10 Lakhs

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) has issued a notification making e-filing compulsory for assessment year 2012-13 onwards ..

Month: Current Affairs - July, 2012

Govt to do away with multi-level TDS on software services

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 July 1, 2012. As per the notification, no deduction of tax shall ..

Month: Current Affairs - June, 2012

Direct tax revenue doubled to Rs 4.46 lakh crore in 5 yrs to FY11

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 Indirect tax collection rose to Rs 3,45,127 crore from Rs 2,41,538. But, ..

Month: Current Affairs - May, 2012

Prasar Bharati exempted from paying income tax

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 Finance Bill, 2012, “any income of Prasar Bharati (Broadcasting Corporation of India)” ..

Month: Current Affairs - May, 2012

I-T department detects over Rs 5800 crore hidden income in MSME

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 was detected by the IT department after it carried out over 3,900 ..

Month: Current Affairs - May, 2012