Page-4 of Income tax in India Current Affairs, GK & News

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 for filing appeals in tribunals handling income tax as well as customs, excise and service ..

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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 of CGST and IGST so as to lessen the financial burden of such Charitable Religious ..

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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 income from a computation of total income. Neither of these sections is dispute-free and chartered ..

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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 app, therefore, is more of a helping guide to zero-in to one’s tax concern ..

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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 of the country. Recently, the Central Board of Direct Taxes (CBDT) has invited suggestions and ..

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