Page-5 of Income tax in India Current Affairs, GK & News

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 while Chief Economic Adviser Dr. Arvind Subramanian will be a permanent Special Invitee. The task ..

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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 persons. Recently, the Jammu and Kashmir government has launched a scheme for disabled soldiers and ..

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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 new bill attempts to impose a higher rate of tax and penalty in respect of ..

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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 zero-balance Jan Dhan accounts post demonetisation, which the government doubts to be the laundered black ..

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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 the employee does not exceed Rs 5 lakh and the annual interest received from savings ..

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