Income Tax
Income Tax Slab Revamp
During the Union Budget presentation, Finance Minister Smt Nirmala Sitaraman announced that people earning up to Rs 7 lakhs need not pay taxes. Tax surcharges of the taxpayers in the highest tax bracket were reduced from 37% to 25%. The ..
Month: Current Affairs - February, 2023
Category: Economy & Banking Current Affairs
Common Income Tax Return Form
A single income tax return (ITR) form was proposed for all taxpayers. The draft of the proposed form was unveiled recently by the Central Board of Direct Taxes (CBDT) to receive public inputs until December 15. How many kinds of ..
Month: Current Affairs – November, 2022
Category: Economy & Banking Current Affairs • India Nation & States Current Affairs
Income Tax Day: What are the recent Direct Tax Reforms in India?
India observes the “Income Tax Day” on July 24, every year. This day was introduced in 2010, for commemorating 150 years of Income Tax in India. The day is celebrated with multiple outreach programmes and events, in a bid to ..
Month: Current Affairs - July, 2022
Category: Important Days & Events Current Affairs
Tax collections for FY 21
The Ministry of Finance recently released the tax collection figures for the financial year 2020-21. According to the ministry, the direct tax collections for the financial year 2020-21 are Rs 9.45 lakh crores. Tax collections for the fiscal year 2020-21 ..
Month: Current Affairs - April, 2021
Net Tax Collection exceeds revised estimates in FY21
In the fiscal year (2020-21) that ended on March 31, 2021, the corporate tax and income tax collected were Rs 9.45 lakh crores. About the Tax Collections The tax collections in the fiscal year 2021 exceeded the revised target by ..
Month: Current Affairs - April, 2021
Budget 2021: No change in Income Tax Slabs
The Union Finance Minister, Nirmala Sitharaman, have proposed no change in the Income Tax Slabs in the Union Budget 2021. The income tax structure has been kept as earlier. However, some relief have been announced for the senior citizens. It ..
Month: Current Affairs - February, 2021
PM-KISAN: Government initiated the process to identify illegal beneficiaries
The government’s concern over illegal beneficiaries of the PM-KISAN scheme is going to cease very soon as it has decided to identify farmers who are illegally receiving benefits. What is the PM-KISAN scheme? Pradhan Mantri Kisan Samman Nidhi is a ..
Month: Current Affairs - August, 2020
Highlights: ‘Transparent Taxation – Honoring the Honest’ platform launched
Prime Minister Narendra Modi has launched a platform in order to honour and appreciate the honest taxpayers in the country. The ‘Transparent Taxation – Honouring the Honest’ platform has been launched by the PM through video-conferencing. The government aims to ..