Income Tax: GK, Current Affairs, Questions, Trivia and News

Disability Pension

The government recently withdrew a circular that directed banks to deduct income tax from disability benefits and pensions given to military personnel following public protest. Categorisation of Disability Disabled veterans are classified under 3 categories: Battle Casualties (War Wounded): personnel injured during operations against enemies, terrorists, insurgents, etc. Battle Casualties: personnel declared as battle casualties ..

National Sports Development Fund

The Security Printing & Minting Corporation of India recently contributed 1 crore INR to the National Sports Development Fund as part of Corporate Social Responsibility.  About the Fund: The NSDF was established and notified in 1998 under the Charitable Endowments Act of 1890. It was created to mobilise funding for developing sports in the country. ..

Tripura gets its first Special Economic Zone(SEZ)

The Ministry of Commerce and Industry on Monday, 16th December 2019 has notified the setting up of the first-ever Special Economic Zone(SEZ) in Tripura. The Special Economic Zone(SEZ) in Tripura will be set-up at the Paschim Jalefa region of Sabroom in the South Tripura District, which is about 130 km away from the capital city ..

K M Prasad appointed as new Principal Chief Commissioner of Income-tax (PCCIT) of National e-assessment centre

The National e-Assessment Centre (NeAC) has been set up by the  Central Board of Direct Taxes (CBDT) in the national capital as part of the government’s ambitious plan to launch faceless and nameless assessment for Income Tax  (IT) payers from October 2019. K M Prasad, the 1984-batch Indian Revenue Service (IRS) officer, has been appointed ..

Akhilesh Ranjan task force on Direct Tax Code submits Report to Finance Ministry

The task force, headed by CBDT member Akhilesh Ranjan, constituted by the Union government for drafting the new Direct Tax Code (DTC) has recently submitted its report to Union Minister of Finance and Corporate Affairs Nirmala Sitharaman. The task force was constituted to replace the 6-decades-old Income Tax Act 1961. It is believed that the ..

Tweaks to the FPIs in Union Budget

The Indian Government has made a few tweaks to the norms of foreign portfolio investors (FPIs) to attract funding for the Indian capital market. What has happened? The Indian Government had, in the recent Union Budget, announced that increased surcharge will now be applicable to the FPIs. The Indian Government had levied an increase in ..

Update : Erroneous reports about the Filing of Income tax Return

There were several reports in the social media that a few taxpayers were facing issues in filing the returns. What had happened? Unverified reports in the social media claimed that the large scale changes were made in the Income-tax Return (ITR) forms including ITR-2 and ITR-3. Apparently, it was claimed that this created problems in ..

Structural Challenges with Indian Tax Regime

The Indian tax regime is said to be under a myriad of structural challenges. India has one of the highest effective corporate tax rates and personal income tax is highly skewed against the rich who account for a lower amount of revenue realisation. Personal Income Tax Rates The budget 2019-20 has again increased the personal ..