Income Tax Current Affairs, GK & News
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 promote tax payments and raise awareness among potential taxpayers that paying taxes is their duty. ..
Month: Current Affairs - July, 2022
Category: Important Days & Events Current Affairs
Topics: direct tax • Direct Tax Reforms • Income Tax • Income Tax act of India • Income Tax Day
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 The Direct Tax Collections include Personal Income Tax collections and Corporation Tax collections. The Personal ..
Month: Current Affairs - April, 2021
Category: Economy & Banking Current Affairs - 2022
Topics: Central Board of Direct Taxes (CBDT) • corporate tax • direct tax • Income Tax • Tax Deducted at Source
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 5%. The tax collected in 2021 was 10% lower than the direct tax collected in ..
Month: Current Affairs - April, 2021
Category: Economy & Banking Current Affairs - 2022
Topics: corporate tax • direct tax • Fiscal Year • Income Tax • Tax collection • Union Budget • Vivad Se Vishwas
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 was announced that the senior citizens above the age of 75 years will exempted from ..
Month: Current Affairs - February, 2021
Category: Economy & Banking Current Affairs - 2022
Topics: Custom Duty • Income Tax • Income tax return • nirmala sitaraman • Union Budget 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 government initiative to provide minimum income support of Rs. 6,000 per year. It was announced ..
Month: Current Affairs - August, 2020
Category: Government Schemes Current Affairs • India Nation & States Current Affairs
Topics: Agriculture in India • Income Tax • Kalia scheme • PM-Kisan • Pradhan Mantri Kisan Samman Nidhi • Rythu Bandhu scheme
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 change the way in which taxes are being paid in India now, through this platform. ..
Month: Current Affairs - August, 2020
Category: Economy & Banking Current Affairs - 2022
Topics: direct tax • Income Tax • Prime minister • Tax Reforms • TransparentTaxation - Honouring the Honest