Current Affairs

GK MCQs Section

Topic: 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...

February 2, 2023

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...

November 2, 2022

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...

July 25, 2022

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...

April 13, 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...

April 9, 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...

February 1, 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....

August 26, 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...

August 13, 2020

PM to announce next set of direct tax reforms

The Prime Minister Narendra Modi is all set to launch the next set of direct tax reforms in the country keeping in mind the announcements made in the...

August 12, 2020

Govt extends deadline for filing income tax returns till September 30

The government has extended the deadline for filing income tax returns for the fiscal year 2018-19 by two months till September 30. Reason The Central Board of Direct...

July 31, 2020

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