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 ..
Tags: Income Tax • Income Tax Act • Tax Slabs
Month: Current Affairs - February, 2023
Category: Economy & Banking Current Affairs - 2022
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 ..
Tags: Central Board of Direct Taxes • Central Board of Direct Taxes (CBDT) • direct tax • Direct Tax Reforms • Income Tax
Month: Current Affairs – November, 2022
Category: Economy & Banking Current Affairs - 2022 • 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 ..
Tags: direct tax • Direct Tax Reforms • Income Tax • Income Tax act of India
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 ..
Tags: Central Board of Direct Taxes (CBDT) • corporate tax • direct tax • Income Tax • Tax Deducted at Source
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 ..
Tags: corporate tax • direct tax • Fiscal Year • Income Tax • Tax collection
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 ..
Tags: Custom Duty • Income Tax • Income tax return • nirmala sitaraman • Union Budget 2021