Finance Minister launched instant Aadhaar based E-KYC

On May 27, 2020, the Union Finance Minister Nirmala Sitaraman launched instant Aadhaar based E-KYC. Highlights The facility will be available for PAN applicants that possess valid Aadhaar number. They should also have a mobile number registered with Aadhaar. The process of allotting PAN is paperless and is also free of cost. Union Budget The ..

Month: Current Affairs - May, 2020

Category: Economy & Banking Current Affairs

Topics: Aadhaar • e-PAN • Income Tax • Know-Your-Customers (KYC) norms • nirmala sitaraman • TCS • TDS • Union Budget

CBDT issues clarification over Section 115 BAC of Income Tax Act

The Central Board of Direct Taxes recently clarified that the employers shall seek clarification and detect tax at source. Section 115 BAC The Section 115 BAC was inserted recently into the Income Tax Act, 1961. According to the section, a person receiving income other than family business shall be taxed under Section 115 BAC. This ..

Month: Current Affairs - April, 2020

Category: India Nation & States Current Affairs

Topics: CBDT • Central Board of Direct Taxes (CBDT) • Guidelines • Income Tax • Income Tax Act 1961 • TDS

Finance Bill, 2020 passed in Lok Sabha

On March 23, 2020, Finance Minister Nirmala Sitaraman introduced the Finance Bill, 2020. The bill was introduced and passed in Lok Sabha without any discussion. Key Features of the Bill The bill provides the financial proposals of the fiscal year 2020-21. With the bill being passes, the proposals made under the Union Budget 2020-21 has ..

Month: Current Affairs - March, 2020

Category: Legal & Constitution Current Affairs

Topics: Bills and Acts • CLAT • Dividend • Finance Bill 2020 • Finance Minister • Income Tax • Lok Sabha • nirmala sitaraman • NRI • union budget 2020-21

Parliament passed Direct Tax Vivad Se Viswas Bill, 2020

On March 14, 2020, Parliament passed the Direct Tax Vivad Se Viswas Bill, 2020. The bill aims to reduce the number of litigation that are associated with direct tax payments. The Direct Tax Vivad Se Viswas concept was introduced by the Finance Minister Nirmala Sitaraman during the Union Budget 2020-21. Key Features of the bill ..

Month: Current Affairs - March, 2020

Category: Legal & Constitution Current Affairs

Topics: Bills and Acts • Budget 2020 • CLAT • direct tax • Finance Minister • Income Tax • Lok Sabha • nirmala sitaraman • Union Budget • Vivad Se Vishwas

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 ..

Topics: Disability Pension • Disability Pension Tax • Income Tax • Military