Page-3 of Income Tax
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 ..
Month: Current Affairs - April, 2020
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 ..
Month: Current Affairs - March, 2020
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 ..
Month: Current Affairs - March, 2020
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 ..
National Sports Development Fund
The National Sports Development Fund (NSDF) in India is a crucial initiative aimed at supporting and nurturing the country’s sports talent, infrastructure, and overall development. Established with the goal of promoting excellence in sports, the NSDF serves as a vital ..
National Pension Scheme for traders: Not successful as expected
The National Pension Scheme for traders, Shopkeepers and Self-Employed persons, also called the Pradhan Mantri Laghu Vyapari Maan-dhan Yojana was launched in July 2019. It aimed at benefitting 3 crore small traders and shopkeepers Highlights The Government set a target ..