K M Prasad appointed as new Principal Chief Commissioner of Income-tax (PCCIT) of National e-assessment centre

The National e-Assessment Centre (NeAC) has been set up by the  Central Board of Direct Taxes (CBDT) in the national capital as part of the government’s ambitious plan to launch faceless and nameless assessment for Income Tax  (IT) payers from October 2019. K M Prasad, the 1984-batch Indian Revenue Service (IRS) officer, has been appointed ..

Topics: Central Civil Services • Commissioner of Income Tax • Economy of India • Government of India • Income Tax • Income tax in India • Indian Revenue Service • Internal Revenue Service • Ministry of Finance • Tax • Taxation in India

CBDT to set up National e-Assessment centre in New Delhi

National E-Assessment Centre (NeAC) will be setup in New Delhi as part of the Centre government’s ambitious plan to launch faceless and nameless assessment for income tax payers from October 2019. The order for the creation of NeAC was issued by Central Board of Direct Taxes (CBDT), which frames policy for Income-tax department. About National ..

Month: Current Affairs - September, 2019

Category: Economy & Banking Current Affairs

Topics: Central Board of Direct Taxes • e-assessment Scheme • Income Tax • National E-Assessment Centre • Principal Chief Commissioner of Income-tax • Regional e-assessment Centre

Akhilesh Ranjan task force on Direct Tax Code submits Report to Finance Ministry

The task force, headed by CBDT member Akhilesh Ranjan, constituted by the Union government for drafting the new Direct Tax Code (DTC) has recently submitted its report to Union Minister of Finance and Corporate Affairs Nirmala Sitharaman. The task force was constituted to replace the 6-decades-old Income Tax Act 1961. It is believed that the ..

Topics: Central Civil Services • Economy • Income Tax • Income Tax Department • Income tax in India • Indian Revenue Service • Ministry of Finance • Personal finance • Tax • Taxation in India

Tweaks to the FPIs in Union Budget

The Indian Government has made a few tweaks to the norms of foreign portfolio investors (FPIs) to attract funding for the Indian capital market. What has happened? The Indian Government had, in the recent Union Budget, announced that increased surcharge will now be applicable to the FPIs. The Indian Government had levied an increase in ..

Topics: Income Tax • Indian Tax Policy • Taxation • Union Budget 2019

Update : Erroneous reports about the Filing of Income tax Return

There were several reports in the social media that a few taxpayers were facing issues in filing the returns. What had happened? Unverified reports in the social media claimed that the large scale changes were made in the Income-tax Return (ITR) forms including ITR-2 and ITR-3. Apparently, it was claimed that this created problems in ..

Topics: CBDT • Income Tax • Income Tax returns • Social media