Page-5 of Income Tax Current Affairs, GK & News

Structural Challenges with Indian Tax Regime

The Indian tax regime is said to be under a myriad of structural challenges. India has one of the highest effective corporate tax rates and personal income tax is highly skewed against the rich who account for a lower amount of revenue realisation. Personal Income Tax Rates The budget 2019-20 has again increased the personal ..

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India’s Path of Fiscal Consolidation

Concerns of the slowing down economy, need to pump capital to revive job creation had led to speculation that the Finance Minister would deviate from the path of fiscal consolidation. Contrary to popular beliefs the Finance Minister has chosen to stick to the gilded path. The budgetary estimate aims at bringing down the deficit to ..

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Budget 2019 : Tax Rates

While most economists had anticipated that the government might impose an inheritance tax on the super-rich, the government has not decided to follow through this time and has instead the tax on the rich taxpayers. What has changed? No change has been been made to the existing tax slabs. A surcharge of 25% of tax ..

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Indian Black Money in Swiss Banks Reduces

As per a report made public by the Swiss National Bank (SNB), the money deposited by Indian individuals and enterprises in various Swiss banks has reduced by nearly 6% in 2018 to 955 million Swiss francs (about ?6,757 crore). This is the second-lowest amount observed in 20 years. Indian Money in Swiss Banks As per ..

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Income Tax department alters method to tax MNCs and Digital Firms in India

The income tax department has changed the method to tax multinational companies and digital firms with permanent establishment in India by taking into account various factors like domestic sales, employee strength, assets and user base. In ‘Profit Attribution to Permanent Establishment in India’s report, the Central Board of Direct Taxes Committee stated that MNCs that ..

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