Page-7 of Income Tax
Agricultural income (Taxation Provisions)
Section 2 (1A) of the Income Tax Act defines agricultural income as rent/revenue from land, income derived from this land through agriculture and income derived from buildings on that land. Section 10 (1) of the Income Tax Act excludes agricultural ..
Arbind Modi to be convener of task force to review Income Tax Act 1961
The Union Government has recently constituted a task force to review the Income Tax Act 1961 and draft a new direct tax law in consonance with current economic needs. CBDT member Arbind Modi will be the convener of task force ..
Government to launch Project Insight
The Union Finance Ministry is planning to launch ‘Project Insight’ from October 2017 to monitor high value transactions and detect tax evaders using technology with a view to curbing circulation of black money. To implement the project government has signed ..
Month: Current Affairs - September, 2017
IT Department Launches Operation Clean Money
Income Tax Department (ITD) has initiated Operation Clean Money to investigate tax evaders. As a part of the operation, the government has launched a website on ‘Operation Clean Money’ operation. Salient Highlights The Operation Clean Money’ portal has been designed by the Central Board of ..
Month: Current Affairs - May, 2017
Income Tax Department launches Operation Clean Money-II
The Income Tax department has launched the second phase of the ‘Operation Clean Money’ to investigate over 60,000 individuals with an aim to detect black money generation post demonetisation. The Central Board of Direct Taxes (CBDT), the policy-making body of the ..
Month: Current Affairs - April, 2017
Central Processing Centre (CPC) gets new Pin Code
The Department of Post has allotted a unique pin code for the Income Tax Department’s Central Processing Centre (CPC) based in Bengaluru so as to ensure that the letters and mails sent by taxpayers to the CPC are not lost ..