GAAR will be effective from April 1, 2017

The Union Finance Ministry has announced that the General Anti Avoidance Rule (GAAR) will be effective from the 1 April, 2017. In this regard Income Tax (IT) department has issued a slew of clarifications on implementation of GAAR, seeking to ..

Month: Current Affairs - January, 2017

Income Tax Department to launch Project Insight in May 2017

The Income Tax department is planning to implement the first phase of ‘Project Insight’ from May 2017 to monitor high value transactions, with a view to curbing the circulation of black money. This project has been initiated for data mining, collection, collation ..

Month: Current Affairs - November, 2016

Direct Taxes in India

Direct tax is a tax directly paid to the government by the individuals or organizations on whom it is imposed.  The main examples of Direct Taxes are Income Tax, Gift Tax, Wealth Tax, Property Tax etc. Important Laws on Direct ..

Prasar Bharati exempted from paying income tax

In a key respite to the nation’s public broadcaster, the Prasar Bharati has been relieved from paying any income tax. As per one of the amendments in the Finance Bill, 2012, “any income of Prasar Bharati (Broadcasting Corporation of India)” ..

Month: Current Affairs - May, 2012

What is Fringe Benefit Tax?

Fringe Benefit Tax (FBT) was a tax levied in india from 2006 to 2009. It was paid by the companies in lieu of benefits they offered to their employees in addition to the compensation / salary. The tax was levied ..