Tax: GK, Current Affairs, Questions, Trivia and News

India has the third-highest trade-related illicit financial flow globally

US-based think tank Global Financial Integrity (GFI) recently released a report titled “Trade-related Illicit Financial Flows in 135 Developing Countries: 2008-2017”. As per the report, five countries with the largest gaps were China ($457.7 billion), followed by Mexico, India, Russia and Poland. India has the third-highest trade-related illicit financial flow escaping the government’s tax net, with $83.5 ..

USA- France trade dispute

The tariff dispute between USA and France has started affecting bilateral trade. Recently, USA threatened to impose a 100% tariff on French imports such as wine, cheese and handbags. The threat comes in light of the recently announced French digital tax or the GAFA tax. The GAFA tax levies a 3% taxation on tech giants ..

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 ..

Government Proposes Major changes in Corporate Tax Rates

The Union Minister of Finance Nirmala Sitharaman has announced big cuts in the corporate tax rate, giving a ₹1.45 lakh crore stimulus aimed at reviving private investment and lifting growth from a six-year low. The government has also rolled back the enhanced surcharge on capitals gains resulting from the sale of equity share in a ..

Recommendations of Task Force on Simplification of Direct Tax

The task force on simplification of direct tax legislation headed by Central Board of Direct Taxation (CBDT) member Akhilesh Ranjan has recommended major changes in personal income tax slabs. Recommendations of the Task Force Continuation of the minimum exemption limit of Rs 2.5 lakh per annum. Continuing the tax rebate announced in the interim budget ..

Government of India notifies Sabka Vishwas – Legacy Dispute Resolution Scheme 2019

The Government of India (GoI) has recently notified the Sabka Vishwas – Legacy Dispute Resolution Scheme 2019 to reduce legacy service tax and central excise cases in the pre-GST era. The scheme will be operationalized from 1st September 2019 & would continue till 31st December 2019. The two main components of the Scheme are dispute ..

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 ..

Easing norms for Start-ups in India

To promote the startup culture in India, the Finance Ministry has made provisions for improving the start-up ecosystem by easing some financial norms.? What has happened? The Finance Ministry has simplified the entire process of assessment for the start-up entities in India. The nodal authorities for these changes are the CBDT.? Primarily, the new norms ..