Taxation in India Current Affairs, GK & News

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

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 ..

Topics: Economy • Goods and services tax • Income Tax Act • Income tax in India • Income tax in the United States • Income taxes • minimum alternate tax • Tax • Tax refund • Tax Slabs • Taxation in India • The Income-tax Act

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 ..

Category: Government Schemes Current Affairs

Topics: Goods and services tax • Modi administration • Tax • Taxation in India

Rajiv Gauba appointed as new Cabinet Secretary

Rajiv Gauba, a 1982 batch IAS officer of Jharkhand cadre, has been appointed as the new Cabinet Secretary for two years. His tenure will be effective from August 30, 2019 & will succeed Pradeep Kumar Sinha. Gauba is currently posted as Union Home Affairs secretary. The Cabinet Secretary is the top-most executive official and senior-most ..

Topics: Cabinet Secretariat • Cabinet Secretary of India • Central Civil Services • Civil Services of India • Government of India • Indian Administrative Service • Ministry of Personnel, Public Grievances and Pensions • Pradeep Kumar • Pradeep Kumar Sinha • Rajiv • Rajiv Gauba • Taxation in India

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