Taxation in the United States: GK, Current Affairs, Questions, Trivia and News

Draft Code on Social Security, 2019

The draft code amalgamates eight laws. It includes Employees Provident Fund and maternity benefits. The code was published by the Ministry of Labor and Employment. 4 major codes The code on social security will combine 44 labor laws into 4 codes. They are wages, occupational safety, working conditions and health. Unorganized Sector According to the ..

Social Security Code for New India

The government is in the process of formulating the code on social security and welfare for the third time as the trade unions and industry bodies had raised objections to some provisions in the earlier draft. The social security code is part of government’s effort to overhaul the country’s labour laws to condense them into four ..

CBDT Hikes Monetary Limits for Filing of Appeals by Income Tax Department

The Central Board of Direct Taxes (CBDT) has significantly increased the limit for the income tax department to appeal disputes in higher forums. One of the reasons behind the decision to raise the monetary limits is that the revenue department has fared poorly in the appeals filed by it, which was highlighted in the Economic ..

8.80 Million turns out to be ‘stop filers’ in Demonetisation year

Income Tax Returns have seen a upward surge in tax compliance aftermath of demonetisation and GST introduction. However according to a report, around 8.80 million taxpayers turned out to be ‘stop filers’ i.e. those who did not file tax returns in a given year despite doing so in the financial year 2016-17, the year when ..

Property Tax in India

The term ‘property’ stands for tangible real estate owned by a person. It includes houses, office places, rented out properties etc. Taxes are the primary source of income of the government and they determine the kind and amount of resources being available to the people. Property tax is recognised across the world as property is ..

Difference between Aadhaar and SSN

Aadhaar is a 12-digit unique identification number issued to Indian citizens by the Central government. It is issued and managed by Unique Identification Authority of India (UIDAI). The United States enacted the landmark Social Security Act in 1935, giving birth to the Social Security Number (SSN). Aadhaar can be used as a single proof of ..

India, UK sign three advance pricing pacts

India’s Central Board of Direct Taxes (CBDT) and the UK have signed three Bilateral Advance Pricing Agreements (B- APAs) taking the total number of APAs concluded between India and the UK to 5. So, far India has signed a total of 111 APAs both-bilateral and unilateral.   The APAs between India and UK have been ..

India and Cyprus revise the double taxation avoidance agreement (DTAA)

A revised Double Taxation Avoidance and the Prevention of Fiscal Evasion (DTAA) agreement has been signed between India and Cyprus in Nicosia. This revised agreement will replace the existing DTAA that was signed in 1994. Cyprus is a major source of foreign funds flows in India. From April 2000 till March 2016, India received foreign direct ..