The Income-tax Act Current Affairs, GK & News
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
Union Finance Ministry has appointed Akhilesh Ranjan, Central Board of Direct Taxes (CBDT) member as Convenor of Task Force that is drafting New Direct Tax Legislation (Law). He will replace Arbind Modi who retired in September 2018. The other members (composition) of the Task Force remain unchanged. Akhilesh Ranjan is presently serving as Member (Legislation) ..
Category: Awards, Persons & Places in News
Topics: Akhilesh Ranjan • Arbind Modi • CBDT • Committees • Convenor • Economy of India • Finance Minstry • Government of India • Income tax in India • India • Ministry of Finance • New Direct Tax Legislation • Persons in News • Taxation in India • The Income-tax Act
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 while Chief Economic Adviser Dr. Arvind Subramanian will be a permanent Special Invitee. The task ..
Lok Sabha has passed the Taxation Laws (Second Amendment) Bill, 2016 in the Lok Sabha. The Bill was introduced as some of the existing provisions of the Income Tax Act, 1961 can possibly be misused for concealing black money. The new bill attempts to impose a higher rate of tax and penalty in respect of ..
Category: Government Schemes Current Affairs
Topics: Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act • Economy of India • Income declaration scheme • Income tax in India • Law in India • Pradhan Mantri Garib Kalyan Yojana • Tax • Taxation in India • The Income-tax Act