IT Department to Undertake Drive to Improve Return Filings for FY19

The Central Board of Direct Taxes has announced that it is going to start a campaign from July 20 till the end of the month in order to increase the number of tax filings for the Financial Year 2019-2020. It ..

Month: Current Affairs - July, 2020

CBDT and SEBI sign Memorandum of Understanding

On July 8, 2020, the Central Board of Direct Taxes (CBDT) and Securities and Exchange Board of India (SEBI) signed Memorandum of Understanding (MoU). The agreement will facilitate exchange of data between the institutes. Highlights Several other steps are being ..

Month: Current Affairs - July, 2020

CBDT issues clarification over Section 115 BAC of Income Tax Act

The Central Board of Direct Taxes recently clarified that the employers shall seek clarification and detect tax at source. Section 115 BAC The Section 115 BAC was inserted recently into the Income Tax Act, 1961. According to the section, a ..

Month: Current Affairs - April, 2020

CBDT releases relief funds to MSME

The Central Board of Direct Taxes (CBDT) issued Rs 5,204 cores as relief funds to MSME (Micro Medium and Small Enterprises) sector. Around 8.2 lakh small businesses have received Income Tax Refunds so far. Highlights In the last 10 days, ..

Month: Current Affairs - April, 2020

Second National GST Conference of Central and State Tax Commissioners held

On January 7, 2020, the second National GST Conference and Central and State Commissioners was held to streamline the Goods and Services Tax. The Revenue Secretary of Ministry of Finance Dr Ajay Bhushan Pandey was the Chairman of the conference ..

Month: Current Affairs - January, 2020

CBDT inaugurates Web Portal for exchange of information on Income Tax

Central Board of Direct Taxes (CBDT) has inaugurated the Web Portal for Exchange of Information on Income Tax which will consolidate all relevant Automatic Exchange of Information (AEOI) related information at one place. This portal will help in convenient access ..

Month: Current Affairs - November, 2019

CBDT launches Documentation Identification Number

The Central Board of Direct Taxes (CBDT) has launched a computer-generated Document Identification Number (DIN) to ensure greater transparency and accountability in tax administration. Thus from now onwards, every CBDT communication will have to have a documentation identification number. The ..

Month: Current Affairs - October, 2019

CBDT notifies creation of special cell for startups

Central Board of Direct Taxes (CBDT) has created five-member special cell to address grievances of startups with relation to angel tax and other tax-related issues. It will be headed by member (Income Tax and Computerisation) of CBDT. This initiative is ..

Month: Current Affairs - August, 2019

Tax Holiday for Startups extended to startups with turnover upto INR 25 crore

In a clarification issued by the Central Board of Direct taxes, a tax holiday has been extended to only those startups with a turnover of INR 25 crore.? What has happened? Startups in India have the potential to provide a ..

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 ..