Page-2 of Income Tax Act

Recommendations of Task Force on Simplification of Direct Tax

August 31, 2019

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 ..

Agricultural income (Taxation Provisions)

April 13, 2018

Section 2 (1A) of the Income Tax Act defines agricultural income as rent/revenue from land, income derived from this land through agriculture and income derived from buildings on that land. Section 10 (1) of the Income Tax Act excludes agricultural ..

Government constitutes task force for drafting New Direct Tax Legislation

November 22, 2017

The Union Finance Ministry has constituted task force to review Income Tax (IT) Act 1961 and draft new direct tax law in consonance with current economic needs. CBDT member Arbind Modi will be convener of task force. Chief Economic Adviser ..

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Lok Sabha passes Undisclosed Foreign Income and Assets (Imposition of Tax) Bill, 2015

May 12, 2015

Lok Sabha on 11 May 2015 passed Undisclosed Foreign Income and Assets (Imposition of Tax) Bill, 2015 by a voice vote. The bill seeks to deal with the menace of black money and to replace the Income Tax (IT) Act, ..

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Union Cabinet gives nod for creation of two additional benches of the Authority for Advance Rulings (Income Tax)

February 25, 2015

Union Cabinet on 25 February 2015 gave nod for creation of two additional benches of the Authority for Advance Rulings (AAR- Income Tax). This decision was taken in Union Cabinet meeting chaired by Prime Minister Narendra Modi in order to ..

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Election Commission guidelines on financial transparency

October 3, 2014

ECI’s (Election Commission of India) guidelines on financial transparency came into effect on October 1, 2014. The order was, however, passed on August 29. Mode of holding funds and making payments It is now virtually mandatory for political parties to ..

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