PM to announce next set of direct tax reforms

The Prime Minister Narendra Modi is all set to launch the next set of direct tax reforms in the country keeping in mind the announcements made in the Union Budget 2020-21. The PM will honour the country’s honest taxpayers by ..

Month: Current Affairs - August, 2020

Govt extends deadline for filing income tax returns till September 30

The government has extended the deadline for filing income tax returns for the fiscal year 2018-19 by two months till September 30. Reason The Central Board of Direct Taxes has announced this in view of the pandemic situation in the ..

Month: Current Affairs - July, 2020

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

Finance Minister launched instant Aadhaar based E-KYC

On May 27, 2020, the Union Finance Minister Nirmala Sitaraman launched instant Aadhaar based E-KYC. Highlights The facility will be available for PAN applicants that possess valid Aadhaar number. They should also have a mobile number registered with Aadhaar. The ..

Month: Current Affairs - May, 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

Finance Bill, 2020 passed in Lok Sabha

On March 23, 2020, Finance Minister Nirmala Sitaraman introduced the Finance Bill, 2020. The bill was introduced and passed in Lok Sabha without any discussion. Key Features of the Bill The bill provides the financial proposals of the fiscal year ..

Month: Current Affairs - March, 2020

Parliament passed Direct Tax Vivad Se Viswas Bill, 2020

On March 14, 2020, Parliament passed the Direct Tax Vivad Se Viswas Bill, 2020. The bill aims to reduce the number of litigation that are associated with direct tax payments. The Direct Tax Vivad Se Viswas concept was introduced by ..

Month: Current Affairs - March, 2020

Disability Pension

The government recently withdrew a circular that directed banks to deduct income tax from disability benefits and pensions given to military personnel following public protest. Categorisation of Disability Disabled veterans are classified under 3 categories: Battle Casualties (War Wounded): personnel ..