Sanjeev Sharma head of CBDT panel to help bring down tax litigation]

The Central Board of Direct Taxes (CBDT) has formed a four-member committee to look into the matter of taxation related pain points and submit its final report and recommendations by mid-March 2019. Its recommendations could include applying a filter for ..

61 Individuals Declared Annual Income of Over Rs 100 Crore

As per the information provided by Minister of State for Finance Pon Radhakrishnan to the Lok Sabha 61 individuals who declared an income of more than Rs 100 crore during the assessment year 2017-18. Even though the numbers have increased sharply ..

Month: Current Affairs - February, 2019

Infosys to develop advance Tax filing System

The Union government has approved Integrated E-filing and Centralised Processing Center 2.0 Project of the Income Tax Department to enhance the efficiency of income tax administration system in the country. Integrated E-filing and Centralised Processing Center 2.0 Project The objectives ..

Month: Current Affairs - January, 2019

RBI tweaks Gold Monetisation Scheme

The Reserve Bank of India (RBI) has made changes with the Gold Monetisation Scheme (GMS) to allow charitable institutions, central government entities and state government entities to deposit gold under GMS. Now the entities allowed to deposit gold under the ..

Month: Current Affairs - January, 2019

Agricultural income (Taxation Provisions)

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 ..

Arbind Modi to be convener of task force to review Income Tax Act 1961

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 ..

Government to launch Project Insight

The Union Finance Ministry is planning to launch ‘Project Insight’ from October 2017 to monitor high value transactions and detect tax evaders using technology with a view to curbing circulation of black money. To implement the project government has signed ..

Month: Current Affairs - September, 2017

IT Department Launches Operation Clean Money

Income Tax Department (ITD) has initiated Operation Clean Money to investigate tax evaders. As a part of the operation, the government has launched a website on ‘Operation Clean Money’ operation. Salient Highlights The Operation Clean Money’ portal has been designed by the Central Board of ..

Month: Current Affairs - May, 2017