K M Prasad appointed as new Principal Chief Commissioner of Income-tax (PCCIT) of National e-assessment centre

The National e-Assessment Centre (NeAC) has been set up by the  Central Board of Direct Taxes (CBDT) in the national capital as part of the government’s ambitious plan to launch faceless and nameless assessment for Income Tax  (IT) payers from ..

Recommendations of Task Force on Simplification of Direct Tax

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 ..

Government of India notifies Sabka Vishwas – Legacy Dispute Resolution Scheme 2019

The Government of India (GoI) has recently notified the Sabka Vishwas – Legacy Dispute Resolution Scheme 2019 to reduce legacy service tax and central excise cases in the pre-GST era. The scheme will be operationalized from 1st September 2019 & ..

Akhilesh Ranjan task force on Direct Tax Code submits Report to Finance Ministry

The task force, headed by CBDT member Akhilesh Ranjan, constituted by the Union government for drafting the new Direct Tax Code (DTC) has recently submitted its report to Union Minister of Finance and Corporate Affairs Nirmala Sitharaman. The task force ..

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 ..

CBDT Hikes Monetary Limits for Filing of Appeals by Income Tax Department

The Central Board of Direct Taxes (CBDT) has significantly increased the limit for the income tax department to appeal disputes in higher forums. One of the reasons behind the decision to raise the monetary limits is that the revenue department ..

159th Income Tax Day (ITD-2019)

The Central Board of Direct Taxes (CBDT) has celebrated the 159th Income Tax Day i.e. Aaykar Diwas on 24th July 2019. The week preceding the Aaykar Diwas 2019 has been marked by various activities undertaken by the regional offices of ..

India notifies a tax data pact with Marshall Islands

India has notified a Tax Information Exchange Agreement (TIEA) with the Marshall Islands, which enables a bilateral sharing of banking & ownership information and allows officials of one country to undertake tax examinations in the other. The TIEA for exchange ..

8.80 Million turns out to be ‘stop filers’ in Demonetisation year

Income Tax Returns have seen a upward surge in tax compliance aftermath of demonetisation and GST introduction. However according to a report, around 8.80 million taxpayers turned out to be ‘stop filers’ i.e. those who did not file tax returns ..

Key points of the Australian Budget 2019

The Australian Budget for the fiscal year 2019 ”2020 sets out economic and fiscal outlook of Australia. It includes revenue estimates, expenditure for the fiscal year and also for the consecutive 3 financial years Wages and Income tax cuts                 ..