Income Tax Current Affairs - 2019

Category Wise PDF Compilations available at This Link

Income tax exemption limit on gratuity doubled to Rs 20 lakh

The government has increased the tax-free gratuity income limit to Rs 20 lakh. This move will benefit the public as well as private sector employees. What is Gratuity? Gratuity is the monetary benefit provided by the employer to his/her employee for the services rendered by him during the period of employment. A minimum of five Read More…

Month:  Categories: Business, Economy & Banking

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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 from the 38 individuals reporting income over Rs 100 Crore in the previous assessment year, Read More…

Month:  Categories: Business, Economy & Banking

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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 of the Integrated E-filing and Centralised Processing Center 2.0 Project are: Faster and accurate outcomes Read More…

Month:  Categories: Business, Economy & Banking

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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 scheme include Resident Indians [Individuals, HUFs, Proprietorship & Partnership firms, Trusts including Mutual Funds/Exchange Traded Read More…

Month:  Categories: Business, Economy & Banking

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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 contract with Information Technogolgy major L&T Infotect Ltd.  The project will add to list of Read More…

Month:  Categories: Government Schemes & Projects

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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 Direct Taxes (CBDT). Initial phase of the operation involves identification of around 18 lakh persons who have made Read More…

Month:  Categories: Business, Economy & Banking

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Income Tax Department launches Operation Clean Money-II

The Income Tax department has launched the second phase of the ‘Operation Clean Money’ to investigate over 60,000 individuals with an aim to detect black money generation post demonetisation. The Central Board of Direct Taxes (CBDT), the policy-making body of the income tax department has detected flow of black money into the banks amounting to over Read More…

Month:  Categories: Governance & Politics

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