Income Tax Current Affairs - 2020

National Pension Scheme for traders: Not successful as expected

The National Pension Scheme for traders, Shopkeepers and Self-Employed persons, also called the Pradhan Mantri Laghu Vyapari Maan-dhan Yojana was launched in July 2019. It aimed at benefitting 3 crore small traders and shopkeepers Highlights The Government set a target of 50 lakh enrolment by the end of March 2020. However, only 25,000 persons have Read More…

CBDT inaugurates Web Portal for exchange of information on Income Tax

Central Board of Direct Taxes (CBDT) has inaugurated the Web Portal for Exchange of Information on Income Tax which will consolidate all relevant Automatic Exchange of Information (AEOI) related information at one place. This portal will help in convenient access by public, financial institutions as well as departmental officers at large. Web Portal for Exchange Read More…

Government launches National E-Assessment Scheme

The National E – assessment scheme was launched to make income tax assessment faster, smoother and hassle – free. The system focuses on eliminating the middle men between the tax payer and the officer. It aims at communicating directly to the tax payer when an issue arises in the process of tax assessment. Highlights of Read More…

CBDT to set up National e-Assessment centre in New Delhi

National E-Assessment Centre (NeAC) will be setup in New Delhi as part of the Centre government’s ambitious plan to launch faceless and nameless assessment for income tax payers from October 2019. The order for the creation of NeAC was issued by Central Board of Direct Taxes (CBDT), which frames policy for Income-tax department. About National Read More…

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…