Income Tax Current Affairs - 2020

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…

Central Processing Centre (CPC) gets new Pin Code

The Department of Post has allotted a unique pin code for the Income Tax Department’s Central Processing Centre (CPC) based in Bengaluru so as to ensure that the letters and mails sent by taxpayers to the CPC are not lost or reach the centre late. The new pin code given to CPC is 560500. Earlier, Read More…

GAAR will be effective from April 1, 2017

The Union Finance Ministry has announced that the General Anti Avoidance Rule (GAAR) will be effective from the 1 April, 2017. In this regard Income Tax (IT) department has issued a slew of clarifications on implementation of GAAR, seeking to address concerns of foreign investors over implementation of the anti-evasion measure. GAAR seeks to prevent Read More…

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Income Tax Department to launch Project Insight in May 2017

The Income Tax department is planning to implement the first phase of ‘Project Insight’ from May 2017 to monitor high value transactions, with a view to curbing the circulation of black money. This project has been initiated for data mining, collection, collation and processing of such information for effective risk management with a view to widening and Read More…