Press Information Bureau

Government of India

Ministry of Labour & Employment

Dated: 07-March-2019

Income tax exemption for gratuity enhanced Up to Rs. 20 lakhs

Ministry of Finance has enhanced the income tax exemption for gratuity under section 10 (10) (iii) of the Income Tax Act, 1961 to Rs. 20 lakhs.  Shri Santosh Kumar Gangwar, Minister of State for Labour and Employment has expressed hope that this would benefit those employees of PSUs and other employees not covered by Payment of Gratuity Act, 1972 and has thanked the Finance Minister for enhancing the exemption limit.

The ceiling of Gratuity amount under the Payment of Gratuity Act, 1972 has been raised from time to time keeping in view over-all economic condition and employers capacity to pay and the salaries of the employees, which have been increased in private sector and in PSUs.  The latest such enhancement of ceiling of gratuity was made vide Government of India Notification dated 29.03.2018 under which the gratuity amount ceiling has been increased from Rs.10 lakhs to 20 lakhs w.e.f. 29.3.2018.

*****

RCJ/SKP/IA

Click here to read and download ITAT order copy reported in [TS-8200-ITAT-2018(Delhi)-O]

Government of India

Ministry of Finance

Department of Revenue

Central Board of Direct Taxes

 New Delhi, 28th February, 2019

PRESS RELEASE

TIEA between India and Brunei signed on 28.02.2019

The Government of Republic of India and the Government of His Majesty the Sultan And Yang Di-Pertuan Of Brunei Darussalam signed an Agreement for the Exchange of Information and Assistance in Collection with respect to Taxes (TIEA) on 28th February 2019 at New Delhi. The Agreement was signed by Mr. Pramod Chandra Mody, Chairman, Central Board of Direct Taxes on behalf of India and Dato Paduka Haji Sidek Ali, High Commissioner of Brunei Darussalam to India on behalf of Brunei Darussalam.

The Agreement enables exchange of information, including banking and ownership information between the two countries for tax purposes. It is based on international standards of tax transparency and exchange of information and enables sharing of information on request as well as on automatic basis. The Agreement also provides for mutual assistance in collection of tax revenue claims between both countries.

The Agreement will enhance mutual co-operation between India and Brunei Darussalam by providing an effective framework for exchange of information in tax matters which will help curb tax evasion and tax avoidance.

(Surabhi Ahluwalia)

 Commissioner of Income Tax

(Media & Technical Policy)

Official Spokesperson, CBDT.

Government of India

Ministry of Finance

Department of Revenue

Central Board of Direct Taxes

New Delhi, the 27th February, 2019

Order

1. In exercise of powers conferred under section 138(l)(a) of Income tax Act, 1961 ('Act'), the Central Board of Direct taxes hereby directs that Principal Director General of Income-tax (Systems), New Delhi shall be the specified authority for furnishing information to Nodal Officer, Pradhan Mantri Kisan Samman Nidhi (PM-KISAN) of all State Governments and Union Territories as notified vide Notification No 12/2019 dated 27.02.2019 under sub-clause(ii) of clause (a) of sub-section (1) of section 138 of the Act.

2. The Information to be furnished shall be:

(a) Mapping of Income - tax payees of the Assessment year 2018 -19 from the list of otherwise eligible beneficiaries under PM-KISAN Yojana on the basis of Aadhaar Numbers.

Government of India
Ministry of Finance
Department of Revenue
Central Board of Direct Taxes

New Delhi, 27th February, 2019

PRESS RELEASE

Income Tax Department hits at terror financing activities in J&K Region

The head of a prominent organization allegedly indulging in anti-national activities alongwith his associates were covered in a sensitive search action by the Income Tax Department today. Search action has been conducted at 4 premises in the Valley and 3 in the national capital. The search action has yielded credible evidence of large scale undisclosed financial transactions carried out in the business of quarrying, hotels etc.

During the search, clinching evidence was also unearthed of huge unaccounted expenditure having been incurred in cash on the reconstruction and remodeling of the residential premises presently being used by the tax evader’s family. Despite carrying out large scale financial transactions, neither the main protagonist nor any member of his family has ever filed any income tax return. The evidence found in search action is robust enough to show a deliberate and wilful attempt to evade tax.

In the search action, 3 hard discs have also been seized. The analysis of the information contained in the discs is likely to yield even more substantial evidence against the tax evader and his associates. This action is part of a concerted drive to
trace illegal sources of funding that have financed the separatist elements and their activities in the Valley.

(Surabhi Ahluwalia)
Commissioner of Income Tax
(Media & Technical Policy)
Official Spokesperson, CBDT.