CURRENT AFFAIRS

Detailed explanation-1: -Income Tax Department signs contract with L & T Infotech Ltd for implementation of Project Insight.

Detailed explanation-2: -Income-tax Department has initiated Project Insight to focus on three goals, namely (i) to promote voluntary compliance and deter noncompliance; (ii) to impart confidence that all eligible persons pay appropriate tax; and (iii) to promote fair and judicious tax administration.

Detailed explanation-3: -This official web portal “Reporting Portal” under “Project Insight", Central Board of Direct Taxes, Ministry of Finance, Government of India” has been developed to facilitate third party reporting by Reporting Entities under section 285BA of the Income Tax Act 1961.

Detailed explanation-4: -James Wilson, the first Finance Minister of the British Indian Government introduced the tax system in India. In 1860, income tax was introduced by James Wilson in India.

Detailed explanation-5: -Income-tax Act, 1961 came into existence w.e.f. 1-4-1962.