Finance Ministry expects bad loan recoveries to touch Rs 1.80 trillion during the current fiscal. So far, banks have recovered Rs 1 trillion under the Insolvency and Bankruptcy Code (IBC).

Income Tax Department has confiscated assets worth Rs 6,900 crore till now as part of its action under the anti-benami transactions law, the agency said in a public advertisement. who “abet and induce” benami transactions, benamidar and beneficiaries are prosecutable and may face rigorous imprisonment up to 7 years besides being liable to pay fine up to 25 per cent of fair market value of benami property..

GST: The Union Cabinet

GST: The Union Cabinet has approved setting up of the proposed National Anti-profiteering Authority (NAA) under GST. Anti-Profiteering body will push companies to pass on GST benefits to consumers.

Charges for cheque bounce collected by an entity from its customers are liable to be taxed with the applicable Goods and Services Tax (GST) rate, the Authority for Advanced Ruling (AAR).

-Income upto ₹ 5 lakh exempted from Income Tax more than ₹ 23,000 crore tax relief to 3 crore middle class taxpayers
– Standard Deduction to be raised to ₹ 50,000 from ₹ 40,000
– TDS threshold to be raised from ₹ 10,000 to ₹ 40,000 on interest earned on bank/post office deposits
– TDS threshold for deduction of tax on rent to be increased from ₹ 1,80,000 to ₹ 2,40,000.

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