Tax season opened on January 29, 2024, but pending legislation threatens to make the season a bumpy one. Tax Court makes a controversial decision and picks up new judges.
The Allahabad High Court recently quashed orders passed by the GST authorities against an assessee-company which claimed that it had already cancelled its GST registration before even a show cause notice was issued.
Taxpayers and tax professionals alike had a lot to talk about this year. Here s a look at the stories you clicked on in 2023 and links to those you might have missed.
The Central Board of Indirect Taxes and Customs on Tuesday issued a circular on the applicability of GST on reimbursement of electricity charges received by real estate companies, malls, and airport operators from their lessees or tenants. | Latest News India
Income Tax News Latest: India, with a population of approximately 140 crore, faces a striking paradox in its income tax landscape. Recent statistics reveal that merely 6.65 crore individuals, constituting a mere 4.8% of the total population and 6.3% of the adult population, contribute to the country s personal income tax collection. This situation raises concerns as a mere 5% of taxpayers shoulder a significant 76% of the total income tax revenue generated by the government.