Key Highlights of the 2024 Interim Finance Budget:

GST on Electricity

CIT(A) Has No Jurisdiction To Enhance Income U/S 251(1) By Disallowing ESOP Expenses In Revised Return If AO Has Not Dealt With It: Mumbai ITAT

Constitutional validity of Anti Profiteering clause upheld by Delhi High Court 

Taxability of gift vouchers under GST

GST Rates on Construction

Rental Income Intended for Charitable & Educational Purposes Eligible for Section 10(23C)(vi) Exemption

GST Registration Can’t be Cancelled Retrospectively For Non-Filing Of Returns: Delhi High Court

ITR filed without Financials is a defective return but not necessarily an invalid return: SC

Mad HC quashes the demand of GST on incentives paid to whole time directors and directs the authority to reconsider the issue in the light of the CBIC Circular

An overview of 15 days / 45 days payment rule under section 43B(h)

GSTN Issues Advisory on Furnishing Bank Account Details By Registered Taxpayers Under Rule 10A

CBDT Notifies Income Tax Return Form ITR-6 for AY 2024-25

An overview of TDS U/S 194O: Key issue

Penalty U/S 270A cannot be levied arbitrarily: Rajasthan HC Chambal Fertilizers and Chemicals Limited Vs PCIT

Can ITC be availed on lift and elevators?

AO cannot reassess any income that was the subject matter of an appeal: Bombay HC

Avoid Disallowance: Timely Payments to MSME Essential for Deduction