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Why in the news? The Supreme Court waived off interest on income tax dues for telecom service providers like Bharti Airtel, Reliance, and Vodafone Idea. The waiver stemmed from a judgment on October 16, 2023, declaring telecom license fees as “capital in nature”. The Bench considered the Telecom Policy from 1999 and the lapse of …
Read MoreGENERAL SCENARIO OF INDIAN TAXATION Origin of Tax: The term “tax” comes from “taxation,” indicating an estimation process. Historical Presence: Direct taxation has been a part of India’s financial system since ancient times. Purpose of Taxation: Taxes are collected by the government to fund projects that boost the economy and improve citizens’ standard of living. …
Read MoreWhy in the news? Net direct tax collections exceed 2023-24 target, driven by personal income tax surge; corporate tax contribution declines. About the Growth in Tax Kitty: India’s net direct tax collections rose by 17.7% in 2023-24, reaching ₹19.58 lakh crore. This surpassed both the Budget estimates and revised estimates by 7.4% and ₹73,000 crore …
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