Connect us on:
Loading
In international tax developments, Switzerland has suspended the Most Favored Nation (MFN) clause in its tax treaty with India, potentially impacting treaty benefits.
Domestic tax relief has been introduced with exemptions from TDS under sections 194Q and 206C(1H) for entities trading with International Financial Services Centres (IFSCs).
The Delhi ITAT clarified that Section 195 TDS is not applicable on warehousing payments to non-residents, and also ruled that hire charges under Section 44BB are not taxable without a permanent establishment in India.
On the indirect tax front, the CBIC issued multiple clarifications on GST—covering place of supply for online services, ITC eligibility for ex-works contracts, and E-commerce Operators under Section 9(5), along with the GST treatment of vouchers.
Judicial decisions included the Delhi High Court’s view that minor procedural lapses do not attract penalties under Section 129 of the CGST Act, and the Gujarat High Court ruled that voluntary GST deposits are not constrained by refund time limits under Section 54.
In audit updates, the NFRA highlighted the responsibilities of auditors and audit committees in Expected Credit Loss (ECL) audits under Ind AS 109.
Key regulatory highlights include the extension of the CPE compliance deadline for 2024, SEBI’s clarifications on the Cybersecurity and Cyber Resilience Framework, and the RBI’s revised framework for government debt relief schemes.
Additionally, the MCA extended the CSR-2 filing deadline, while the RBI revised interest rate ceilings on FCNR(B) deposits and released new guidelines on inoperative accounts and unclaimed deposits.
The February 2025 compliance calendar ensures you stay ahead of your tax and regulatory obligations.
Download the full publication below.