Insights

AccuWiz Edge - July 2024

July 2024 Edition – At a Glance

• Direct Tax Updates

  • The CBDT issued guidelines for accepting delayed payments under the Direct Tax Vivad Se Vishwas Act, 2020, providing clarity on procedures and timelines.

  • The India–US tax agreement on digital services has been extended, ensuring continuity in cross-border taxation rules for tech and digital businesses.

  • Budget highlights include key amendments affecting corporate tax rates, sectoral incentives, and compliance deadlines.

  • In a landmark judicial ruling, the High Court of Shimla quashed an assessment reopening under Section 147, holding that a mere “change of opinion” cannot justify reopening an concluded assessment.

• Indirect Tax Updates

  • The refund process for tax on inward supplies by the Canteen Stores Department has been streamlined via Form GST RFD-10A, improving turnaround times.

  • The Government introduced Form GSTR-1A, allowing for corrections and amendments to outward supplies returns.

  • Integrated services for e-Invoice portals went live, facilitating seamless exchange of invoice data across GSTN and ERP systems.

  • Budget announcements under GST include rate rationalizations and new compliance relaxations.

  • The Andhra Pradesh High Court held that a notice proposing confiscation of goods without specifying reasons is invalid, and ruled that interest cannot be levied for delayed return filing unless formal adjudication proceedings are initiated.

• Audit Updates

  • The ICAI issued amendments to Accounting Standard (AS) 22 on Accounting for Taxes on Income, incorporating updated guidance on deferred taxes and uncertain tax positions.

• Regulatory Updates

  • SEBI’s second amendment to the Prohibition of Insider Trading Regulations, 2024 tightens disclosure requirements and insider definitions.

  • SEBI modified the “offer for sale” framework for employee-share schemes, boosting market liquidity for ESOPs.

  • A special call auction mechanism was launched for price discovery in Listed Investment Companies (ICs) and Investment Holding Companies (IHCs).

  • SEBI expanded investment channels for NRIs, OCIs, and resident Indians, easing access to mutual funds, equities, and debt instruments.

• Compliance Calendar

  • Your August 2024 Compliance Calendar highlights all critical deadlines for tax filings, GST returns, audit submissions, and regulatory disclosures.

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