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Direct tax updates include the CBDT notifications concerning the Tamil Nadu Water Supply and Drainage Board and the Tamil Nadu Water Electricity Regulatory Commission.
Judicially, the Calcutta High Court ruled that the non-discrimination clause under the India-Netherlands tax treaty cannot be used to challenge tax rates, while the Delhi High Court upheld the constitutionality of section 71(3A), affirming restrictions on set off of house property losses. Additionally, the Delhi Tax Tribunal allowed deduction for CSR expenditure voluntarily made without reciprocal commitment under section 80G.
In indirect tax developments, the National Informatics Centre (NIC) launched the new E-way Bill 2 Portal, enhancing the digital infrastructure for GST compliance. The Allahabad High Court quashed tax penalties related to misclassified Over Dimensional Cargo, and further, the court mandated supplier verification before denying Input Tax Credit.
Audit updates saw the Quality Review Board issue important observations and guidance related to CARO 2020, alongside the International Accounting Standards Board’s proposed amendments to IFRS 9 and IFRS 7. The Supreme Court upheld ICAI's restrictions concerning tax audits, reinforcing professional standards.
Regulatory updates include the RBI’s approval for non-residents to open interest-bearing accounts for margin management and new compliance requirements in money changing regulations. The deadline for LLP BEN-2 and LLP Form 4D filings was extended, with a waiver of additional fees, and the Securities and Exchange Board of India amended regulations relating to Depositories and Participants.
The Compliance Calendar for July 2024 provides detailed deadlines and filing requirements to ensure timely adherence to statutory norms.