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Direct tax updates include several important notifications by the CBDT. These include Circular No. 07/2024 (dated 25 April 2024) extending the due date for filing Forms 10A/10AB, comprehensive guidelines for compulsory selection of returns for complete scrutiny for FY 2024-25, and the release of a new functionality in AIS allowing taxpayers to display real-time status of information confirmation. Additionally, the Income Tax Department has introduced an e-Filing portal solution for managing multiple tax proceedings conveniently. The Ministry of Finance also issued a press release highlighting a record 125 Advance Pricing Agreements (APAs) in FY 2023 and updated Foreign Direct Investment regulations for satellite-related operations under FEMA.
On the judicial front, it was held that incriminating material found during search and seizure for a particular assessment year (AY) is not sufficient grounds to initiate proceedings for other AYs. Also, the premium from redemption of non-convertible debentures was ruled as interest income, not capital gains.
In indirect tax updates, GSTN issued an advisory on self-enablement for e-Invoicing as of 3 April 2024. The Bombay High Court quashed a show cause notice related to GST on ocean freight under FOB contracts and reduced the penalty where a tax invoice was issued and present at the time of goods detention.
Regulatory updates introduced a framework allowing NRIs, OCIs, and RIIs to hold 100% of the corpus in FPIs based in Indian IFSCs as per SEBI guidelines. Further, there was a circular on the standardization of Private Placement Memorandum (PPM) audit reports.
The Compliance Calendar for June 2024 outlines key deadlines to ensure timely statutory compliance.
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