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Under direct tax updates, the CBDT issued a circular laying down guidelines and procedures for condonation of delay in refund claims and loss carry forward cases. Additionally, the guidelines for compounding offences under Section 279(2) were revised to streamline penal procedures. The filing deadline for income tax returns for AY 2024–25 was extended, and tolerance limits for Transfer Pricing adjustments were notified.
In judicial developments, the Shankar Traders & Distributors Pvt. Ltd. case highlighted a dispute over share capital addition under Section 68. The judiciary also clarified that agriculturists are not required to maintain books of account under Section 44AA to claim exemption under Section 10(1).
Indirect tax updates included the GSTN’s release of new FAQs on the invoice management system, advisories for GSTR-9 & 9C filing, and updates on hard-locking auto-populated values in GSTR-3B.
On the judicial side, it was ruled that e-learning course development for resale does not qualify as OIDAR service, and a High Court directed renewal of GST registration after the taxpayer paid the due tax and interest post-cancellation.
Regulatory updates from the MCA included facilitation of new FC-6E applications even if previous ones are pending, extended compliance timelines for producer companies under amended Companies Rules, and a notable amendment to Ind AS 116 providing new guidance on sale and leaseback transactions, applicable from April 2024.
The Compliance Calendar for November 2024 is included for quick reference to upcoming statutory deadlines.