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Under direct tax updates, the government announced the Direct Tax Vivad Se Vishwas Scheme, 2024, offering a settlement window for pending tax disputes. The CBDT issued clarifications to prevent misinterpretation of income tax clearance certificate rules, addressed TDS/TCS implications in the event of death prior to PAN-Aadhaar linkage, and notified key changes from Budget 2024 that came into effect from October 2024.
On the judicial front, courts upheld tax exemption on interest payments to China Development Bank under Article 11(3) of the India-China DTAA, and reversed an earlier AAR ruling, affirming Tiger Global International Holdings III’s eligibility for DTAA benefits in its investment in Flipkart.
Indirect tax updates included the launch of an innovative Invoice Management System by GSTN, clarifications on IGST refund regularization under Rule 96(10), input tax credit (ITC) eligibility for demo vehicles, and place of supply clarifications for data hosting services offered to overseas cloud providers.
In judicial proceedings, a High Court ruled that expired e-way bills do not attract penalties in the absence of tax evasion intent, and granted relief in a fake invoice case due to lack of proper inquiry.
Regulatory updates featured amendments to the Companies (Adjudication of Penalties) Rules, 2014 by the MCA, a judicial decision on foreign bank account allegations, and proposed audit-related amendments to Ind AS 109 and Ind AS 107 aimed at refining financial instruments disclosures.
The Compliance Calendar for October 2024 is included to assist with important due dates and filings.
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