Newsletter

Monthly Tax Bulletin – June 2024

21 Jun 20241 min read
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Contents

Key highlights:

  • The Central Board of Direct Taxes (CBDT) has released a new functionality in the Annual Information Statement (AIS) to track the status of action taken based on taxpayers’ feedback.
  • The Reserve Bank of India has now clarified that the Alternate Investment Funds (AIFs), which had issued partly paid units to non-residents before 14 March 2024, can regularise the contravention by applying for compounding of offences.
  • The ITAT has held that the assessee is not justified in seeking to net off amounts payable to AEs with outstanding amounts receivable from AEs on a consolidated basis or an entity level basis.
  • The CBIC has issued guidelines for initiating recovery proceedings before the expiry of three months from the service of a demand order.
  • The HCs upheld the validity of the notification that extended the time limit for issuance of the order for FY 17-18, holding that the COVID-19 pandemic was a force majeure event, which affected economic activities globally and was in compliance with Section 168A of the CGST Act.
  • The DGFT has restricted the import of all second-hand electronics and IT goods notified under the order effective from 20 May 2024.
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