Tax due date - August 2024.

 

Sl No	Due Date	Related to	Compliance to be made
1	11.08.2024	GST	Filing of GSTR – 1 for the month of July 2024
	31.08.2024	Income Tax	Filing of Form 10 of Charitable Trust
2	20.08.2024	GST	- Payment & filing of GST return for the Month of July 2024- Form GSTR 3B
5	07.08.2024	TDS/TCS (Income Tax)	· Deposit TDS for payments of Salary, Interest, Commission or Brokerage, Rent, Professional fee, payment to Contractors, etc. during the month of July 2024. · Deposit TDS from Salaries deducted during the month of July 2024 • Deposit TCS for collections made under section 206C including sale of scrap during the month of July 2024, if any • Deliver a copy of Form 15G/15H, if any to CCIT or CIT for declarations received in the month of July 2024, if any

TP Compliance Chart For FY 2023-24 (AY 2024-25)

 

Activity	Section	Form No.	Deadline
Transfer Pricing Audit	Section 92E	Form 3CEB	31-Oct-2024
Transfer Pricing Documentation	Section 92D	-	31-Oct-2024
Return of Income (having applicability of Transfer Pricing Provisions)	Section 139	-	30-Nov-2024
Master File	Section 92D (4) (Rule 10DA)	Form 3CEAA	30-Nov-2024
Intimation by Designated Constituent Entity	Section 92D (4) (Rule 10DA)	Form 3CEAB	31-Oct-2024
Intimation by Designated Constituent Entity	Section 286 (1) (Rule 10DB)	Form 3CEAC	Two months prior to the due date for furnishing of CbCR-Form 3CEAD i.e. 31st January of Assessment Year
Country by Country Reporting (CbCR) (Where Parent Entity and Alternative Reporting Entity is in India)			12 months from the end of reporting accounting year1 i.e. 31st March of Assessment Year
Audit Report (Having applicability of Transfer Pricing Provisions)	Section 44AB	-	31-Oct-2024
Safe Harbor Application for International Transactions (In case of Assessee who is required to file Form 3CEB under section 92E)	Section 92CB	Form 3CEFA	30-Nov-2024
Safe Harbor Application for Specified Domestic Transactions (In case of Assessee who is required to file Form 3CEB under section 92E)	Section 92CB	Form 3CEFB	30-Nov-2024

1 Reporting Accounting Year means the accounting year in respect of which the financial and operational results are required to be reflected in the report referred to in sub section (2) and (4) of Section 286.

Accounting Year means

i.          A previous year, in a case where the parent entity is resident in India; or

ii.          An annual accounting period, with respect to which the parent entity of the international group prepares its financial statements under any law for the time being in force or the applicable accounting standards of the country or the territory of which such entity is resident, in any other case;

Tax Clearance Certificate for travelling abroad:

Amendment in the budget and further clarification:

1. Clarification by Government:

The government clarified that not all residents need to obtain a tax clearance certificate for traveling abroad.
This requirement applies only to individuals accused of financial irregularities or those with significant tax arrears.

Section 44C of Income Tax Act – Deduction in respect of Head Office Expenses of Non residents

1. In case of a foreign company, which operates in India, and has a branch office or other presence, which constitutes a Permanent Establishment, of the foreign company in India, the head office may  incur certain expenditures in relation to the Indian PE.

Abolition of Angel Tax in the Budget:

1. Introduction:

Angel Tax, first introduced in the Union Budget 2012 by Finance Minister Pranab Mukherjee, was designed to curb money laundering through investments in startups and identify fraudulent firms. This tax, under Section 56(2)(viib) of the Income Tax Act, targeted investments exceeding the fair market value of shares issued by private companies.

Due dates for issuance of SCN and Orders

 The Finance Bill proposes to introduce a new provision under the GST Laws - 74A which will replace the existing Section 73 and Section 74. The new provision will apply for SCN and Adjudication Orders to be issued / passed for matters pertaining to FY 2024-25. Section 73 / 74 will continue to apply for matters pertaining to the earlier period.

Few significant changes between the existing Section 73 (for non Fraud, Misstatement and Suppression cases) and Section 74 (for Fraud, Misstatement and Suppression cases) when compared to the new Provision 74A are as follows

Tax Changes in Budget 2024-25

Impact to Individuals:

1)     Changes to Personal taxation:

Standard deduction increased to Rs 75,000 from Rs 50,000 only for new tax regime

 

Faulty ITR Utility in Respect of Sec 87A Needs Immediate Alteration I

 ntroduction of Proviso in Section 87A:

The Finance Act, 2023, effective from April 1, 2024, inserted a proviso in Section 87A of the Income Tax Act. The proviso stipulates:

• If the total income of the assessee, chargeable under sub-section (1A) of Section 115BAC, does not exceed Rs. 700,000, the assessee is entitled to a deduction from the income-tax of an amount equal to 100% of such income-tax or Rs. 25,000, whichever is less.
• If the total income exceeds Rs. 700,000, and the income-tax payable on such total income exceeds the amount by which the total income exceeds Rs. 700,000, the assessee is entitled to a deduction from the income-tax of an amount equal to the excess of the income-tax payable over the amount by which the total income exceeds Rs. 700,000.

Points to Keep in Mind if Trust Route is Adopted for ESOP

 Share Acquisition Options:

• The trust route allows for both the use of existing shares and the issuance of new shares.

Substitution of Bill of Entry - A Little Explored Provision

 This is to update you about Section 46(5) of the Customs Act, 1962 (‘CA 1962’) which talks about reinstatement of Ex-bond Bill of Entry (‘BE’) to In-bond BE. In simple words, an importer can get BE for Home Consumption converted back into BE for Warehousing.

CBIC issues Notifications and Circulars pursuant to recommendations made in 53rd GST Council meeting

 This Tax Alert summarizes recent Notifications and Circulars issued by Central Board of Indirect Taxes and Customs (CBIC) pursuant to recommendations made in the 53rd Goods and Services Tax (GST) Council meeting. The key highlights are:

Clarification on (MOOWR) Warehouse to Warehouse Transfer

 In an important update, CBIC vide. Instruction No. 16/2024-Customs dated June 25, 2024, has addressed the compliance issue faced by MOOWR unit for transfer of resultant manufactured goods from one warehouse to another.