Vide circular dated 7 June 2024 (Circular), the Reserve Bank of India (‘RBI’) has introduced two important amendments related to investment under Overseas Portfolio Investment (‘OPI’) route. The position prior to introduction of this circular, amendments and its impact are explained below.

On 6th June 2024, Singapore’s Minister of Finance has, in exercise of the powers conferred by section 7(1) of the Income Tax Act, 1947, made the Income Tax (Transfer Pricing Documentation) (Amendment) Rules 2024 and the same has come into operation on 10 June 2024.

Section 168A of CGST Act was inserted vide the Taxation and Other laws (Relaxation and Amendment of Certain Provisions) Act, 2020 which gave power to the Government to extend the time limit in respect of any actions which cannot be completed due to force majeure events such as war, epidemic, flood, draught, fire, cyclone, earth quake or any other calamity caused by nature or otherwise.

Has the clock started ticking for filing appeals before the GST Appellate Tribunal?

Benefit under Treaty cannot be withheld without invocation of GAAR or evidence of impermissible avoidance arrangement where TRC is available

SEBI permits 100% contribution of NRI / OCI / Resident Individuals in FPIs based in IFSC

Karnataka HC holds that waiver of loan shall not be taxable as benefit or perquisite under pre-amendment section 28(iv) irrespective of nature of loan

NEW PROTOCOL ENTERED BY INDIA AND MAURITIUS FOR INTRODUCTION OF PRINCIPAL PURPOSE TEST AND AMENDMENT OF PREAMBLE IN TAX TREATY

Guidelines for CGST field formations undertaking investigations to ensure ease of doing business

Mumbai ITAT holds that date of transfer shall be reckoned on the date when shares are delivered and not from SPA execution date for Capital gains purpose

BEPS 2.0 – Inclusive Framework Report on Pillar One - Amount B

Service, if any rendered, by an Investment Trust is for its own self

Aurtus - INTERIM BUDGET 2024

Capital loss pursuant to capital reduction is allowable to shareholders even if no consideration is received by the shareholders

Waiver of loan not used for acquisition fixed assets to be subject to tax under section 28(iv) since the benefit was not in nature of cash or money

ITAT clarifies that provisions of section 56(2)(x) and Rule 11UA would be inapplicable if company buys back its own shares under the buy back scheme

Delhi HC uphelds overriding effect of IBC on claims raised by tax department for period prior to approval of resolution plan

CBDT amends Safe Harbour Rules for International Transactions w.e.f 01st April 2024

CBIC Instructions navigating taxability on secondment of employees from overseas group entity.

Amendments made to the VAT laws by the States, pursuant to introduction of 101st Constitutional Amendment Act are not enforceable