Monthly Tax Bulletin - August 2024

Key highlights of the publication:

• The Supreme Court has held that when the transaction was on a principal-to-principal basis, there was no requirement to withhold tax for reimbursement of discount to the distributor since it was not part of the commission.
• A resident individual has been permitted to make a remittance under Liberalised Remittance Scheme to an IFSC in India for availing financial services/products within IFSCs.
• Under the transfer pricing law, the Delhi ITAT has allowed a revised foreign tax credit claim as per the modified return filed by the assessee pursuant to concluding its Advance Pricing Agreement.
• Under GST, circulars have been issued to clarify additional aspects pertaining to the valuation of corporate guarantee arrangements, including taxability of loan takeover, frequency of tax payment, multiple co-guarantors, etc.
• On the judicial front, the Supreme Court has held that royalty and dead rent do not qualify as taxes or impositions.

Monthly Tax Bulletin - August 2024

Get insights on tax developments, including direct taxes, transfer pricing, and GST, in Grant Thornton Bharat August 2024 Tax bulletin. Stay informed.

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Monthly Tax Bulletin - July 2024

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