Understanding the Latest Direct Tax Updates: Key Highlights from CNK’s October 2024 Digest
India’s dynamic tax landscape continues to evolve with significant policy updates, judicial rulings, and clarifications shaping financial decision-making. The October 2024 Domestic Tax Digest by CNK & Associates LLP offers a timely and detailed analysis of the most recent direct tax developments including critical amendments to the Finance (No.2) Bill, 2024, major judicial pronouncements, and new circulars such as the Direct Tax Vivaad Se Vishwas, 2024 Rules.
This edition is particularly relevant for finance professionals, tax consultants, and corporate taxpayers navigating changes such as the partial restoration of indexation benefits for immovable property implications of business succession on depreciation claims, and fair market value determinations under ESOPs. It also covers impactful court decisions protecting taxpayers’ rights under the Insolvency and Bankruptcy Code and clarifying taxability of contingent consideration in share transactions.
Key topics covered include:
Amendments to capital gains taxation for residents and non-residents
Tax benefits and obligations under business restructures
Judicial clarity on tax implications of deferred share sale consideration
Lock-in period impacts on ESOP valuation
Framework and deadlines under the revived Vivaad Se Vishwas scheme
