Regulatory Referencer

I. DIRECT TAX: SPOTLIGHT

1. CBDT issues circular revising the monetary threshold for filing of appeals — Circular No. 09/2024 dated 17th September, 2024

Circular 5 of 2024 dated 15th March, 2024 had prescribed monetary limits for filing income tax appeals by the Income tax department. The limits are revised to ₹5 crore, ₹2 crore, and ₹60 lakhs respectively for filing appeals before the Supreme Court, High Court, and Income Tax Appellate tribunal respectively. CBDT has further clarified that the Department should not file an appeal merely because the tax effect exceeds the monetary limit but filing of an appeal should be decided based on the merits of each case.

II. COMPANIES ACT, 2013

1. C-PACE to facilitate voluntary LLP closures under new rules effective 27th August, 2024: The Hon’ble Finance Minister, in her budget speech, announced that the services of the Centre for Processing Accelerated Corporate Exit (C-PACE) would be extended to facilitate the voluntary closure of LLPs. Accordingly, the Ministry of Corporate Affairs (MCA) has notified the Limited Liability Partnership (Amendment) Rules, 2024. Under these amended rules, the application for voluntary closure of LLPs will now be approved by C-PACE instead of the ROC effective from t