"24 March 2020" Archive - Page 5

Threshold limit for initiation of insolvency proceedings raised to Rs. 1 crore

S.O. 1205(E) (24/03/2020)

MCA Amends Section 4 of Insolvency and Bankruptcy Code, 2016 – Threshold of default under Section 4, IBC for initiation of insolvency proceedings raised to Rs 1 crore Overview : MINISTRY OF CORPORATE AFFAIRS (MCA) vide notification No.  S.O. 1205(E) dated 24th March 2020, has amended section 4 of the Insolvency and Bankruptcy Code,...

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All about DEFERRED TAX and its entry in books

The word Deferred is derived from the word Deferments which means arranging for something to happen at a later date. Thus, deferred tax is the tax for those items which are accounted in Profit & Loss A/c but not accounted in taxable income which may be accounted in future taxable income & vice versa. The deferred tax may be a liability or...

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S. 40(a)(ia) Disallowance for Non Deduction & Short Deduction of TDS

Under section 40(a)(ia) of the Act, in case of payments made to resident, the deductor is allowed to claim deduction for payments as expenditure in the previous year of payment, if tax is deducted during the previous year and the same is paid on or before the due date specified for filing of return of income under section 139(1) of the Ac...

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Posted Under: Corporate Law |