"29 October 2020" Archive

CBDT notifies extended Due dates of Return & Tax Audit Report for A.Y.2020-21

Notification No. 88/2020-CBDT [S.O. 3906(E)] (29/10/2020)

CBDT issued Notification No. 88/2020 and extended Due dates of Income Tax Return and Tax Audit Report as follows:- A. Income Tax Return FY 2019-20/AY 2020-21 i. Without tax audit –31.12.20 ii. TP, tax audit & tax audit firm partners– 31.01.21 B. Various audit reports (tax audit, transfer pricing etc) – 31.12.20 C. Income tax [&h...

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Taxation of shares & other securities under Income Tax Act, 1961

Taxing the Profit from shares are always debateable issue, however CBDT issue circular No. 06/2016 dated 29/02/2016 wherein it provides option to taxpayer that to tax profit as Business Income or Capital Gain. This circular applicable for profit from listed shares only and option once exercised assesse will not allow to change his/her sta...

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Posted Under: Income Tax | ,

Adjustment and Withholing of Refund under GST Act

INTRODUCTION Section 54 of CGST act provides for grant of refund  to any person  of any tax and interest if any or any other amount paid by him subject to provision of the act and  rules  to any person. However, during the course of sanctioning refund, sometimes, refund is adjusted to the outstanding demand under […]...

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Posted Under: Income Tax |

SEBI (Mutual Funds) (Second Amendment) Regulations, 2020

Notification No. SEBI/LAD-NRO/GN/2020/39. (29/10/2020)

1. These Regulations may be called the Securities and Exchange Board of India (Mutual Funds) (Second Amendment) Regulations, 2020. 2. They shall come into force on the date of their publication in the Official Gazette....

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Govt prohibits Export of Onion seeds

Notification No. 43/2015-2020 (29/10/2020)

The Export of Onion seeds is prohibited, with immediate effect. The provisions under Transitional Arrangement (Para 1.05 of the FTP 2015-20) shall not be applicable under this notification....

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CGST officials bust racket for generating fraudulent ITC via fake billing

Release ID: 1668567 (29/10/2020)

Based upon specific intelligence, the officers of the Anti Evasion branch of Central Goods and Service Tax (CGST),Commissionerate, Delhi (East) have busted a major racket for generation of huge inadmissible input tax credit (ITC) through fake billing of Rs 1,278 crore (approx)....

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Income Tax Department conducts searches in Uttar Pradesh

Ministry of Finance Income Tax Department conducts searches in Uttar Pradesh Posted On: 29 OCT 2020 A search action was started by the Income Tax Department on 28.10.2020 in the case of a Bijnor based group engaged in real estate business and it’s associates. There were allegations that the group companies were having huge security pre...

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Posted Under: Income Tax |

Income-tax Exemption on deemed LTC fare for non-Central Government employees

In order to provide the benefits to other employees (i.e. non-Central Government employees) who are not covered by the above mentioned OM, it has been decided to provide similar income-tax exemption for the payment of cash equivalent of LTC fare to the non-Central Government employees also....

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Posted Under: Income Tax |

DGGI Gurugram arrests man for forging ITC of around Rs 392 crore

Release ID: 1668645 (29/10/2020)

The Directorate General of GST Intelligence (DGGI) Gurugram Zonal Unit (GZU), Haryana has arrested one Kabir Kumar, resident of New Delhi on charges of creating and operating fictitious firms on forged documents and passing fake input tax credit by way of issuance of invoices without any actual receipt or supply of goods or services....

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Goods & Service Tax on transfer of old/used Capital Assets

Capital Assets: Section 2(19) of CGST Act, Capital Goods means goods, the value of which is capitalized in the books of account of the person claiming the Input Tax Credit and which are used or intended to be used in the course of furtherance of business. Situation 1: A Registered Person sell used Fixed Assets […]...

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Posted Under: Income Tax |

Whether amended section 115BBE of Income Tax Act applicable retrospectively or prospectively ?

Present article demonstrate the section 115BBE of Income Tax Act, 1961 which amended from time to time and the relevant case laws of the applicability of amendment prospectively. ...

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Posted Under: Income Tax |

Basic of FDI or Foreign Investment under NDI Rules

Till 16th October, 2019, Foreign Investment was governed, by RBI in consultation with Central Government, by Foreign Exchange Management (Transfer or Issue of Security by a Person Resident outside India) Regulations, 2017, called as TISPRO. Pursuant to amendment made in FEMA through Finance Act 2015, Central Government is empowered to mak...

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Posted Under: Income Tax |

ICAI Increases Structured CPE hours to 20 & Due date extension

Increase in the no. of Structured CPE hours being granted in online mode from 15 CPE hours to 20 CPE hours and extension of last date for completion of 20 Structured CPE hours through Digital Learning Hub or Virtual CPE Meetings from 31st October, 2020 to 31st December, 2020...

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Posted Under: Income Tax |

Alton Buildtech guilty of not passing ITC benefit to Flat Buyers: NAA

Shashank Thakar Vs Alton Buildtech India Pvt. Ltd. (NAA)

Shashank Thakar Vs Alton Buildtech India Pvt. Ltd. (NAA) 1. A Report dated 14.06.2019 was received from the Applicant No. 6 i.e. the Director General of Anti-Profiteering (DGAP) after detailed investigation under Rule 129 (6) of the Central Goods & Services Tax (CGST) Rules, 2017. The brief facts of the Report were that the Applicant ...

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NAA drops penalty proceedings against Signature Builders

Shri Abhishek Vs Signature Builders Pvt. Ltd. (NAA)

It is also revealed that vide Section 112 of the Finance Act, 2019 specific penalty provisions have been added for violation of the provisions of Section 171(1) of the CGST Act, 2017 which have come in to force w.e.f. 01.01.2020 vide Notification No. 01/2020 Central Tax dated 01.01.2020, by inserting Section 171 (3A) in the CGST Act, 2017...

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Section 171(3A) profiteering Penalty cannot be imposed retrospectively: NAA

Shri Abhishek Vs Signature Global Developers Pvt. Ltd. (NAA)

Since, no penalty provisions were in existence between the period w.e.f. 01.07.2017 to 31.12.2018 when the Respondent had violated the provisions of Section 171 (1) of the CGST Act, 2017, the penalty prescribed under Section 171 (3A) cannot be imposed on the Respondent retrospectively....

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IBBI penalises IP for not taking due diligence while performing duties as an IRP

order No. IBBI/DC/37/2020 (29/10/2020)

In view of the above, and the fact of failure to bring to the notice of the CoC by Mr. Bhat as to the moratorium imposed on the transfer of the asset and to ratify and approve the payment of EMIs to the HDFC and payment of the outstanding dues to the vendors/ service providers […]...

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Income Tax Department conducts searches in Tamil Nadu

The Income Tax Department has carried out searches on 28.10.2020 at 22 premises in Coimbatore, Erode, Chennai and Namakkal on a group engaged in the running of Educational Institutions and their associates, including a civil contractor. The search was carried out on the basis of information that fees collected from students were not fully...

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Posted Under: Income Tax |

Without AFA, an IP is not eligible to undertake assignments

Order No. IBBI/DC/36/2020 (29/10/2020)

In the present matter, DC notes that Mr. Dave gave consent for the CIRP of the CD on 2nd April, 2018 which was much prior to 31st December, 2019. However, due to various other issues, the CIRP of the CD commenced vide order dated 29th January, 2020. This commencement Order was only communicated to Mr. […]...

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IP violates code by charging fees as percentage of amount distributed or realised

Interim Order No. IBBI/DC/35(INTERIM)/2020 (29/10/2020)

Taking a percentage of the amount distributed/ amount realised out of the current assets of working capital of the CD by the Liquidator as his fee would only serve to vitiate the purpose of the Code. Instead of running the Company effectively, the liquidator may engage in distributing the working capital to earn a quick […]...

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Targeted Long Term Repo Operations (TLTROs)- FAQs

Will banks be required to maintain specified securities for the amount received in TLTRO in HTM book at all times?  Yes. The banks will have to maintain amount of specified securities for the amount received in TLTRO in its HTM book at all times till maturity of TLTRO....

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Posted Under: Income Tax |

Income Tax Assessment of Private Trusts (Section 161 to 164)

Trusts have not been defined under the Income-tax Act 1961. The Dictionary meaning of ‘Trust’, in so far as it relates to the realm of law,  is ‘an arrangement’ by which property is handed over to or vested in a person, to use and dispose it off for the benefit of another person.’ Trust can […]...

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Posted Under: Income Tax |

Notice for Cancellation of GST Registration in Form GST REG-17

As per the Goods and Services Tax (GST) law, cancellation of GST registration can be initiated by both the proper officer or by the taxpayer himself. In case the proper officer has a reason to believe that the GST registration of the taxpayer should be cancelled. Then, the proper officer will begin the cancellation proceedings […]...

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Posted Under: Income Tax |

Types of Bank Account Which a Foreigner can Maintain In India

Following are the types of Bank account which a foreigner can maintain in India: ♦ Non – Resident External Rupee Account (NRE). ♦ Non- Resident Ordinarily Account (NRO). ♦ Foreign Currency (Non – Resident) Account Bank (FCNR (B)). ♦ Non – Resident (Non Repatriable) Rupee Deposit Accounts (NRNR Accounts). ♦ Special Non- Res...

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Posted Under: Income Tax |

Determination of Residential status of Foreign Citizen in India as per Income Tax Act

Determination of Residential status of Foreign Citizen in India as per Income Tax Act Step 1: First of all we have to identify whether the person is Resident Indian or Non- Resident Indian: An individual shall be treated as Resident in India if he satisfies any one of the below mentioned conditions: a) If, he/she […]...

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Posted Under: Income Tax |

54 Transfer & posting in Pr. Commissioner/ Commissioner Grade by CBIC

Office Order No. 119/2020 (28/10/2020)

Office Order No. 119/2020 With the approval of Competent Authority, the following transfer and posting in the grade of Pr. Commissioner/ Commissioner of Customs & Central Excise, is hereby ordered with immediate effect and until further orders:-...

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SEBI Chairman interacts with investors and other stakeholders from USA

Press Releases No. 57/2020 (28/10/2020)

Securities and Exchange Board of India Press Releases No. 57/2020 SEBI Chairman interacts with investors and other stakeholders from USA; Participants emphasize need for early finalization of direct listing scheme, development of Corporate Bond market and further reforms in IPO regulations Shri Ajay Tyagi, Chairman, SEBI along with other ...

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Portfolio Managers – Frequently Asked Questions

A portfolio manager is a body corporate, which, pursuant to a contract with a client, advises or directs or undertakes on behalf of the client (whether as a discretionary portfolio manager or otherwise) the management or administration of a portfolio of securities or goods or funds of the client....

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Posted Under: Income Tax |

Denial of refund of IGST to Advance-Authorisation holders is valid but operates prospectively w.e.f October 23, 2017

Cosmo Films India Vs Union of India & Ors. (Gujarat High Court)

The Hon’ble HC, Gujarat in Cosmo Films India v. Union of India & Ors. [R/SLP No. 15833/2018 dated October 20, 2020] upheld the validity of rule 96(10) of the Central Goods and Services Tax Rules, 2017 (“CGST Rules”) and rules that notification is required to be made applicable prospectively only w.e.f. October 23, 2017 and [&hel...

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MHA extends the Guidelines for Re-opening

D.O. No. 40-3/2020-DM-I(A), (27/10/2020)

Since the issuance of the first Order on lockdown measures by MHA on 24thMarch 2020, almost all activities have been gradually opened up in areas outside the Containment Zones. While most of the activities have been permitted, some activities involving large number of people, have been allowed with some restrictions and subject to SOPs be...

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Maharashtra Value Added Tax (Third Amendment) Rules, 2020

Notification No. No. VAT / 1520 / CR-73 / Tax-1. (23/10/2020)

Provided that, from the period starting on or after 1st April 2020, the retail outlets, not owned by any Oil Company, registered under the Act and who have effected sales of High Speed Diesel Oil or Petrol purchased from the registered dealers, within the State of Maharashtra, shall not be liable to file return under this sub-rule."...

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Extension of ESI Scheme to Arunachal Pradesh

In its continuous endeavor to cover more workers under ESI Scheme, Govt. of India has now extended the Employees 'State Insurance (ESI) Scheme for the first time to Arunachal Pradesh, with effect from 1st November, 2020. A notification to this effect has been issued by the Central Government for notifying the district of Papum Pare,under ...

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Posted Under: Income Tax |

CG borrows & transfers Rs. 6,000 crore to 16 States as GST compensation

The Government of India has evolved a special borrowing window to addressthe shortfall in the GST collection during the year 2020 – 2021. 21 States and 2 Union Territories opted for this special window involving back-to-back borrowing coordinated by the Ministry of Finance....

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Posted Under: Income Tax |

Investigation on anti-dumping duty on imports of ‘Nylon Tyre Cord Fabric’

Case No-SSR-10/2019 (29/10/2020)

Case No-SSR-10/2019 Sunset Review investigation concerning anti-dumping duty on imports of ‘Nylon Tyre Cord Fabric’ originating in or exported from China PR....

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18 more individuals declared as terrorists under Unlawful Activities (Prevention) Act, 1967

Under the strong and iron-willed leadership of the Prime Minister, Shri Narendra Modi, the Central Government had amended the Unlawful Activities (Prevention) Act, 1967 in August 2019, to include the provision of designating an individual as a terrorist. Prior to this amendment, only organizations could be designated as terrorist organiza...

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Posted Under: Income Tax |

Anti-dumping duty on imports of PVC Paste/Emulsion Resin

Case No. AD-MTR 09/2020 (29/10/2020)

Mid-Term Review limited to change of name of producer/exporter from Korea RP regarding anti-dumping duty imposed on imports of Poly Vinyl Chloride (PVC) Paste/Emulsion Resin originating in or exported from Korea RP, Taiwan, China PR, Malaysia, Thailand, Russia and European Union- Amendment to the final finding notification no. 15/19/2014-...

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Custom Duty exemption on specified medicines under PAPs

Notification No. 41/2020-Customs (29/10/2020)

Seeks to further amend notification No. 16/2017-Customs dated 20th April, 2017, which provides exemption to specified medicines under certain Patient Assistance Programmes (PAPs) run by pharmaceutical companies. Notification No. 41/2020-Customs dated 29th October, 2020 GOVERNMENT OF INDIA MINISTRY OF FINANCE (DEPARTMENT OF REVENUE) Notifi...

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IBBI notifies Format for Serving a Copy of Application for Initiation of CIRP

Circular No. IBBI/LAD/35/2020 (29/10/2020)

Insolvency and Bankruptcy Board of India 7th Floor, Mayur Bhawan, Connaught Place, New Delhi – 110 001 Circular No. IBBI/LAD/35/2020 Dated: 29th October, 2020 To All Registered Insolvency Professionals All Recognised Insolvency Professional Entities All Registered Insolvency Professional Agencies (By mail to registered email addresses a...

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Draft Industrial Relation (Central) Rules, 2020

Notification No. G.S.R. 684(E). (29/10/2020)

(i) These rules may be called The Draft Industrial Relation (Central) Rules, 2020. (i) They extend to whole of India including Union territories except Union Territories which have their respective legislature in respect to the industrial establishments and matters for which the Central Government is the appropriate Government....

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DGFT deletes SION No. A-468 of Chemical & Allied Product Group

Public Notice No. 28/2015-20-DGFT (29/10/2020)

The Standard Input Output Norms (SION) for the export product – 4,4 Diamino Diphenyl Amine -2- Sulphonic Acid are published in HBP Vol. II at two places, that is, at A-465 and A-468. The norms at SION A-465 are more precise. Hence. the norms at SION A-468 is deleted with immediate effect. Public Notice No. […]...

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IBBI invites EOI from prospective eligible institutions for conducting Graduate Insolvency Programme

Notification No. BOARD-22/3/2019-IBBI (29/10/2020)

The Insolvency and Bankruptcy Board of India (IBBI) invites Expression of Interest (EoI) from eligible institutions for being considered for conducting a two-year Graduate Insolvency Programme (GIP) on regular basis....

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Food Safety and Standards (Prohibition and Restrictions on Sales) Third Amendment Regulations, 2020

Notification No. Stds/O&F/Notification(12)/FSSAI-2019 (26/10/2020)

(1) These regulations may be called the Food Safety and Standards (Prohibition and Restrictions on Sales) Third Amendment Regulations, 2020. (2) They shall come into force on the date of their publication in the official Gazette....

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Discussion on ITC Of Diwali Gifts under GST

Festival season has arrived and Diwali is one of the biggest festivals in India. These are the times when people give gifts, sweets to their friends, relatives, employees, family, and clients. Our question is that Whether the input tax credit would be available for the purchase of Diwali gifts? Here we discuss the 2 scenarios […]...

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Posted Under: Income Tax |

FAQs – GSTR-3B Offline Utility

FAQs on GSTR3B Offline Utility Q.1 How can I download and open the GSTR3B Offline Utility in my system from the GST Portal? Ans. 1. Login to the GST Portal www.gst.gov.in . 2. Go to Downloads > Offline tools > GSTR3B Offline Utility > Download button. 3. Unzip the downloaded Zip file which contain GSTR3B_Excel_Utility […]...

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Posted Under: Income Tax |

Personal Protective Equipment-Footwear (Quality Control) Order, 2020

Notification No. S.O. 3857(E). (27/10/2020)

(1) This Order may be called the Personal Protective Equipment-Footwear (Quality Control) Order, 2020. (2) It shall come into force from the dated of its publication in the Official Gazette....

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Footwear made from all-Rubber and all Polymeric material and its components (Quality Control) Order, 2020

Notification No. S.O. 3858(E). (27/10/2020)

This Order may be called the Footwear made from all-Rubber and all Polymeric material and its components (Quality Control) Order, 2020. It shall come into force from the dated of its publication in the Official Gazette....

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FAQs on GSTR-6 Offline Tool

Q. 1 Can I file complete Form GSTR-6 using Offline Utility? Ans. No. Filing of Form GSTR-6 can take place only online on the GST Portal. Using Offline Utility, you will be able to prepare details of Table 3.ITC Received, 5,8 Distribution of ITC, 6B CDN, 6A ITC received (B2BA), 6C CDNA and 9 Amendment […]...

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Posted Under: Income Tax |

Leather and other materials (Quality Control) Order, 2020

Notification No. S.O. 3860(E) (27/10/2020)

(1) This Order may be called the Footwear made from Leather and other materials (Quality Control) Order, 2020. (2) It shall come into force from the dated of its publication in the Official Gazette....

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FAQs of GSTR-10 Offline Utility

Q.1 Can I file the complete Form GSTR-10 offline using Offline Utility? Ans. No. Filing of Form GSTR-10 can take place only online on the GST Portal. Using Offline Utility, you will be able to prepare details of Table 8A, 8B & 8C and Table 8D in the GSTR-10 Return only. Once you have uploaded […]...

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Posted Under: Income Tax |

FAQs on FORM GST ITC- 01 Offline Tool

Q.1 What is GST ITC-01? Ans. Registered person who is entitled to claim credit of input tax under section 18 (1) of CGST Act 2017, can claim such credit by filing a declaration in Form ‘GST ITC-01’. The credit may be availed for inputs held in stock, Inputs contained in semi-finished or finished goods held in […]...

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Posted Under: Income Tax |

Preparing GSTR-1 and GSTR-2A using Offline Utility- FAQs

Q.1 What is Returns Offline Tool? Ans. Businesses that generate a large number of invoices in a tax period may find it cumbersome to upload invoice details one-by-one. Not only that, it will become a time-consuming activity with a cost implication. Therefore, to facilitate the upload of invoices in bulk, Goods and Service Tax Network [&he...

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Posted Under: Income Tax |

Anti-dumping duty imposed on imports of Toluene Di-Isocyanate (TDI)

Notification No. F. No. 7/22/2020-DGTR. (29/10/2020)

Mid-Term Review limited to change of name of producer/exporter from Korea RP regarding anti-dumping duty imposed on imports of 'Toluene Di- Isocyanate (TDI)' originating in or exported from China PR, Japan and Korea RP-Amendment to the final finding notification No. 14/36/2016-DGAD dated 13th December, 2017....

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FAQs GSTR-9A Offline Utility

About GSTR-9A Offline Utility Q.1 What is Form GSTR-9A Offline Utility? Ans. GSTR-9A Offline utility is an Excel-based tool to facilitate creation of annual return in Form GSTR-9A, which is to be filed on the GST portal by taxpayers who have opted for composition scheme, for any period during the said financial year. Taxpayers may [&helli...

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Posted Under: Income Tax |

FAQs GST ITC-04 Offline Utility

About Form GST ITC-04 Offline Utility Q. 1 What is Form GST ITC-04 Offline Utility? Ans. Form GST ITC-04 Offline utility is an Excel-based tool to help taxpayers to prepare their Form GST ITC-04 declaration offline. Taxpayers may use the offline utility to furnish details of goods/capital goods sent to job worker and received back [&helli...

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Posted Under: Income Tax |

FAQs of GSTR-8 Offline Utility

Q.1 Can I file complete Form GSTR-8 using Offline Utility? Ans. No. Filing can take place only online on the GST Portal. Using Offline Utility, you will be able to only prepare details of Table 3 and Table 4 of Form GSTR-8. Once you have uploaded the prepared details on the GST Portal, you must […]...

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Posted Under: Income Tax |

FAQs on GST TRAN-2 Offline Tool

Q.1 What are the features of GST TRAN-2 Offline Tool Ans. The key features of GST TRAN-2 Offline Tool are: The GST TRAN-2 details related to certain tables can be prepared offline with no connection to Internet. Most of the data entry and business validations are inbuilt in the offline tool reducing errors upon upload […]...

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Posted Under: Income Tax |

FAQs on TRAN-1 Offline Tool

Q.1 What are the features of TRAN-1 Offline Tool? Ans. The Key Features of TRAN-1 Offline Tool are: The TRAN-1 details related to certain tables can be prepared offline with no connection to Internet. Most of the data entry and business validations are in built in the offline tool reducing errors upon upload to GST […]...

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Posted Under: Income Tax |

Tariff Notification No. 103/2020-Customs (N.T.), Dated: 29.10.2020

Notification No. 103/2020-Customs (N.T.) (29/10/2020)

Notification No. 103/2020-Customs (NT) dated 29.10.2020 with subject as Tariff Notification in respect of Fixation of Tariff Value of Edible Oils, Brass Scrap, Poppy Seeds, Areca Nut, Gold and Silver -reg. Government of India Ministry of Finance (Department of Revenue) (Central Board of Indirect Taxes and Customs) Notification No. 103/202...

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FAQs on Applying for GST Registration on MCA Portal through SPICe-AGILE Application Form

Can I apply for GST registration while applying for incorporation of company on MCA Portal? Yes, you can apply for GST registration while applying for incorporation of company on MCA Portal. Registration process under GST is now integrated with SPICe-AGILE Form....

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Posted Under: Income Tax |

Anti-Dumping Investigation concerning imports of ‘Caustic Soda’

Case No. (SSR) 01/2020 (29/10/2020)

Case No. (SSR) 01/2020 Sunset Review of Anti-Dumping Investigation concerning imports of ‘Caustic Soda’ originating in or exported from China PR and Korea RP....

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Applying for Temporary User ID for Unregistered User on GST Portal: FAQs

Applying for Temporary User ID Q.1 Who can apply for Temporary User ID on the GST Portal? Ans: Any applicant, who is not registered or not liable to be registered under GST Act, can apply for Temporary User ID on the GST Portal. This User ID is only for facilitating certain exclusive functionalities available to […]...

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Posted Under: Income Tax |

Application for cancellation of GST registration in Form GST REG-16

The taxpayer registered under Goods and Services Tax (GST), however willing to cancel the registration, may file an application in Form GST REG-16 for cancellation of GST registration. The provisions relating to filing of an application for cancellation of GST registration is covered under section 29(1) of the Central Goods and Services T...

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Posted Under: Income Tax |

Company Secretary (CS) as a Startup Consultant

In this article I am going to share my views on the role of a Company Secretary as a Startup Consultant or How a Company Secretary plays a very important role in  establishing  Startups....

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Posted Under: Income Tax |

Practical issues in claiming grant of ex-gratia – Compounded & Simple Interest

The Ministry of Finance has issued a notification (F. No.2/12/2020-BOA.I dated 23.10.2020) announcing the scheme for grant of  ex-gratia payment of difference between Compound Interest and Simple Interest for six months to the borrowers in specified loan accounts (01.03.2020 to 31.08.2020) wherein the following issues are to be addressed...

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Posted Under: Income Tax |

GST E-Invoice system enabled for taxpayers having turnover exceeding Rs. 100 cr

NA (29/10/2020)

1. e-Invoice System is enabled on Trial sites ( for APIs & Offline tools) for taxpayers with PAN based turnover more than Rs. 100 Cr. in a financial year (https://einv-apisandbox.nic.in ,    https://einvoice1-trial.nic.in). e-Invoice API Access Mechanism Tax Payers with Aggregate Turnover of Company more than Rs. 500 Crores Tax Paye...

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How Preference shares capital form part of Net worth, within statutory prescription of Companies Act, 2013?

Net worth of a company is the value of the assets a company owns, minus the liabilities they owe. It is an important metric to gauge a company’s health and value, providing a useful snapshot of its current financial position. The concept of Networth becomes more relevant in ascertaining transactional values in an amalgamation, speci...

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Posted Under: Income Tax |

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