Petitioners further submit that they have paid the amount of purchases in question as well as tax on the same not in cash and all transactions were through banks and petitioners are helpless if at some point of time after the transactions were over,
IBC, 2016 does not envisage any mechanism for oversight and monitoring of liquidation process and liquidator by creditors, similar to that provisioned for CIRP through Committee of Creditors
Recommendations to Government on issues arising in implementation of Insolvency and Bankruptcy Code, 2016, as well as on the recommendations received from various stakeholders.
Central Government hereby specifies that no deduction of tax shall be made under section 194-I of the Income-tax Act on payment in the nature of lease rent or supplemental lease rent
CBDT vide Notification No. 64/2022-Income Tax amended Rule 21AI/21AJ/21AJA/21AJAA, Inserted new Rule 21AIA – Other conditions required to be fulfilled by a specified fund referred to in clause (4D) of section 10 of the Act and Issued revised Form No.10-IG- Statement of exempt income under clause (4D) of section 10 of the Income-tax Act, 1961. […]
Held that M2M loss on SWAP contract was allowable where loans were converted into foreign currency loan to take benefit of low interest rate and loss recognized on account of foreign exchange fluctuation as per notified Accounting Standard 11 was an accrued and subsisting liability and not merely a contingent or hypothetical liability.
Held that as per the identical issue of disallowance of bought note purchases in cash u/s. 40A(3) of the Act for the assessment year 2017-18 and after considering relevant facts, we set aside the issue to the file of the Assessing Officer for further verification.
Understanding the tax implications of employee and employer contributions to provident fund. Learn about the deduction, disallowance, and reallowance under the Income Tax Act.
The principle that the company is an artificial person having a separate legal entity from that of its shareholders and members forms the basic foundation of corporate governance
RBI releases Draft Reserve Bank of India (Margining for Non-Centrally Cleared OTC Derivatives) Directions, 2022 under Section 45 W of the RBI Act, 1934
