To achieve objectives of Code, CIRP is not available in respect of defaults arising during COVID-19 period and default of less than Rs.1 crore. There are several laws which regulate ‘Insolvency Resolution’ for Companies in India. These include (i) Sick Industrial Companies Act, 1985, (ii) Recovery of Debt Due to Banks and Financial Institutions Act, 1993 (DRT […]
Parliament is not in session and the President is satisfied that circumstances exist which render it necessary for him to take immediate action, now, therefore, in exercise of the powers conferred by clause (1) of article 123 of the Constitution, the President has promulgated on 4th April, 2021 an Ordinance i.e. Insolvency and Bankruptcy Code […]
Pre-packaged Insolvency Resolution Process by Insolvency and Bankruptcy Code (Amendment) Ordinance, 2021 Parliament is not in session and the President is satisfied that circumstances exist which render it necessary for him to take immediate action, now, therefore, in exercise of the powers conferred by clause (1) of article 123 of the Constitution, the President has […]
Today’s question is very crucial and need to clarify whether the gains or losses from sale of securities shall be treated as ‘Income from Business’ or ‘Capital Gain’. In this concern, it is notable that when an assessee wants to treat the sale of securities as ‘business income’, he is allowed to reduce expenses incurred […]
Disclosure about audit trail by Auditor in their Audit Report starting from 01.04.2022 instead of earlier 01.04.2021. In exercise of the powers conferred by sections 139, 143, 147 and 148 read with sub-sections (1) and (2) of section 469 of the Companies Act, 2013, the Ministry of Corporate Affairs (MCA) on 1st April, 2021 notified Companies […]
Hon’ble Supreme Court in the matter of Naveen Chandra Steels Private Limited Vs. SREI Equipment Finance Limited & Ors. has directed vide order dated 01st March, 2021 that a petition either under section 7 or section 9 of the IBC is an independent proceeding which is unaffected by winding up proceedings that may be filed qua the same company.
Re-validation of existing Tax Exemption Certificate under new Section 12AB of Income Tax Act, 1961 w.e.f. April 1, 2021 The Central Board of Direct Taxes, by Notification No. 19/2021-Income Tax Dated- 26th March, 2021, amended the Income Tax Rules, 1962 called as Income-tax (6th Amendment) Rules, 2021, pertaining to procedure for registration of fund/ trust/charitable […]
A Limited Liability Partnership (‘LLP’) is required to file certain mandatory returns (Form 8 & Form 11) whether it does the business or not. Non-filing of due returns will attract penalties and prosecution under the LLP Act and Designated Partners are liable to face the same action. The penalty for LLPs defaulting in filing of any […]
Fresh application for existing Charitable / Religious Trusts, Institutions etc. under new Section 12AB of Income Tax Act, 1961 w.e.f. April 1, 2021 The Finance Minister of India had presented the Union Budget 2020 wherein it was proposed to make substantial amendments for granting exemptions to the Charitable / Religious Trusts, Institutions etc. Under the […]
[Suo motu Writ Petition (Civil) No. 3 of 2020, In Re: Cognizance for Extension of Limitation] The Supreme Court on 08th March, 2021 decided to end the extended limitation period granted to litigants for filing appeals. A Bench led by Chief Justice of India (CJI) S.A. Bobde, on March 23 last year, invoked its extraordinary […]
