IBA

Interest earned out of share application is adjustable towards share issue expense

Income Tax - The issue with respect to tax treatment of interest earned out of the share application money deposited with a bank due to a statutory requirement has been a matter of debate before the Courts. Being a subject matter of discussion for a number of years, closure for the same has been achieved after the Ruling of the Apex Court of India....

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Insight into Section 56(2)(viib) of Income Tax Act, 1961

Income Tax - Section 56(2)(viib) was inserted via Finance Act, 2012. The objective of introducing the section was to deter the generation and use of unaccounted money done through subscription of shares of a closely held company, at a value which is higher than the Fair Market Value (FMV) of shares of such company....

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Facility Management Industry- Key Risk Areas

Income Tax - The Facility Management (FM) industry is borne out as the means of providing maintenance support, user management and project management. It has grown dramatically over the past two decades, owing to the major urbanization and industrialization....

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Place of Effective Management (POEM) – Meaning & Determination

Income Tax - This article will be beneficial for you in case you want information on taxation on foreign companies. The Finance Act 2015 amended the test of residence of companies by inserting a concept called Place of Effective Management (POEM). Let us first find out what the section tells us and then let’s interpret it....

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Equalisation Levy & widened Scope of Digital Taxation

Income Tax - Equalisation Levy was introduced in 2016 with the intention of taxing the digital transactions on certain non-residents businesses. It aimed at taxing business to business transactions. The levy was applied at a rate of 6% on certain specified services such as online advertisement and any provision for digital advertising space or any oth...

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RBI’s circular directing bank to take recourse to IBC is ultra vires to section 35AA

Dharani Sugars And Chemicals Ltd. Vs Union of India & Ors. (Supreme Court of India) - Hon'ble Supreme Court held that RBI Circular directing bank to take recourse to Insolvency and Bankruptcy Code (IBC)  is ultra vires to Section 35AA of the Banking Regulation Act....

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Recent Posts in "IBA"

Interest earned out of share application is adjustable towards share issue expense

The issue with respect to tax treatment of interest earned out of the share application money deposited with a bank due to a statutory requirement has been a matter of debate before the Courts. Being a subject matter of discussion for a number of years, closure for the same has been achieved after the Ruling of the Apex Court of India....

Read More
Posted Under: Income Tax |

Insight into Section 56(2)(viib) of Income Tax Act, 1961

Section 56(2)(viib) was inserted via Finance Act, 2012. The objective of introducing the section was to deter the generation and use of unaccounted money done through subscription of shares of a closely held company, at a value which is higher than the Fair Market Value (FMV) of shares of such company....

Read More
Posted Under: Income Tax |

Facility Management Industry- Key Risk Areas

The Facility Management (FM) industry is borne out as the means of providing maintenance support, user management and project management. It has grown dramatically over the past two decades, owing to the major urbanization and industrialization....

Read More
Posted Under: Income Tax |

Place of Effective Management (POEM) – Meaning & Determination

123 01/01/1970

This article will be beneficial for you in case you want information on taxation on foreign companies. The Finance Act 2015 amended the test of residence of companies by inserting a concept called Place of Effective Management (POEM). Let us first find out what the section tells us and then let’s interpret it....

Read More
Posted Under: Income Tax |

Equalisation Levy & widened Scope of Digital Taxation

Equalisation Levy was introduced in 2016 with the intention of taxing the digital transactions on certain non-residents businesses. It aimed at taxing business to business transactions. The levy was applied at a rate of 6% on certain specified services such as online advertisement and any provision for digital advertising space or any oth...

Read More
Posted Under: Income Tax |

Residency Rule Dilemma

*Yashish Sharma Determining the residential status for income tax purposes is a big challenge for this financial year and a part of the previous financial year. This has been a topic of debate as many non – residents had to extend their stay in India, in view of the lockdown and resultant suspension of international […]...

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Posted Under: Income Tax |

FAQs On Voluntary Winding Up

Q 1. Which notification makes the voluntary winding up effective? The following notifications make the voluntary winding up effective: Ans: The Ministry of Corporate Affairs vide notification dated 30th March 2017 notified Section 59 of the Insolvency and Bankruptcy Code, 2016 which is relating to Voluntary Liquidation of Corporate per...

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Posted Under: Income Tax |

Valuation – An Art or science?

Tanvi Pahwa* In today’s dynamic world every organisation feels the need to know the worth of value of its assets, business or even the company.  Valuation in simple terms means the economic value or worth of a business, asset or company....

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Posted Under: Income Tax |

COVID 19- The impact on Valuation

With the recent outbreak of COVID-19, stock markets around the world have plummeted with the SENSEX falling by over 40% since the beginning of March. In valuation parlance, volatility is translated as risk and is a key parameter in pricing an asset. However, quantifying such a risk is challenging at this time as the situation is still dev...

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Posted Under: Income Tax |

Some of the tax challenges in India in Current Global Crisis

In this article, we have tried to explain the difficulties or challenges that tax officials or taxpayers are facing in the current crises. Article explains Residential status of Internationally Mobile Employees, Residential Status of companies (Place of Effective Management), Risk of creation of Service Permanent Establishment (PE), Exten...

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Posted Under: Income Tax |

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