Key Changes Introduced by CBDT in Tax Audit Report Forms Clause 11 of Form 3CD Reporting on the books of accounts maintained Clause 11 of Form 3CD requires comprehensive reporting on the books of accounts maintained by the assessee, including their locations and the details of the books at each location. Here’s a detailed approach …
A Legal Perspective under Personal Insolvency under the IBC Code The Insolvency and Bankruptcy Code, 2016 (IBC) marked a significant advancement in India’s approach to insolvency by establishing a comprehensive mechanism for resolving corporate insolvency. However, the IBC also addresses personal insolvency, a critical but often overlooked aspect of economic jurisprudence. This legal perspective explores …
NCLT Kolkata – Arbitral award cannot be set aside by NCLT under IBC Moratorium In the case of Mahavir Industrial Corporation vs. Hindustan Controls and Equipment Private Limited, the National Company Law Tribunal (NCLT) Kolkata ruled that it lacks the jurisdiction to set aside an arbitral award during an Insolvency and Bankruptcy Code (IBC) moratorium. …
FAQ related to ITR and E-verifying ITRs in India What is Timelines for E-verifying ITRs in India ? The CBDT Corrigendum to Notification No. 02 of 2024 dated 31.03.2024 clarifies the procedures and timelines for e-verifying ITRs in India. This notification emphasizes the importance of timely e-verification of Income Tax Returns to ensure that they …
Steps for canceling a duplicate PAN. Yes it is possible to delink PAN by sending an email to the ‘income tax systems’. But before that you have to delete or deactivate your duplicate PAN card. For the deletion process you have to visit the income tax office. Submitting a request to cancel a duplicate PAN …
All about the Liquidity Ratio, Types & Importance The liquidity ratio is a critical financial metric that assesses a company’s ability to meet its short-term obligations without the need to raise additional capital. It essentially measures how quickly a company can convert its current assets into cash to cover any sudden or short-term debts. A …
Why Filing ITR Before June 15 is Not a Good Idea When dealing with different income scenarios like dividends, stocks, mutual funds, bonds, and equity shares, brokers and firms could need more time to amend the tax deducted at source (TDS) on Form 26AS. This is another justification for delaying the filing of an ITR …
All about TDS on Rent Payments u/s 194-I, 194-IC, 194IB & 195 Tax Deducted at Source (TDS) on rent involves deducting a certain percentage of tax from the rent payments made to landlords. This mechanism ensures tax collection at the source of income, aiding in timely tax payment and compliance. Section 194-I: TDS on Rent …
What is Differences Between Form 10F & TRC ? What is Form 10F ? Form 10F is a self-declaration form that non-resident assessees fill out to provide specific details required to claim the benefits of DTAA treaties. It includes information such as the assessee’s name, status, nationality, tax identification number, residential status, and the period …
Our Opinions on Challenges with Debt Resolution & Insolvency Code in India The Insolvency and Bankruptcy Code (IBC) has been a game-changer in India’s corporate insolvency landscape, but it has also faced significant litigation challenges. When discussing these challenges, it’s essential to understand the fine balance between maximizing value for lenders and adhering strictly to …