Section 148 of the Income-tax Act, 1961 gives authority and power to the Assessing Officer to reassess the previously filed return of income by sending notices to the assessee whose income has not been properly assessed or has not been disclosed for taxation (Income escaping assessment). This implies that if the Assessing Officer suspects that […]
If you’ve been following India’s Corporate Social Responsibility (CSR) journey, you might know that things have changed a lot in the last five years. Section 135 of the Companies Act, 2013, has now evolved into a formal, transparent, and accountable process. Thanks to improved regulatory reforms and disclosure mechanisms, the concept has shifted from a […]
Payments made by a partnership firm or LLP to its partners were not subject to TDS. The tax deduction at source (TDS) was applicable only in cases where payments were made to employees of a firm. However, the Finance Act, 2024 has introduced Section 194T, to include certain payments made to partners under the scope […]
A buyback of shares is a financial plan where a company repurchases its own shares from shareholders, reducing the number of outstanding shares of the company. This measure can increase the value of the remaining shares and enhance the company’s financial ratios. Buyback shares of the company are used to rationalize the capital of the company, […]
Building trust and faith in the taxation system is crucial, and a significant step to achieve this was introduced in the Finance Act (No. 2) 2024. As per the recent amendments, the Income Tax authorities have reduced the time limit for reopening cases, effective from September 1, 2024. This article provides an in-depth analysis of […]
As businesses have evolved over the past few decades, audit and auditing techniques have also come of age. Conducting audits using only traditional techniques, e.g. vouching and verification has its limitations and is certainly not sufficient. With the advent of artificial intelligence, it is pertinent to use various tools and technologies in how we conduct […]
In today’s fiercely competitive business landscape, where building a successful company is just the beginning, the race to attract and retain top-tier talent has become a global strategic imperative. Stock Appreciation Rights (SARs) have emerged as a popular instrument for employee/contractual employee compensation in India, especially within the growing startup ecosystem. SARs offer employees, etc., […]
Income Tax offers tax relief to charitable organizations registered under the Income Tax Act. This is different from being registered under the Act through which it is incorporated, i.e., under the Companies Act, Societies Act, Local Public Trust Act, etc. The registration process for charitable trusts under the Income Tax Act underwent a major change […]
The Mumbai Tribunal in the case of Tata Sons Limited (TSL) held that reduction of share capital of the company by way of cancellation of shares amounts to extinguishment of the right on the shares. It amounts to ‘transfer’ within the meaning and scope of Section 2(47) of the Income-tax Act, 1961 (the Act) for […]
Slump sale is an effective and maybe the quickest strategy to undertake business transfer with assets and liabilities. Slump sale is considered to be one of the most preferred ways of carrying out mergers & acquisitions deals. Compared to the other types of mergers/acquisition strategies, slum sale has the least complex yet well-defined tax implications […]
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