Tax implications arise when a new partner is admitted, or an existing partner retires from a partnership firm/LLP/AOP/BOI. These implications become relevant when the partner receives stock-in-trade, capital assets or money from the entity. These are governed by Section 9B read with Section 45(4) and Section 48 sub clause (iii) of Income Tax Act, 1961 […]
With the increasing favourability of market conditions, the growth of Small and Medium Enterprises (SMEs) has been at its peak post-COVID-19 restrictions. Ever since the issue of an Initial Public Offer (IPO) has been the strongest catalyst for SME growth. An SME IPO helps the company to raise capital and attract investments easily. An IPO […]
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 […]
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 […]
Introduction Section 43B of the Income-tax Act, 1961(the Act), allows certain statutory payments as deduction only on actual payment basis and further as per first proviso to Section 43B of the Act, if these payments are made on or before the due date of furnishing the return of income under Section 139(1) of the Act […]
A transfer price arises for accounting and taxation purposes when related parties, such as divisions within a company or a company and its subsidiary, report their own profits. When these related parties are required to transact with each other, a transfer price is used to determine costs. Transfer prices generally do not differ much from […]
The Central Board of Direct Taxes (CBDT) has issued a notification* that amends Rule 11UA of the Income-tax Rules, 1962 (the Rules). This notification outlines the valuation methods to be used for establishing the fair market value of investments in shares by resident and non-resident investors in closely held companies (CHCs) (like ‘start-ups’). This method will be […]
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