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  • Analysing Recent Amendments to Section 56(2)(viib) of the Income Tax Act: Exemption Notification and Proposed Changes to Rule 11UA

    Analysing Recent Amendments to Section 56(2)(viib) of the Income Tax Act: Exemption Notification and Proposed Changes to Rule 11UA

    The Finance Act of 2023 has introduced an important amendment to the Income-tax Act, of 1961 (the Act). One of its amendments brings the consideration received from non-residents for the issuance of shares within the scope of section 56(2)(viib) of

    NovoJuris
    By NovoJuris 18 days ago
  • Income-Tax ( Amendment) Rules, 2021

    Income-Tax ( Amendment) Rules, 2021

    Income-Tax (4th Amendment) Rules, 2021 Central Board of Direct Taxes (CBDT) vide its notification dated March 12, 2021 has mandated pre-filing of return of income a statement of financial transaction under subsection (1) of section 285BA of the Income Tax

  • Capital Gains Tax on Conversion of Compulsorily Convertible Preference Shares – The Current Scenario

    Capital Gains Tax on Conversion of Compulsorily Convertible Preference Shares – The Current Scenario

    The question of taxability on conversion of compulsorily convertible preference shares (CCPS) has come up for consideration quite a few times in the recent past. There seemed to be ambiguity regarding whether an event of conversion amounts to ‘transfer’ under

    AS
    By Avaneesh Satyang almost 5 years ago
  • Fund raising and valuation: Company can choose the methodology

    Fund raising and valuation: Company can choose the methodology

    The recent ruling by the income tax appellate tribunal (“Appellate Tribunal”) of Jaipur dated 12 July 2018 in the case of Rameshwaram Strong Glass Private Limited v ITO has come as a significant relief for tax payers. In this matter,

    PA
    By Paul Albert about 5 years ago
  • Regulatory Update: Ministry of Finance - Relaxes MAT Provisions for Companies Facing Insolvency

    Regulatory Update: Ministry of Finance - Relaxes MAT Provisions for Companies Facing Insolvency

    The Ministry of Finance vide its press release dated 6 January 2018 has informed that representations are received from the companies against whom an application for corporate insolvency resolution has been admitted by the adjudicating authority under section 7, 9

  • Regulatory Update: The Central Board of Direct Tax - Non-Recovery of Tax Demands From Start-Up Companies Issuing Shares at Premium.

    Regulatory Update: The Central Board of Direct Tax - Non-Recovery of Tax Demands From Start-Up Companies Issuing Shares at Premium.

    The Income Tax Act, 1961 (the IT Act) mandates the taxation of premium received on issue of shares to resident Indians in excess of Fair Market Value ('FMV') by a company, as income u/s 56(vii) (b) of the Income Tax

  • REGULATORY UPDATE: MINISTRY OF FINANCE-CLARIFICATION ON INDIRECT TRANSFER PROVISIONS IN CASE OF REDEMPTION OF SHARE OR INTEREST OUTSIDE INDIA UNDER THE INCOME-TAX ACT, 1961.

    REGULATORY UPDATE: MINISTRY OF FINANCE-CLARIFICATION ON INDIRECT TRANSFER PROVISIONS IN CASE OF REDEMPTION OF SHARE OR INTEREST OUTSIDE INDIA UNDER THE INCOME-TAX ACT, 1961.

    Under the provisions contained in section 9(1)(i) of the Income-tax Act, 1961 ('Act'), all income accruing or arising, whether directly or indirectly, through or from any business connection in India, or through or from any property in India, or through

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