CAclubindia Articles

Tax Implications on Reconstitution/Dissolution of a firm and Transfer of Assets to partners

CA Sufiyan Ganodwala 27 July 2021 at 09:39

Finance Act 2021 has made amendments to the provisions of the Income Tax Act, pertaining to the tax liability arising on the distribution of assets by the firm to its partners on its reconstitution or dissolution.

Which ITR Should You File for FY 2020-21?

Neethi V. Kannanth 27 July 2021 at 09:08

The applicability of the ITR form depends on the sources of income, amount of income earned and the category of the taxpayer like individual, HUF, Company etc.

Why did Reliance Retail buy Just Dial?

CA Sapna Ghelani 27 July 2021 at 09:08

Reliance Retail acquired a 41% equity stake in Just Dial to expand its presence in the local listing and commerce platform. This acquisition is done by subscribing to preferential shares.

How and Why did the Adani Stocks see a downfall?

CA Sapna Ghelani 27 July 2021 at 09:07

The main reason for this huge fall was because the National Securities Depository Limited had frozen the accounts of three foreign funds that hold over Rs. 43,500 Cr which were invested in the Adani Group.

Taxability of Share premium under Section 56(2)(viib)

Gursimaran Singh Rakhroy 27 July 2021 at 09:07

Section 56(2)(viib) was introduced to deter the use of unaccounted money done through subscription of shares of a closely held company, at a value that is higher than the FMV of the shares of such a company.

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

Gursimaran Singh Rakhroy 27 July 2021 at 09:07

The issue with respect to the 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.

Taxation of Cryptocurrencies

Gursimaran Singh Rakhroy 27 July 2021 at 09:07

The current dilemma faced by the government authorities is to come up with an efficient way of taxing cryptocurrencies, which in turn puts the crypto investor community in a jeopardy.

All about LLP (Limited Liability Partnership)

Manju Laur 27 July 2021 at 09:06

Limited Liability Partnership is a combination of a company and a partnership firm. It has the limited liability of a company and flexibility of a partnership.

Analysis: IBBI (Insolvency Professionals) (Second Amendment) Regulations, 2021

CS Tanveer Singh Saluja 26 July 2021 at 18:58

Decoding the new set of regulations introduced by the Insolvency and Bankruptcy Board of India to amend the existing IBBI (Insolvency Professionals) Regulations, 2016.

Analysis: Companies (Incorporation) Fifth Amendment Rules, 2021

CS Tanveer Singh Saluja 26 July 2021 at 18:56

The Ministry of Corporate Affairs has inserted a new Rule 33A - Allotment of a new name to the existing company under section 16(3) of the Companies Act and a new Form INC-11C.