Income Tax Settlement Commission (ITSC): Abolished — Options Now Quick Answer The Income Tax Settlement Commission (ITSC) — which allowed assessees to settle pending tax disputes by making full and true disclosure of undisclosed income — was abolished with effect from 01-02-2021 by the Finance Act, 2021. No new applications can be filed. Cases pending […]
Category Archives: Incorporation of company
Vivad Se Vishwas 2.0: Direct Tax Dispute Resolution Scheme Quick Answer The Direct Tax Vivad Se Vishwas Scheme, 2024 (VsV 2.0) — introduced by the Finance (No. 2) Act, 2024 — allows taxpayers with pending income tax appeals to settle disputes by paying the disputed tax. Penalty and interest are waived (fully or partially). The […]
Trust & NGO Taxation: 12A Registration, 80G & Compliance Quick Answer Charitable trusts and NGOs in India can claim tax exemption on their income under Sections 11 and 12 of the Income Tax Act, 1961 — but only if they are registered under Section 12A/12AB. Additionally, to enable donors to claim tax deductions, the trust […]
ROC Annual Filing: AOC-4 & MGT-7 — Due Dates, Penalties & Process Quick Answer Every company registered under the Companies Act, 2013 must file two annual forms with the Registrar of Companies (ROC): Form AOC-4 (financial statements under Section 137) within 30 days of the AGM, and Form MGT-7 (annual return under Section 92) within […]
IBC Valuation Under Regulation 35: Liquidation vs Going Concern 📌 Quick Answer: What is IBC Regulation 35 Valuation? IBC valuation under Regulation 35 of the IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 requires the Resolution Professional to appoint two IBBI Registered Valuers who must independently determine both the fair value (going-concern value) and […]
FDI Reporting, Incorporation of company, RBI COMPLAINCE, Valuation
FEMA Valuation: FDI Share Pricing, ODI Compliance & Non-Resident Share Transfers
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Mar
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FEMA Valuation: FDI Share Pricing, ODI Compliance & Non-Resident Share Transfers 📌 Quick Answer: What Is FEMA Valuation? FEMA valuation is the process of determining the fair market value of shares or securities in any transaction involving a non-resident under India’s Foreign Exchange Management Act, 1999. It governs three critical scenarios: (1) pricing of shares […]
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Guide for the establishment of the company Company’s Incorporation Incorporation of a company refers to the legal process by which a corporate entity or a company is born or comes into existence. A corporate company is separated from the legal entity on its own. But These corporations can be identified […]