Taxbuzz | Guidelines issued by the board under Section 194-Q read with Section 206C(1H) of the Income-Tax Act, 1961

We are pleased to share with you a copy of our in-house publication – “TaxBuzz…”, wherein we have analysed the Guidelines issued by CBDT under Section 194-Q and 206(1H) of the Income-tax Act, 1961. While the Board has sought to clarify various practical issues, there it has still left few questions unanswered.”

To read the TaxBuzz, click at the ‘Download Newsletter.

We trust that you will find the same useful.

Looking forward to receiving your valuable feedback.

For any details and clarifications, please write to:
Mr. Rohit Jain : [email protected]
Mr. Divyam Mittal : [email protected]

Taxbuzz | Exemption in respect of financial assistance for Covid-19 victims

We are pleased to share with you a copy of our in-house publication – “TaxBuzz…”, wherein we have analysed the recent Press Release of the CBDT announcing income-tax exemption in respect of financial assistance received by taxpayers for expenses incurred towards medical treatment of Covid-19 and by families of those unfortunate taxpayers who lost their lives due to Covid-19.

The decisive move by the CBDT was the need of the hour and will provide much sought-after relief to affected taxpayers and families of the deceased, by exempting from tax, financial assistance received in that behalf.

To read the TaxBuzz, click at the ‘Download Newsletter.

We trust that you will find the same useful.

Looking forward to receiving your valuable feedback.

For any details and clarifications, please write to:
Mr. Rohit Jain, Partner: [email protected]
Mr. Aditya Vohra, Principal Associate: [email protected]
Mr. Arpit Goyal, Associate: [email protected]

Taxbuzz | Karnataka HC approves set off of Capital Gain against brought forward Business Loss

We are pleased to share with you a copy of our in-house publication – “TaxBuzz…”, wherein we have analysed the recent decision of Karnataka High Court in the case of Nandi Steels Limited on the issue of allowability of set off of brought forward Business Loss against income chargeable to tax under the head ‘Capital Gain’.

The principle laid down by the Karnataka High Court in above decision shall be of great assistance and boon to various loss-making taxpayers/ companies, including a corporate debtor undergoing insolvency resolution process under the Insolvency and Bankruptcy Code (IBC), who may have to undertake distress sale of business capital assets to mobilise resources.

To read the TaxBuzz, click at the ‘Download Newsletter.

We trust that you will find the same useful.

Looking forward to receiving your valuable feedback.

For any details and clarifications, please write to:
Rohit Jain : [email protected]
Divyam Mittal: [email protected]