TaxBuzz | Redesigned taxation on reconstitution / dissolution of the Firm – A new jeopardy? July 11, 2021
Published in: TaxBuzz
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The Finance Act, 2021 has completely changed the scheme of taxation of transfer of assets to partners on reconstitution or dissolution of a firm. Substantive amendments include insertion of new section 9B and also substitution of existing section 45(4), retrospectively effective from the previous year 2020-21. Recently, Rules has been amended and Circular have has issued to explain the implications of the said provisions. The said amended provision and the recent Rules and Circular have been analysed in our “TaxBuzz”.
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