Bankruptcy is a state or condition of a person, be it an individual, partnership or corporate, who is unable to pay its debts as they are or become due. In India, since long, there was no single law to deal with this state of Insolvency and Bankruptcy. Suraj Nangia, Partner contributed an article on Decoding the Insolvency and Bankruptcy Code, 2016 for Taxsutra- Lawstreet India & takes a deep dive into…
Read MoreWhy seeing Form 26AS is a must before filing tax return and how to access it
Income tax is deducted at source from your salary and on interest accruing on investments such as fixed deposits. Have you ever wondered how much tax you have paid in aggregate to the government for the financial year in question? Suraj Nangia, Partner shares his views on aforementioned story for moneycontrol “One of the most important documents needed for filing income tax return is Form 26AS. Just before filing of income…
Read MoreTax on offshore income for an Indivdual
In todays era – its very common for an individual to have dual set of earnings. He can be a resident of one country, but earning income from other countries in a particular financial year. Such a situation is an indicator of progress and increased opportunities for an individual. However, at the same time issues and complexities surrounding taxation of such income in home country of the individual or at…
Read MoreBankruptcy code a blessing for creditors as well as promoters
Many people see bankruptcy as the end of the world. In fact, it’s just the beginning; the beginning of a new life unencumbered by debt. Rising corporate debt and higher default rates in India have led to a continuous increase in distressed loans in the Indian financial system. The total amount of gross non-performing assets (NPAs) for both public and private sector banks is close to Rs 6 lakh crore …
Read MoreSelf Certification for FI Account holders
The income tax department has asked financial institutions (FIs) to ask their non-resident US-based account holders to provide self-certification of their 2014-15 (July-August) accounts by April 30. If norms under the Foreign Account Tax Compliance Act (FATCA) are violated, these accounts will be blocked till the self-certification is received. “The account holders may be informed that, in case self-certifications are not provided till April 30, 2017, the accounts will be…
Read MoreOnline Communication between AO and Taxpayer. Is it finally a reality?
Its been government’s endeavor to reduce the human interface between the taxpayer and the tax officer. The main aim for doing the same is to reduce the harassment and corruption. The Income Tax department-related proceedings between the taxpayer and the taxman from the new fiscal will be conducted online. A new link or window called ‘e-proceeding’ will soon be introduced on the e-filing website of the department, which is used…
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