Governmental authority status supports construction-service exemption, while pre-cutoff contract and stamp-duty compliance requires verification on re...
Automated Free Sale and Commerce Certificates enable paperless processing while retaining risk-based manual verification for selected exporter applica...
Employee stock-shortage penalties do not constitute consideration for services, preventing GST collection under Schedule II in employment relationship...
IBBI has mandated that IPs must include a dedicated section in Information Memorandums detailing carry forward losses under the Income Tax Act, 1961. This enhanced disclosure requirement follows an amendment to Regulation 36 of CIRP Regulations and observations that current disclosures lack robustness. IPs must now specifically detail: quantum of available carry forward losses, breakdown under specific heads per tax law, applicable time limits for utilization, and explicit mention if no such losses exist. This framework aims to provide resolution applicants with comprehensive understanding of the corporate debtor's financial position to develop more informed resolution plans.
IBBI has mandated that IPs must include a dedicated section in Information Memorandums detailing carry forward losses under the Income Tax Act, 1961. This enhanced disclosure requirement follows an amendment to Regulation 36 of CIRP Regulations and observations that current disclosures lack robustness. IPs must now specifically detail: quantum of available carry forward losses, breakdown under specific heads per tax law, applicable time limits for utilization, and explicit mention if no such losses exist. This framework aims to provide resolution applicants with comprehensive understanding of the corporate debtor's financial position to develop more informed resolution plans.
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