Corporate guarantee valuation for related persons is standardised, alongside revised attachment limits, registration cancellation, and tax collection reporting procedures. Corporate guarantees provided to banking companies or financial institutions for related recipients are assigned a deemed taxable value of one per cent of the guaranteed amount or actual consideration, whichever is higher. The amendments also replace an order with an intimation under rule 142, limit provisional attachment to release or one year, and update registration, cancellation, tax collection at source, and practitioner-enrolment forms. Cancellation of registration does not remove liabilities or obligations relating to periods before cancellation.
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Provisions expressly mentioned in the judgment/order text.
Corporate guarantee valuation for related persons is standardised, alongside revised attachment limits, registration cancellation, and tax collection reporting procedures.
Corporate guarantees provided to banking companies or financial institutions for related recipients are assigned a deemed taxable value of one per cent of the guaranteed amount or actual consideration, whichever is higher. The amendments also replace an order with an intimation under rule 142, limit provisional attachment to release or one year, and update registration, cancellation, tax collection at source, and practitioner-enrolment forms. Cancellation of registration does not remove liabilities or obligations relating to periods before cancellation.
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