Latest Blogs from SBS and Company LLP

    Genesis:

              Finance Act, 2012 with effect from 01.04.2013 has introduced a new sub-section to Section 56 (2) of Income Tax Act, 1961 (for brevity ‘Act’). The new sub-section (viib) taxes any amount which is received by a company from any person who is resident, any consideration for issuance of shares that exceeds the face value of shares, the aggregate consideration received for such shares as exceeds the fair market value (for brevity ‘FMV’) of the shares. Section 56(2)(viib) will apply to such companies in which public are not substantially interested.

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    In this edition, we bring to you certain important articles on various aspects.

    The article on ‘Angel Tax – Genesis, Problem, Relief, Conclusion & Way Forward’ deals with the acute problem that is faced by the Start-up segment from the income tax perspective. In the said article, we have laid down the problem, the relief given by Ministry of Commerce & Industry along with Central Board of Direct Taxes, the conclusion as to who is eligible for such a relief and the way forward for other start-ups which are not eligible for the relief provided. I am glad to share the said article is also published on FTAPPCI Journal.

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    Key Topics:

    AUDIT

    • AUDIT OF HIGH SEA SALES

    DIRECT TAX

    • ICDS VI - EFFECTS OF CHANGES IN FOREIGN EXCHANGE RATES

    FEMA

    • CHALLENGES TO THE SHELL COMPANIES IN INDIA
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