Hon’ble Finance Minister Smt. Nirmala Sitharaman has presented the Finance Bill (No.2), 2024 in parliament on 23.07.2024. After such an introduction, a few amendments have drawn the attention of a large of section of people across the country. One such amendment is related to removal of the concept of indexation. After considering the recommendations from various sections of taxpayers, certain relaxations have been provided to such indexation.
The first article of this month edition is with respect to amendments made to Finance Bill (No.2), 2024.
Another topic that gained the attention of industry is the amendment made to taxation of buyback of shares. Accordingly, the next article is on Buyback of shares by a company and its procedure under the Companies Act, 2013 and consequences under the Income Tax Act, 1961.
The next article is on the recent landmark judgement of the Hon’ble Supreme Court in the matter of BRS Ventures Investments Ltd. Vs. SREI Infrastructure Finance Ltd. & Anr, has affirmed the position that the Holding Company is not the owner of its subsidiary’s assets and thus, subsidiary assets are not to be included in the Resolution Plan of the Holding company, in addition to this the Apex court also re-affirmed the settled law on the right of the Financial Creditor to proceed against the Corporate Debtor and the Corporate Guarantor simultaneously.
I hope that you will have a good time reading this edition and your valuable feedback is appreciated.
Key Topics:
- Important amendments to Finance Bill (No.2), 2024 – Income Tax
- Buback of shares – compliances under the Companies Act and 1 – 2 consequences under the Income Tax Act, consequent upon the amendment
- Are the assets of the subsidiary the assets of the holding company? an IBC perspective.
