TaxLiner | Summarizing Laws

2021-05-21 18:41:15 𝐿𝑎𝑙𝑖𝑡 𝐾𝑢𝑚𝑎𝑟 𝐽𝑎𝑖𝑛 𝑉𝑠. 𝑈𝑛𝑖𝑜𝑛 𝑜𝑓 𝐼𝑛𝑑𝑖𝑎 & 𝑂𝑟𝑠. - IBC CaseLaw

The Hon’ble Supreme Court held that approval of a resolution plan does not ipso facto discharge a personal guarantor (of a corporate debtor) of her or his liabilities under the contract of guarantee.

As held by this court, the release or discharge of a principal borrower from the debt owed by it to its creditor, by an involuntary process, i.e. by operation of law, or due to liquidation or insolvency proceeding, does not absolve the surety/guarantor of his or her liability, which arises out of an independent contract.

It is also held that approval of a resolution plan relating to a corporate debtor does not operate so as to discharge the liabilities of personal guarantors (to corporate debtors).

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2021-05-21 14:41:20 Moneycontrol Market Reports
Taking Stock | Sensex, Nifty gain 2% led by financials; midcap index hits record high

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2021-05-21 14:30:07 Flash of #Startup News By @HubofCA:

• Robinhood to allow users to buy into IPOs, ahead of its own listing

• Neobank StashFin hires Vivek Jasrotia to lead ‘StashFin Sentinel’

• Manpower crunch brings better pay for delivery staff

• Oyo is raising a loan that’s seen as a precursor to listing

• Policybazaar fined Rs 24 lakh for flouting IRDAI’s SMS ad rules

• Oyo seeks $600 million loan amid virus surge

• Edtech firm Educational Initiatives appoints Pranav Kothari as CEO

• ByteDance founder Zhang Yiming to step down as CEO

• Skyroot Aerospace raises $ 11 million in Series-A funding round ओपन / कमेंट

2021-05-21 10:06:41 Income tax Portal Changes

@HubofCA ओपन / कमेंट

2021-05-21 09:57:26 Considering the COVID-19 pandemic, the CBDT has decided to extend the due dates of various compliances.

The impact of recent extension and all previous extensions on various due dates of the Income-tax Act compliances have been enumerated in this article.

@HubofCA | Credits to Taxmann ओपन / कमेंट

2021-05-21 06:30:12 One Liner Top-Stories Update:

ITAT deletes Addition as Assessee Discharged Initial Onus to Prove Identity of Investor Companies, Creditworthiness, Genuineness of Transaction

Reassessment to be carried on Valuation and Loading of Value of Imported Goods declared by Importer: Customs Commissioner

Know How to Comply with Income Tax Rules on Cash Transactions to avoid Penalty

Income not to be considered in hands of Joint Venture as Contract Receipts, Assets, Liabilities apportioned between Members: ITAT

: Income Tax Return, Tax Audit, TDS Statement due dates Extended

No Income Tax Chargeable on a Transaction which never Materialized: ITAT

Govt. extends Validity of FCRA Registration Certificates up to Sep 30, 2021

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2021-05-21 00:21:09 Clarification on offsetting the excess CSR spent for FY 2019-20(88 KB)
http://www.mca.gov.in/Ministry/pdf/Circular_20052021.pdf ओपन / कमेंट

2021-05-20 18:46:00 @HubofCA ओपन / कमेंट

2021-05-20 15:55:12 Extension of time limits of certain compliances to provide relief to taxpayers in view of the severe pandemic
https://www.incometaxindia.gov.in/communications/circular/circular_9_2021.pdf

Publish Date : Thursday, May 20, 2021 ओपन / कमेंट

2021-05-20 14:44:42 @HubofCA ओपन / कमेंट