Tax Consideration on Payment to Micro and Small Enterprises

Introduction Section 43B of the Income-tax Act, 1961(the Act), allows certain statutory payments as deduction only on actual payment basis and further as per first proviso to Section 43B of the Act,  if these payments are made on or before the due date of furnishing the return of income under Section 139(1) of the Act […]

Ambiguity Over Preference of Payment to Statutory Dues Under IBC Law Continues

The Supreme Court dismisses the review petition in the case of Rainbow Papers Limited thereby legal position held by the SC that tax authorities, in their pursuit of recovering tax dues, will be entitled to the same rights as secured creditors within the framework of the Insolvency and Bankruptcy Code, 2016 (IBC) waterfall mechanism. Background […]

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