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Non-residents exempt from Angel tax
As per Finance Act, 2023, where a private company* issues shares (equity or preference) to non-resident investors** in excess of FMV, such excess consideration is taxable in the hands of private company under the head ‘Income from other sources’. Now CBDT notified below investor types as exempt from this angel tax scope. – Government and Government…
Fast track mergers involving Startups or Small companies to be approved by MCA within 60 days
According to Section 233 of the Companies Act 2013, fast track merger is a simplified and speedy process for effecting mergers and amalgamations by certain classes of companies* without the involvement of NCLT. As part of process, ROC and Official liquidator have to raise objection/suggestion, if any, to the merger scheme with 30 days (from the date…
TDS on Salary – You can choose between Old tax & New tax regimes
It is clarified by Income tax department (via Circular no. 4 dated Apr 5, 2023) that employee can choose either old tax or new tax regime for the purpose of TDS deduction on his salary and employer should follow accordingly. In case employee does not intimate his choice, employer shall follow New tax regime for…
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