Manoj Kumar
The Insolvency and Bankruptcy Code (IBC) stands out among the series of reforms the present government has brought about as the Indian banking system juggles with the huge pile of non-performing assets (NPAs) of over Rs 8 lakh crore.
However, as in the case of any new law, the IBC too has certain loopholes and implementation-related issues, which came to the fore as the process progressed.
Even as the government and the Insolvency & Bankruptcy Board of India (IBBI) are being proactive in aiding resolution of NPAs, according to my understanding, there are certain major issues relating to income tax law in the insolvency resolution process that should be addressed in Budget
- The implication of deemed income und…
Read the full article at: http://www.moneycontrol.com/news/business/budget/union-budget-could-look-at-tax-implications-for-smooth-insolvency-resolutions-2488623.html