Insolvency and Bankruptcy Board of India Frequently Asked Questions-Insolvency Professionals Question 1. Who is an insolvency professional (IP)? Answer. As per the Insolvency and Bankruptcy Code, 2016 (the Code), an insolvency professional (IP) means an eligible person: a. enrolled with an insolvency professional agency (IPA) as its member and, b. registered with the Insolvency and
Eligibility Qualification and Experience to become a Registered Valuer under IBBI:- In this article, we have discussed the eligibility, qualification and experience required to become a registered valuer under the Insolvency and Bankruptcy Board of India (IBBI) for individuals only. However, a registered partnership firm and company are also eligible to become the registered valuer
Question 1:- Who is a Valuer? Answer:- A Valuer is an individual or an entity who does the work of valuation. Question 2:- Which Act and Rules define Valuer? Answer:- The Companies (Registered Valuers and Valuation) Rules, 2017, notified in exercise of powers conferred by section 247 read with sections 458, 459 and 469 of
The Central Board of Direct Taxes (CBDT) vide its Notification No 53/2022 [G.S.R. 346(E)] dated 10th May 2022 notifies the amendment in the rule with respect to having/applying for Permanent Account Number w.e.f 26th of May 2022. MINISTRY OF FINANCE(Department of Revenue)(CENTRAL BOARD OF DIRECT TAXES)NOTIFICATIONNew Delhi, the 10th May 2022 G.S.R. 346(E).––In exercise of
Question 1. Who is an NRI (Non-resident Indian)? Answer: A ‘Non-resident Indian’ (NRI) is a person resident outside India who is a citizen of India. Question 2. Who is a PIO? Answer: A ‘Person of Indian Origin (PIO)’ is a person resident outside India who is a citizen of any country other than Bangladesh or Pakistan or
The Central Board of Direct Taxes (CBDT) vide its Notification No 49/2022 [G.S.R. 339(E)] dated 5th May 2022 amends the rules with respect to filing of application for obtaining advance ruling under Income Tax Act, 1961. MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) NOTIFICATION New Delhi, the 5th May, 2022 G.S.R.
S. No. Statute Purpose Compliance Period Due Date Event Details 1 Income Tax Act, 1961 TDS/TCS Liability Apr-22 07-May-2022 Due date for depositing TDS/TCS for the month of Apr-22 2 Goods and Services Tax GSTR-7 – TDS Apr-22 10-May-2022 Due date for filing of TDS return under GST law. 3 Goods and Services Tax GSTR-8
The Central Board of Direct Taxes (CBDT) vide its Notification No 48/2022 [G.S.R. 325(E)] dated 29th April, 2022 notifies the new Rule 12AC under Income Tax Rules, 1962 and Form ITR-U for filing of updated return under section 139 (8A) which was introduced by the Government in the Budget 2022. MINISTRY OF FINANCE (Department of
The Central Board of Direct Taxes (CBDT) vide its Notification No 42/2022 [G.S.R. 309(E)] dated 22nd April 2022 amends the Rule 17C of Income Tax Rules, 1962 which deals with the Forms or modes of investment or deposits by a charitable or religious trust or institution. MINISTRY OF FINANCE (Department of Revenue) [CENTRAL BOARD OF
Que. 1. What is a Special Economic Zone (SEZ)? Ans.: Special Economic Zone (SEZ) is a geographically delineated duty-free enclave and shall be deemed to be a foreign territory for the purposes of trade operations and duties and tariffs. Que. 2. What is meant by Domestic Tariff Area (DTA)? Ans.: DTA, as defined in the
