Companies facing insolvency proceedings, their lenders and investors hoping to bid for assets of such companies have a reason to cheer. The tax department has announced that companies admitted for corporate insolvency will be exempted from Minimum Alternate Tax (MAT). 1.       Rakesh Nangia, Managing Partner shares his views on aforementioned story for Bloomberg Quint. 2.       Suraj Nangia, Partner  shares his views on the queries raised by Financial Express readers.

CBDT has decided to appeal for restoration of a section of the companies which were struck off from register of companies by the government last year, as it had commenced income tax proceedings against these firms earlier. Rakesh Nangia, Managing Partner shares his views on aforementioned story for following publications:

• Economic Times
• Financial Express.

This new initiative by the revenue department has spooked several high net-worth individuals (HNIs), while some others are happy with the idea. With income-tax offices across India set to invite up to top 100 tax payers in their regions for felicitation, several of these individuals have red-flagged data-privacy. Rakesh Nangia, Managing Partner shares his views on Tax dept’s felicitation of highest tax payers makes HNIs nervous for Economic Times.

The Central Board of Direct Taxes (CBDT) has sent a missive to all assessing officers (AOs) to stick to protocol while pursuing cases of “limited scrutiny” and not resort to “fishing and roving inquiries” in such cases. The move comes at a time when the tax department’s field formations have apparently been on an overdrive after the demonetisation move brought large chunks of supposedly tax-evaded cash into the banking system. Rakesh Nangia, Managing Partner shares his views on CBDT shoots off letter to taxmen, says don’t go overboard on fishing and roving inquiries in wake of demonetisation drive for Financial Express.

CBDT shoots off letter to taxmen, says don’t go overboard on fishing and roving inquiries in wake of demonetisation drive