TaxTonic Session: Adjustment of Losses – Contemporary Issues!
- Year of Publication: 2022
- ISBN: 0
Episode Duration:
110 minutes
Episode Background:
'TaxTonic', a new 'subscriber only' thought leadership series, is Taxsutra's endeavour to consistently deliver top notch technical content to it's readers. The labyrinth of tax rulings on convoluted transactions keeps the world of taxation unpredictable and ever-evolving. This series will feature engrossing presentations, incisive analyses and a deep-dive by the tax experts on burning issues & controversies. So, gear up for a 'tonic' to chisel your tax mind and challenge your wit.
Speaker:
Mr. Yogesh Thar (Senior Partner, Bansi S. Mehta & Co)
Moderator:
Mr. Sachin Sastakar (Chartered Accountant)
What shall the episode cover?
Chapter VI of the Income Tax Act deals with Set Off and Carry Forward of Losses. The issues surrounding adjustment of losses against taxable income never loses steam due to vagaries and vulnerabilities of businesses. Smart tax planning targeted to minimise the tax outgo over the years also contribute to the tax disputes on adjustment of losses. The statutory framework is fairly simple and reasonable but straight implementation is easier said than done. While the intention Chapter VI has always been to benefit the taxpayer for genuine losses but corporate restructuring and multifarious transactions yield numerous complex issues. The Chapter comprehensively covers all foreseeable scenarios for adjustment of losses that paves way for a creative tax mind.
To analyse and understand the intricacies of Chapter VI, Taxsutra presents the next episode of TaxTonic. The session is devoted to the contemporary issues that businesses across the board grapple with for not losing on their losses.
This episode is focused on set off and carry forward of losses in the light of:
1. Judicially approved Restructuring Schemes
2. Original Return v. Revised return
3. Internal Restructuring
4. Different Head of Income
5. Speculative Transaction
6. Different Tax Rates or Regimes vis-a-vis Capital Losses
7. Capital Losses vis-a-vis Restructuring
Taxsutra is considered the most credible source of tax news in the tax fraternity. What started as a fledgling start-up has now become a leading brand in the tax world not only in India, but across the globe. Taxsutra's diverse customer set includes Fortune 500 Companies, large Indian Business Groups, Global Conglomerates, Tax Judges, IRS Officers, CBDT, Tax Lawyers & thousands of tax practitioners.
Taxsutra suite of portals :
1. Real time tax news & analysis for Corporate Tax (www.taxsutra.com/dt)
2. Transfer Pricing Portal (www.taxsutra.com/tp)
3. GST and Central Indirect Taxes Portals (www.taxsutra.com/gst - www.idt.taxsutra.com)
4. "Taxsutra Database" - Powerful Online Direct Tax Reference and Search Tool (www.database.taxsutra.com)
5. LawStreetIndia (LSI) (www.lawstreetindia.com) contains sub-modules on Company law, Securities law (SEBI/SAT), FEMA, IP laws & Competition Law
6. Taxsutra Accounting Standards portal (Ind-AS) (www.greentick.taxsutra.com)
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- Year of Publication: 2022
- ISBN: 0
Episode Duration:
110 minutes
Episode Background:
'TaxTonic', a new 'subscriber only' thought leadership series, is Taxsutra's endeavour to consistently deliver top notch technical content to it's readers. The labyrinth of tax rulings on convoluted transactions keeps the world of taxation unpredictable and ever-evolving. This series will feature engrossing presentations, incisive analyses and a deep-dive by the tax experts on burning issues & controversies. So, gear up for a 'tonic' to chisel your tax mind and challenge your wit.
Speaker:
Mr. Yogesh Thar (Senior Partner, Bansi S. Mehta & Co)
Moderator:
Mr. Sachin Sastakar (Chartered Accountant)
What shall the episode cover?
Chapter VI of the Income Tax Act deals with Set Off and Carry Forward of Losses. The issues surrounding adjustment of losses against taxable income never loses steam due to vagaries and vulnerabilities of businesses. Smart tax planning targeted to minimise the tax outgo over the years also contribute to the tax disputes on adjustment of losses. The statutory framework is fairly simple and reasonable but straight implementation is easier said than done. While the intention Chapter VI has always been to benefit the taxpayer for genuine losses but corporate restructuring and multifarious transactions yield numerous complex issues. The Chapter comprehensively covers all foreseeable scenarios for adjustment of losses that paves way for a creative tax mind.
To analyse and understand the intricacies of Chapter VI, Taxsutra presents the next episode of TaxTonic. The session is devoted to the contemporary issues that businesses across the board grapple with for not losing on their losses.
This episode is focused on set off and carry forward of losses in the light of:
1. Judicially approved Restructuring Schemes
2. Original Return v. Revised return
3. Internal Restructuring
4. Different Head of Income
5. Speculative Transaction
6. Different Tax Rates or Regimes vis-a-vis Capital Losses
7. Capital Losses vis-a-vis Restructuring
Taxsutra is considered the most credible source of tax news in the tax fraternity. What started as a fledgling start-up has now become a leading brand in the tax world not only in India, but across the globe. Taxsutra's diverse customer set includes Fortune 500 Companies, large Indian Business Groups, Global Conglomerates, Tax Judges, IRS Officers, CBDT, Tax Lawyers & thousands of tax practitioners.
Taxsutra suite of portals :
1. Real time tax news & analysis for Corporate Tax (www.taxsutra.com/dt)
2. Transfer Pricing Portal (www.taxsutra.com/tp)
3. GST and Central Indirect Taxes Portals (www.taxsutra.com/gst - www.idt.taxsutra.com)
4. "Taxsutra Database" - Powerful Online Direct Tax Reference and Search Tool (www.database.taxsutra.com)
5. LawStreetIndia (LSI) (www.lawstreetindia.com) contains sub-modules on Company law, Securities law (SEBI/SAT), FEMA, IP laws & Competition Law
6. Taxsutra Accounting Standards portal (Ind-AS) (www.greentick.taxsutra.com)
