To further ease the insolvency and bankruptcy process and streamline the acquisition of stressed assets, Union Finance Minister Arun Jaitley may do away with no-objection certificates required for asset transfers.
This comes under Section 281 of the Income-Tax Act, and it will be waived for transactions between companies under insolvency and those buying their assets.
Apart from this, the Budget may also get rid of stamp duties on transfers of stressed assets. The Central Board of Direct Taxes (CBDT) has said that the minimum alternate tax will not be applicable to firms undergoing insolvency proceedings.
Besides, the finance ministers speech is also likely to dwell o…
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