Image: Shutterstock The nervousness amongst the taxpayers from the Budget 2018 must have belied by now, but at the same time many hopes and expectations remain unfulfilled. But isnt that the case with all the post Budget euphoria. Or is it a case of unreasonable expectations?
Two such cases are that of companies undergoing insolvency proceedings and startups. As is the trend with any new law, the tax law also took some time to catch up with the pace and evolution of Insolvency and Bankruptcy Code, 2016 (IBC). The Budget provides for reduction of aggregate of business loss and depreciation loss from the book profit of companies undergoing corporate insolvency resolution process (IBC companies…
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