income tax waiver for a sick company or setoff of old liabilities
3 years ago
There was company who had income tax liability due to Section 43 B. The taxes were not paid on time and hence there was income tax liability in 2008-09. The company went in losses and became
sick in 2011-12. The company had huge brought forward losses as on date. is there any provision of waiver of Income tax liability as it is a sick company. Is there any provision to setoff the old liability with brought forward losses. Please suggest Any other suitable remedy also.
Ayantika Mondal @ Prime Legal
Responded 3 years ago
A.Hi,
We will need more details to determine whether you qualify for any waiver. If you are a shareholder trying to recover your investment, you can approach the Company Law Tribunal or the insolvency professionals.
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We will need more details to determine whether you qualify for any waiver. If you are a shareholder trying to recover your investment, you can approach the Company Law Tribunal or the insolvency professionals.
If you found this helpful, please rate us.
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A.Hi,
You cannot set off the liability with losses. The company can file for bankruptcy.
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You cannot set off the liability with losses. The company can file for bankruptcy.
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