Amendments to the Income Tax Act, 1961 with Insolvency and Bankruptcy Code, 2016 under the Finance

The Finance Bill, 2022 proposed in the Union Budget 2022 sets out several amendments in the Income Tax Act, 1961 (“Act”). This post highlights the amendments that have been proposed to integrate the Act with the Insolvency and Bankruptcy Code, 2016 (“Code”). The amendments will have effect from 1 April 2022.

Budget Update- Amendment to Income Tax Act (1).pdf

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