Insolvency and Bankruptcy Code (IBC)

Tax Glossary Definition

Insolvency and Bankruptcy Code (IBC)

Insolvency and Bankruptcy Code (IBC) – A comprehensive law in India that governs the resolution and liquidation of insolvent companies and individuals, ensuring timely recovery for creditors. Tax implications, such as capital gains, may arise when assets are transferred or sold during the resolution process. Example: When a company’s assets are sold during liquidation under IBC, capital gains tax may be triggered

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