The Limited Liability Partnership Act, 2008 (LLP) has come into effect in 2009. The LLP has features of both a body corporate as well as a traditional partnership. The Income-tax Act provides for the same taxation regime for a limited liability partnership as is applicable to a partnership firm. It also provides tax neutrality (subject to fulfillment of certain conditions) to conversion of a private limited company or an unlisted public company into an LLP.
Under the existing provisions contained in section 139(1) of the Income-tax Act, every person, if his total income during the previous year exceeds the maximum amount which is not chargeable to income-tax, is required to furnish a return of his income.
Under the existing provisions of section 143(1 B) of the Income-tax Act, the Central Government may, for the purpose of giving effect to the scheme made under section 143(1A), by notification in the Official Gazette, direct that any of the provisions of the Income-tax Act relating to processing of returns shall not apply or shall apply with such exceptions, modifications and adaptations as may be specified in that notification. However, no direction shall be issued after 31st March, 2011.
Section 153 of the Income-tax Act provides for the time limits for completion of assessments and reassessments. In Explanation ‘I to section 153 of the Income-tax Act, certain periods specified therein are to be excluded while computing the period of limitation for completion of assessments and reassessments.
The existing provisions contained in the proviso to section 245C(1) allow an application to be made before the Settlement Commission if,—(i) the proceedings have been initiated against the applicant under section 153A or under section 153C as a result of search or a requisition of books of account, as the case may be, and the additional amount of income-tax payable on the income disclosed in the application exceeds fifty lakh rupees;
In exercise of the powers conferred by sub-section (1) of section 5A of the Central Excise Act,1944 (1 of 1944) (hereinafter referred to as the Act) , the Central Government, on being satisfied that it is necessary in the public interest so to do, hereby exempts perfumes commonly known as “Attar” falling under Chapter 33 of the Central Excise Tariff Act, 1985 (5 of 1986), when removed from a premises from where such goods are sold in retail, after being subjected to any of the processes referred to in Note 5 of the said Chapter from the whole of the duty of excise leviable thereon subject to the following conditions,
In exercise of the powers conferred by sub-section (1) of section 5A of the Central Excise Act, 1944 (1 of 1944), and in supersession of the notification of the Government of India in the Ministry of Finance ( Department of Revenue) no. 76/86- Central Excise, published vide G.S.R 168 (E), dated the 10th February, 1986, except as respects things done or omitted to be done
In exercise of the powers conferred by sub-section(1) of section 5A of the Central Excise Act, 1944 (1 of 1944), and in supersession of the notification number 32/2007, dated the 30th July , 2007, published in the Gazette of India, Extraordinary, vide G.S.R. 515 (E), dated the30th July, 2007,except as respects thing done or omitted to be done before such supersession, the Central Government, on being satisfied that it is necessary in the public interest so to do, hereby exempts parts, components ,assemblies or sub-assemblies falling under Chapter 84 of the First Schedule to the Central Excise Tariff Act,1985(5 of 1986), and removed from one or more factories of a manufacturer to another factory of the same manufacturer, for manufacture of power tillers of heading 8432, from the whole of the duty of excise leviable thereon which is specified in the said Schedule, provided the manufacturer follows the procedure laid down in the Central Excise ( Removal of Goods at Concessional rate of Duty for Manufacture of Excisable Goods) Rules, 2001.
Notification No. 15/2011-Central Excise, New Delhi, the 1st March, 2011- In exercise of the powers conferred by sub-section (1) of section 5A of the Central Excise Act, 1944 (1 of 1944), the Central Government, on being satisfied that it is necessary in the public interest so to do, hereby makes the following further amendments in the notification of the Government of India in the Ministry of Finance (Department of Revenue), No. 3/2005-Central Excise, dated the 24th February, 2005, published in the Gazette of India, Extraordinary, vide number G.S.R. 95(E), dated the 24th February, 2005
Notification No. 14/2011-Central Excise,- In exercise of the powers conferred by sub-section (1) of section 5A of the Central Excise Act, 1944 (1 of 1944), the Central Government, on being satisfied that it is necessary in the public interest so to do, hereby exempts packaged software or canned software, falling under Chapter 85 of the first Schedule to the Central Excise Tariff Act,1985 ( 5 of 1986), on which it is not required, under the provisions of The Legal Metrology Act, 2009 (1 of 2010) or the rules made thereunder or under any other law for the time being in force, to declare on the package thereof the retail sale price, from so much of the duty of excise leviable thereon as is equivalent to the excise duty payable on the portion of the value of such goods determined under section 4 of the said Central Excise Act, which represents the consideration paid or payable for transfer of the right to use such goods:
