Limited Liability Partnerships (LLP) were introduced with the objective to overcome the inherent limitations of partnership firms – blended with features of the “company” form of business structure. It was envisaged that the LLP model will soon gain immense popularity; however, there are some practical (and largely tax) challenges that need to be addressed in order to make LLPs the go-to structure for businesses.
Dr. Sudhir Naik (HUF) Vs. ITO (ITAT Hyderabad) Another contention is about claim of 54F/54. It was the contention that assessee has sold all the flats allotted to him and therefore, at the time of investing in the new house, he has no other house except this house. As seen from the agreements and the […]
ICAI is issuing the following revised formats of the statutory auditor’s report for urban cooperative banks (UCBs). These formats have been developed by the Board in consultation with the RBI and the same have also been accepted by the RBI.
As per the provisions of section 10(5) of the Income-tax Act, 1961, an exemption of the value of leave Travel Concession/ Assistance received by the employee from his employer is provided subject to fulfillment of prescribed conditions.
Section 234E provides for levy of fees of Rs 200 per day where there is delay in filing of quarterly TDS returns.
The Companies Act, 2013 aiming to promote Corporate governance has armed the regulator with enormous powers. Exercising these, recently two major steps have been taken by the Registrar of Companies (RoC) in this respect (i) Disqualified directors of the Company that had not filed annual return for continues 3 years, and (ii) the names of companies, prima facie not doing any business, were struck off.
Corporate Governance is in the interests of companies as it enhances their image, acceptability and profitability, says Ministry of Corporate Affairs’ Secretary Injeti Srinivas
A preliminary analysis of the Goods and Services Tax (GST) data reveals that there has been a 50% increase in the number of indirect taxpayers, besides a large increase in voluntary registrations, especially by small enterprises that buy from large enterprises and want to avail themselves of Input Tax Credits (ITC).
The Economic Survey presented by the Union Finance Minister Shri Arun Jaitley in Parliament today has relied upon analysis of the new data to highlight ten new economic facts:
As an information repository, the Goods and Services Tax (GST) embodies and heralds a radical alteration and enlargement in the understanding of the Indian economy.
