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LLP still not recognized by all the acts and states in India
TG Team
11 Aug 2009
0 comment
THE Ministry of Corporate Affairs wants other ministries, state governments and sectoral regulators to recognise limited liability partnerships (LLP) after over 100 entities registered under the LLP Act enacted last year.The ministry will write to all departments and regulators concerned to align their respective norms as per the new busi...
Posted Under:
Corporate Law
|
News
Stamp Duty on purchase of land in SEZ
TG Team
04 Jul 2009
0 comment
Section 57 read with Third Schedule of the SEZ Act, 2005, has amended the provisions of Indian Stamp Act, 1899 so that no duty shall be chargeable in respect of any instrument executed by or on behalf of or in favour of the Developer or Unit or in connection with the carrying out of purposes of the […]...
Posted Under:
Corporate Law
|
News
Budget will not address taxation issue related to LLPs
TG Team
16 Jun 2009
0 comment
Corporate Affairs Minister Salman Khursheed has said, contrary to expectation, the Budget will not address the taxation issue related to limited liability partnerships. The issue will be clarified only next year, he added. “It is too short a time for us to sort out the issue, but it is flagged,” Khursheed told. The Ministry of...
Posted Under:
Corporate Law
|
News
LLPs may be treated on par with Partnerships for taxation
TG Team
12 Jun 2009
0 comment
THE Union Budget is expected to provide clarity on taxation of limited liability partnerships (LLPs) by treating them like partnership firms for tax purposes. A corporate tax is likely to be levied on the income of an LLP, with the partners being exempted from taxation, as in the case of partnership firms. The government is likely to a...
Posted Under:
Corporate Law
|
News
ICAI asked amnesty for firms formed in Maharashtra
TG Team
02 Jun 2009
0 comment
The Institute of Chartered Accountants of India (ICAI) is a statutory body established by the Chartered Accountants Act, 1949 (Act No. XXXVIII of 1949) for regulation of the profession of Chartered Accountants in India. During its six decades of existence, ICAI has achieved recognition as a premier accounting body not only in the country ...
Posted Under:
Corporate Law
|
News
Area limit of 5,000 hectares will not applicable for SEZs if two or more such zones are merged
TG Team
29 May 2009
0 comment
NEW DELHI: The government has decided not to apply an area limit of 5,000 hectares for special economic zones (SEZs) if two or more such zones are merged, clearing the way for big SEZs in the country. In an amendment to the SEZ rules, the government has also allowed developers more freedom on selecting the […]...
Posted Under:
Corporate Law
|
News
Govt. May Exempt SEZ export profits under section 10AA
TG Team
22 May 2009
0 comment
The three-year long wait of companies to avail full income tax benefits on export profits from their SEZ units will come to an end in two months. Official sources said the government has firmed up plans to bring changes in Section 10AA of the Income Tax Act in the forthcoming Union Budget to rectify an anomaly in the wording of the Sectio...
Posted Under:
Income Tax
|
News
Cold response to new LLP Act, Only 10 Firm Registered in one Month
TG Team
19 May 2009
0 comment
A month after the government allowed registration of Limited Liability Partnerships, only 10 firms have availed this new form of doing business that provides advantages of a partnership firm and also a corporation. This is because the government is yet to notify key sections (Sections 55 to 58) of the law that would enable conversion of ...
Posted Under:
Corporate Law
|
News
Govt may exempt partnership firms & companies from stamp duty
TG Team
02 May 2009
0 comment
The government may exempt partnership firms and limited companies from paying stamp duty while converting into limited liability partnerships (LLPs), a way of doing business that is favoured globally for its flexibility. The government will amend the Income Tax Act later this year to provide a tax regime for LLPs, which are being incorpor...
Posted Under:
Corporate Law
|
News
Tax gains, easy compliance in comparison to companies set to make LLP popular
TG Team
28 Apr 2009
0 comment
The ministry of corporate affairs has said that out of the eight lakh companies in India, a large chunk of them would be interested in getting converted into limited liability partnership (LLP) once a suitable tax structure for LLP is brought in. We are getting enquiries from thousands of companies every week who are interested […]...
Posted Under:
Corporate Law
|
News
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