Corporate Law : LLP Form 11 must be filed by every LLP, including inactive or non-operational entities, under the LLP Act, 2008. The guide explain...
Income Tax : The Finance Act, 2024 has inserted a new section, 194T, for TDS deduction by partnership firms/Limited Liability Partnerships (LLP...
Corporate Law : The amendment introduces a new category of IFSC-based LLPs with specific regulatory provisions. It enables foreign currency operat...
Corporate Law : The issue highlights mandatory annual return filing for LLPs. The key takeaway is that delayed filing attracts heavy daily penalti...
Corporate Law : Comparative analysis of Company, Partnership Firm, and Trust in India covering tax rates, deductions, compliance, and suitability ...
CA, CS, CMA : ICAI introduces phased applicability for new financial reporting guidance. Larger entities must comply first, followed by all enti...
Company Law : Authorities rejected several name reservation applications because they were phonetically or structurally similar to existing enti...
CA, CS, CMA : The draft policy proposes a detailed scoring framework to empanel CA firms and LLPs for government audits based on capacity, exper...
CA, CS, CMA : ICAI provides a one-year relaxation for two new Guidance Notes on financial statements for non-corporate entities and LLPs, making...
Company Law : The Ministry of Corporate Affairs' C-PACE initiative has reduced the time for voluntary company closures from over 2 years to unde...
Income Tax : The tribunal noted that the firm had no business activity and only earned interest income. It held that unexplained income cannot ...
Income Tax : The issue was taxation of LLP partner’s remuneration without applying Sections 28(v) and 40(b). The High Court set aside the ass...
Income Tax : The ITAT Chennai held that ₹1.98 crore received for reduction in profit-sharing ratio in CRCL LLP was not goodwill or taxable in...
Corporate Law : NCLT Ahmedabad held that application under section 7 of the Insolvency and Bankruptcy Code for initiation of Corporate Insolvency ...
Income Tax : ITAT Ahmedabad held that addition by adopting Percentage Completion Method cannot be sustained as department already accepted Proj...
Company Law : The issue involved duplication of DIN due to ignorance during incorporation. The authority imposed penalty despite voluntary discl...
Company Law : The MCA has revised the list of Regional Directors authorized for LLP matters under Section 458 of the Companies Act. The amendmen...
Corporate Law : The Central Government has superseded the 2022 notification and reassigned state- and district-wise jurisdiction to specific Regis...
Corporate Law : The Government has deferred the commencement date of a notification issued under the LLP Act. The effective date now shifts from J...
Corporate Law : MCA amended its notification to postpone implementation of the reorganised Registrar of Companies framework for LLPs....
The Finance Minister proposed to take up decriminalisation of the Limited Liability Partnership (LLP) Act, 2008 on similar lines of the decriminalising of the procedural and technical compoundable offences under the Companies Act, 2013, which is now complete.
On account of practical difficulties faced by LLPs during the pandemic ICSI requested MCA to consider providing extension of the timelines for filing of e-form 8 and e-form 11 pertaining to financial year 2019-20 till 31st March, 2021. THE INSTITUTE OF Company Secretaries of India IN PURSUIT OF PROFESSIONAL EXCELLENCE Statutory body under an Act […]
The Company Law Committee (CLC) has presented its Report on Decriminalization of the Limited Liability Partnership Act, 2008. The CLC was setup on 18th September, 2019 to make recommendations to the Government inter-alia on further decriminalization of certain “compoundable offences”, consequential amendments and certain other changes in the LLP Act, 2008 to facilitate and promote ease of doing […]
Federation Of All India Vyapar Mandal requested FM that Companies Fresh Start Scheme, 2020 (CFSS- 2020) may be extended till 31st March 2021 as By that time every Company which is seeking relief will be able to take benefit of this scheme and will make their filing upto date once for all and LLP Settlement […]
In continuation of Ministry’s policy to decriminalize minor, technical and procedural offences, it had undertaken action to identify twenty (20) Compoundable offences under the Limited Liability Partnership Act, 2008 and a public notice was placed on MCA website for suggestions and comments from stakeholders with respect to Decriminalization of Compoundable Offences under the Limited Liability Partnership Act, 2008 for improving Business Sentiments. In response to the said notice, some suggestions were received from different stakeholders.
ICAI releases Technical Guide on Charges-Registration, Modification & Satisfaction under Companies Act 2013 & LLP Act 2008 The Debt Finance is gaining popularity with the coming times. Almost every individual, LLP, Companies and body corporates borrows money from bank, financial institutions, co-operatives etc. for meeting their day to day requirements. Over the years the Government […]
ICAI releases E-book containing Frequently Asked Questions (FAQs) on Limited Liability Partnership Act, 2008 The Limited Liability Partnership (LLP) Act, 2008 was enacted by the Parliament of India to introduce and legally sanction the concept of LLP in India, unlike the general partnerships in India. The Act was notified on 31st March 2009. It provides an […]
ICAI releases E-Book on Statutory Compliance Calendar of Limited Liability Partnership as per LLP Act, 2008 and Rules thereunder The Parliament of India enacted the Limited Liability Partnership (LLP) Act, 2008 to introduce a special corporate business vehicle that allows its members to have the flexibility of organising their internal structure as a partnership and […]
Introduction Conversion of a Private Limited Company into LLP is allowed under the provision of Section 56 (Third Schedule) of the LLP Act, 2008. Benefit There are a large number of benefits to govern a business having LLP as legal form as compared to Private Limited Company. LLPs involve the best practices of private companies […]
Many start up entity in India commenced their business as a Limited Liability Partnership (LLP) and they might be interested to switch the mode of their entity from LLP into Private Limited Company to diversify the business or for infusing more funds and for many several reasons. The Companies Act, 2013, has given the provision […]
