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 Limited Liability Partnership (LLP) is required to file periodic returns, information, apart from event based transactions, with the Registrar of Companies via www.mca.gov.in. Such information filing relates to filing of LLP Agreement, Change in LLP Agreement [ LLP 3], Changes in Partners / Designated Partners [LLP 4], Statement of Account & Solvency (Annual or […]
LLP Settlement Scheme, 2020 is initiated by Government of India in order to avoid long past pending issues and in order to generate revenue to system. Due to ease of doing business CG decide to give ‘onetime relaxation in additional fees to the defaulting LLP’s to make good their default by filling pending documents.
What is LLP Settlement scheme 2020 The defaulting LLP (which has made default in filing of documents in due dates specified under LLP Act,2008) can file the documents which were due for filing till 31st October,2019 on payment of additional fees of Rs. 10/-per day instead of Rs. 100/- per day provided that such payment of additional fees shall not exceed Rs. 5000/- per documents.
Central Government had decided to gift a Scheme LLP Settlement Scheme, 2020 to business owners who are operating the business in the form of Limited Liability Partnership structure. LLP Settlement Scheme, 2020 will remain open from 16th March, 2020 to 13thJune , 2020.
The investment climate in India has improved considerably in the last five years. This is mainly attributed to ease in FDI norms across sectors of the economy. India, today is a part of the top 100 club on Ease of Doing Business (EoDB). India received the record FDI of $ 61.96 bn in 2017-18 which rose to to $64.375 billion […]
Introduction: With the upcoming dynamic changes and advancement of new ideas, now a days people and mostly start-ups are thinking of setting up of a Separate Entity to run their business and among option of registering business with Sole Proprietorship, Partnership, Limited Liability Partnership, One Person Company and Private Limited Company etc. A Private Limited […]
The Ministry of Corporate Affairs has provided a one time opportunity to the LLPs to make good their default by filing pending documents and to serve as a compliant LLP in future by introducing LLP Settlement Scheme, 2020 vide General Circular No 02/2020 dated 4th March, 2020 which will be applicable from 16th March, 2020 to 13th June, 2020.
What is a startup? A startup is an entity registered as a Private Limited Company (registered under Companies Act 2013) or Limited Liability Partnership (registered under Limited Liability Partnership Act 2008) or Partnership Firm(registered under Partnership Act 1932), working towards innovation, development or improvement of product or processes or services or a business model accelerating […]
LLP Settlement Scheme as per the General Circular issued by the MCA dated 04.03.2020 via number 06/2020. LLP or Limited Liability Partnership is a form of business vehicle governed by the Limited Liability Partnership Act, 2008 or LLP Act, 2008 in short, combining the quality attributes of a Company and a Partnership Firm. It gives […]
Ministry of Corporate Affairs (MCA) has come up with a new scheme namely LLP Settlement Scheme, 2020 for Limited Liabilities Partnerships (LLPs), which are majorly small enterprises and struggle to make their feet stand in today’s sharp competitive market place. Many times it has happened with these entities that, they do not have enough knowledge […]
