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....
LLP Settlement Scheme, 2020 is being introduced in pursuance of the Government’s objective of providing greater Ease of Living to the citizens of the country and is expected to provide significant relief and a window of opportunity for LLPs to abide by the Law & conduct business accordingly.
LLP settlement scheme-2020- Defaulting LLPs Can Breathe A Sigh Of Relief!!!! Ministry of Corporate affairs vide its General Circular No. 6/2020‘ dated 04th March, 2020 notified ‘LLP settlement Scheme, 2020′. Article explains LLP Settlement Scheme-2020 in a Nutshell with FAQs. > LLP Settlement Scheme-2020 in a Nutshell: Legal provision: The Central Government in exercise of its […]
The Central Government in exercise of its powers under Section 460 of the Companies Act, 2013 decided to introduce a scheme called “LLP Settlement Scheme, 2020” to grant the defaulting Limited Liability Partnership (LLP), a one-time window to condone the delay in filing of some statutorily required documents with Registrar. Ministry of Corporate Affairs (MCA) […]
LLP Settlement scheme 2020, FAQ on 4 FORM and Rs. 5000 Maximum Late fees. 1. Who Can avail LLP Settlement scheme 2020? Any LLP which is active and which has not filed an application in Form 24 for striking of their name from the registrars as per provisions of Rule 37(1) of the LLP Rules, […]
As per one estimate, the scheme could benefit 20-25 per cent of the 1.25 lakh LLPs registered in the country*. To give one time opportunity to such defaulting LLPs, MCA, on March 4, 2020 announced LLP Settlement Scheme 2020 (Scheme). Under the Scheme, LLPs will be given a three-month window to complete overdue filings of […]
Central Government has decided to introduce a scheme namely ‘LLP Settlement Scheme, 2020‘, by allowing a One-time con-donation of delay in filing statutorily required documents with the Registrar. The scheme shall come into force on the 16th March, 2020 and shall remain in force up to 13th June, 2020. LLPs, that wish to avail themselves of the […]
The Ministry of Corporate Affairs vide General Circular No.: 6/2020 has decided to give Onetime relaxation in additional fees to those Limited Liability Partnership (LLP) which were defaulted in filing of Form LLP-3 (Information with regard to limited liability partnership agreement and changes, if any, made therein), Form LLP-4 (Notice of appointment, cessation, change in […]
1. Applicability of LLP Settlement Scheme, 2020: – Any LLP which has made a default in filing of specified forms on the due date is permitted to file belated documents, under this Scheme. 2. Specified Forms: – (i) Form-3– Information with regard to limited liability partnership agreement and changes, if any, made therein; (ii) Form-4– […]
Q 1. What is the LLP SETTLEMENT SCHEME -2020? Ans. In order to promote ease of doing business, the Central Government decided to give a Onetime relaxation in additional fees to the defaulting LLPs to make good their default by filing pending documents and to serve as a compliant LLP in the future. This scheme […]
The Central Government has decided to introduce a scheme namely ‘LLP Settlement Scheme, 2020’ by allowing a onetime condonation of delay in filing statutory required documents with the registrar.
