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....
Central Government hereby makes the following rules further to amend the Limited Liability Partnership Rules, 2009, namely Limited Liability Partnership (Second Amendment) Rules, 2018.
LLP exhibits element of both partnerships and companies. As the name suggests, partners of the LLP have limited liability which means that personal assets of the partners are not used for paying off the debts of the LLP.
The LLP is a hybrid Business Entity that combines and exhibits elements of both Partnership under Partnership Act, 1932 and the Company as registered under the Companies Act, 2013. The Concept of LLP was first introduced in the UK under the Limited Liability Partnerships Act 2000. In India, The Limited Liability Partnership Act 2008 was published […]
After the introduction of the Limited Liability Partnership Act, 2008 (LLP Act), it was anticipated that many corporate houses would consider Limited Liability Partnership (LLP) as a vehicle to run their business operations, mainly due to lower administrative compliances and ease of repatriation of profits to its partners.
Article explains Taxation of Partnership Firms /LLP which includes Income Tax Rate applicable, Provisions related to Interest and Remuneration to Partners/Designated Partners, Conditions for assessment as a firm, Partners’ assessments, Losses of the firm, Due dates for filing return of firm, Allowability of remuneration and interest vis-a-vis presumptive taxation , Due dates for filing return of firm and Due dates for filing of returns of partners.
Article explains provisions related to Limited Liability Partnership (LLP) under Limited Liability Partnership Act, 2008 Along With Rules Thereof.
In this article, we look at whether a Limited Liability Partnership (LLP) can be converted into a private limited company, Advantages of Conversion, Pre-Requisites For LLP Conversion into Company and Procedure For LLP Conversion into Company. Introduction Most of the Entrepreneurs opting for LLP registration are small businesses that do not foresee any requirement for […]
Article explains Procedure for voluntary Winding Up of Limited Liability Partnership (LLP) and also provides format of Draft Documents required for such voluntary Wind Up of LLP.
CONTENTS:- √ Members Report, √ Partners Responsibilities Statement, √ Independent Auditors Report, √ Limited Liability Partnership Balance Sheet, √ Limited Liability Partnership Profit & Loss Account, √ Notes to the Financial Statements
There are numerous LLPs which were incorporated but have not done any business or stop doing business. In order to reduce the number of bogus entities, this is important to provide an ease in procedure of winding up. There are two ways of winding up of LLP first is voluntary winding up and second is compulsory winding up (by tribunal). If partners want to wind up the LLP the process they need to opt is of voluntary winding up. It is pertinent to note here that in case winding up of LLPs, procedure for winding up is different for functioning and de-functioning LLPs. For winding up of functioning LLPs the procedure is laid down in Limited Liability Partnership (Winding up and Dissolution) Rules, 2010 and for defunct LLPs the ministry had specifically notified Form-24 in Limited Liability Partnership (Amendments) Rules, 2017 for granting procedural relief to those LLPs which are not doing business means which are defunct.
