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 Budget 2009-10 has introduced the provisions regarding taxation aspect of the newly introduced form of business Limited Liability Partnership. As per the Budget 2009-10 a limited liability partnership (LLP) will be taxed on the same lines as partnership firms — this would mean taxation of profit in the hands of the entity; the partners will be exempted.
Register yourself on the website of Ministry of Corporate Affairs, developed for LLP services, i.e. www.llp.gov.in. This website may also be accessed through the website of the ministry www.mca.gov.in. On the home page of the URL www.llp.gov.in click “Register” tab on top right hand corner of the page.
The government is working to bring limited liability partnerships (LLPs) within the scope of foreign direct investment guidelines, a move which will facilitate the inflow of overseas capital through a corporate structure that has just recently been allowed in India.
The Union Budget 2009 presented by the Hon’ble Finance Minister, Mr. Pranav Mukherjee , inter alia also provided the much awaited tax treatment for the new corporate business vehicle viz., Limited Liability Partnerships (LLP). With this proposal, the unclear picture surrounding the tax aspects of LLPs seems to have been cleared.
Limited liability partnership (LLP) is essentially a partnership constituted in corporate form which has a separate legal identity distinct from its partners. Its primary advantage is the benefit of limited liability, a feature not prevalent in general partnerships. Liability of an LLP’s partners is restricted to the extent of their individual contributions to the LLP; […]
A company incorporated outside India is entitled to become partner in LLP. The LLP Act also provides that a Foreign Limited Liability Partnership can also establish a place of business in India.A careful study of the LLP Act will reveal that an LLP enjoys the beneficial features of incorporated bodies without having the disadvantages of normal partnerships. It is easy and inexpensive to incorporate.
Accounting regulator Institute of Chartered Accountants of India (ICAI) is contemplating prohibiting chartered accountant firms from using identical names, a decision which may have implications for accountancy firms like PwC and Deloitte.
The government will soon come out with rules for winding up of limited liability partnership (LLP) firms which can be either voluntary or under orders of a tribunal. “We have written to Parliament asking if the winding-up rules can now be notified. A response is expected soon,” a Ministry of Corporate Affairs (MCA) official told. The winding-up […]
For Individuals and Hindu Undivided family The code proposes to exempt the general tax payer from paying income tax if his income is Rs 1,60,000 in a year. He would pay just zero tax till an income of Rs 1,60,000 per year. From income above Rs 1,60,000 till Rs 10 lakh (Rs 1 million), he […]
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 business structure, an official in the […]
