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....
Summary: The conversion of a private or unlisted public company into a Limited Liability Partnership (LLP) is governed by the LLP Act, 2008. This transition offers benefits such as limited liability, tax advantages, operational flexibility, reduced compliance, and perpetual succession. To qualify, the company must not be a Section 8 entity, have no pending charges, […]
Summary: Entrepreneurs often grapple with the decision of whether to structure their business as a Company or a Limited Liability Partnership (LLP). Both offer the advantage of limited liability and are considered separate legal entities, but their regulatory, operational, and financial implications vary significantly. Companies are governed by the Companies Act, 2013, while LLPs are […]
Learn about ICAI’s Aggregation of LLPs Guidelines 2024, detailing eligibility, governance, registration, and compliance for LLPs with practicing Chartered Accountants.
Learn about LLP registration in India, including its benefits, requirements, compliance, and the process for starting a Limited Liability Partnership.
Learn the legal and procedural steps to amend capital contribution in an LLP, including partner consent, agreement updates, and MCA filings. Stay compliant with LLP Act.
The Ministry of Corporate Affairs monitors C-PACE’s efficiency in processing corporate and LLP strike-offs, improving processing time and transparency.
MCA enhances compliance and ease of doing business with decriminalization of 63 offences, faster company strike-offs, and streamlined corporate processes.
NFRA recommends 40 Auditing Standards for LLPs under the LLP (Amendment) Act 2021, effective from April 2026, for approval by the Central Government.
Learn the process to convert a firm into an LLP under the LLP Act, 2008, including eligibility, required forms, compliance, and tax implications.
This blog focuses on the specific amendment made under Foreign Exchange Management (Non-debt Instrument) Rules 2019 which can have a favorable impact on the flow of Foreign Direct Investment and the transactions made by NRI & OCI.
