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Partnership

Latest Articles


Registration Procedure for Partnership Firms under Indian Partnership Act

Corporate Law : Learn the simple steps to register a partnership firm under the Indian Partnership Act, its advantages, disadvantages, documents r...

June 4, 2024 5397 Views 0 comment Print

Income Tax Implications of Converting Partnership/Proprietorship to Pvt. Ltd

Income Tax : Article explains Income Tax Implication of conversion of Partnership Firm / Proprietorship Firm in to Private Limited Company...

May 2, 2024 4350 Views 0 comment Print

Choosing the Right Business Structure: Analysis & Tax Impact

Corporate Law : Explore various business structures in India and their tax implications. Understand the advantages, disadvantages, and regulatory ...

April 30, 2024 1794 Views 0 comment Print

Choosing the Right US Business Entity: A Comprehensive Guide

Corporate Law : Navigate complexities of selecting a business entity in US. Learn about formation, liability, taxation, compliance, and fund-raisi...

December 25, 2023 453 Views 0 comment Print

Business Choices: Sole Proprietorship vs. Partnership Firm

Corporate Law : In this article, detailed information on what a Sole Proprietorship is and the difference between Sole Proprietorship and a partne...

December 16, 2023 1851 Views 0 comment Print


Latest News


KSCAA Representation on challenges faced in registering Partnership Firms

Corporate Law : KSCAA presents a representation highlighting the challenges faced in registering firms and suggests solutions. Read more about the...

June 14, 2023 3279 Views 0 comment Print

Inviting Expression of Interest -Study Group: RoF Related Issues In Maharashtra

CA, CS, CMA : ICAI Committee on, Economic, Commercial Laws & Economic Advisory is forming a Study Groups for the subject – RoF Related Issues ...

June 17, 2018 528 Views 0 comment Print


Latest Judiciary


Capital Gains Tax on Transfer of Depreciable Assets Without Asset Distribution Post-Partnership Firm reconstitution

Income Tax : Kerala High Court rules on capital gains tax for transfer of depreciable assets in PVR Tourist Home Vs CIT. Read the full judgment...

July 10, 2024 372 Views 0 comment Print

Deceased Partner’s Heirs Not Liable for Firm’s Obligations: SC

Corporate Law : Supreme Court ruling clarifies legal heirs' non-liability for firm debts after partner's demise. Detailed analysis & judgment over...

April 16, 2024 3120 Views 0 comment Print

Section 148 Notice cannot be issued to Partner for Transactions Among Partnership Firms

Income Tax : Explore the case of Bhagwan Laxman Rokde Vs ITO (ITAT Mumbai) regarding validity of reopening u/s.147, taxation on undisclosed inc...

April 3, 2024 639 Views 0 comment Print

Section 56(2)(vii)(b)(ii) Inapplicable to Partnership Firm’s Business Property: ITAT Chennai

Income Tax : Explore ITAT Chennai's ruling in Smt. Chandrasekaran Valarmathi vs. ITO case. Section 56(2)(vii)(b)(ii) of the Income Tax Act won'...

January 23, 2024 3165 Views 0 comment Print

Taxation of Firm’s Income Exclusively in Firm’s Hands, Not Partners: ITAT Mumbai

Income Tax : Ketan Tokershi Shah Vs DCIT (ITAT Mumbai) Income belonging to firm whether disclosed or undisclosed can be taxed only in the hands...

January 19, 2024 813 Views 0 comment Print


Latest Notifications


Partnership Act 1932: Auditing Not Mandatory Before Sharing Firm Financials with legal heirs

CA, CS, CMA : Explore Section 12(e) of the Partnership Act 1932 and its implications on sharing firm financials with legal heirs. Detailed analy...

July 13, 2024 309 Views 0 comment Print

HUF or its Karta cannot become partner or designated partner in LLP

Company Law : General Circular No. 2/2016 Reference is invited to General Circular No. 13/2013 wherein, in paragraph 2, it has been clarified...

January 15, 2016 9328 Views 0 comment Print

Limited Liability Partnership (Amendment) Rules, 2015

Corporate Law : For the purposes of the proviso to sub-section (1) of section 58 of the Act, where the firm has been converted into limited liabil...

October 15, 2015 5497 Views 0 comment Print

Trust/trustee as a partner in LLP – Clarification

Corporate Law : Clarifications have been sought on whether a trust or a trustee representing a trust in the case of "Real Estate Investment Trust"...

October 14, 2014 8345 Views 0 comment Print

Maharashtra Govt doubled Partnership Fees w.e.f. 25/10/2013

Corporate Law : Maharashtra Government has vide Notification No. No IPA. 2012/329/CR 59/Desk-1 Dated 25.09.2013 has doubled the fees for partnersh...

October 23, 2013 3415 Views 0 comment Print


Latest Posts in Partnership

Partnership Act 1932: Auditing Not Mandatory Before Sharing Firm Financials with legal heirs

July 13, 2024 309 Views 0 comment Print

Explore Section 12(e) of the Partnership Act 1932 and its implications on sharing firm financials with legal heirs. Detailed analysis and conclusions included.

Capital Gains Tax on Transfer of Depreciable Assets Without Asset Distribution Post-Partnership Firm reconstitution

July 10, 2024 372 Views 0 comment Print

Kerala High Court rules on capital gains tax for transfer of depreciable assets in PVR Tourist Home Vs CIT. Read the full judgment and detailed analysis here.

Registration Procedure for Partnership Firms under Indian Partnership Act

June 4, 2024 5397 Views 0 comment Print

Learn the simple steps to register a partnership firm under the Indian Partnership Act, its advantages, disadvantages, documents required, and estimated timeline.

Income Tax Implications of Converting Partnership/Proprietorship to Pvt. Ltd

May 2, 2024 4350 Views 0 comment Print

Article explains Income Tax Implication of conversion of Partnership Firm / Proprietorship Firm in to Private Limited Company

Choosing the Right Business Structure: Analysis & Tax Impact

April 30, 2024 1794 Views 0 comment Print

Explore various business structures in India and their tax implications. Understand the advantages, disadvantages, and regulatory requirements to make an informed decision for your business.

Deceased Partner’s Heirs Not Liable for Firm’s Obligations: SC

April 16, 2024 3120 Views 0 comment Print

Supreme Court ruling clarifies legal heirs’ non-liability for firm debts after partner’s demise. Detailed analysis & judgment overview.

Section 148 Notice cannot be issued to Partner for Transactions Among Partnership Firms

April 3, 2024 639 Views 0 comment Print

Explore the case of Bhagwan Laxman Rokde Vs ITO (ITAT Mumbai) regarding validity of reopening u/s.147, taxation on undisclosed income, and partnership firm transactions.

Section 56(2)(vii)(b)(ii) Inapplicable to Partnership Firm’s Business Property: ITAT Chennai

January 23, 2024 3165 Views 0 comment Print

Explore ITAT Chennai’s ruling in Smt. Chandrasekaran Valarmathi vs. ITO case. Section 56(2)(vii)(b)(ii) of the Income Tax Act won’t apply when property is purchased for business use of a partnership firm.

Taxation of Firm’s Income Exclusively in Firm’s Hands, Not Partners: ITAT Mumbai

January 19, 2024 813 Views 0 comment Print

Ketan Tokershi Shah Vs DCIT (ITAT Mumbai) Income belonging to firm whether disclosed or undisclosed can be taxed only in the hands of the firm and not in the hands of partner

Partnership Firm not obliged to levy interest or partner remuneration if not stipulated in deed

January 18, 2024 4413 Views 0 comment Print

The taxpayer vigorously argued that the disallowance was unwarranted as the supplementary partnership deed explicitly waived interest on capital and remuneration.

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