Corporate Law : The article explains that a partnership comprising only two partners stands dissolved on the death of one partner under the Partne...
Company Law : The article explains that loans received from partnership firms do not qualify as exempt borrowings under the Companies (Acceptanc...
Income Tax : This article explains the tax treatment of partner remuneration and interest for Partnership Firms and LLPs under Section 35(e). I...
Income Tax : The Finance Act, 2024 has inserted a new section, 194T, for TDS deduction by partnership firms/Limited Liability Partnerships (LLP...
Income Tax : Section 194T mandates TDS on partner payments with a strict April 30 deadline for March deductions. Missing it can lead to interes...
Corporate Law : Professionals request an amnesty scheme for partnership firms in Maharashtra to regularize past lapses and ease compliance with Re...
Income Tax : Finance Bill 2024 proposes increasing the deduction limit for working partner remuneration to Rs. 3,00,000 or 90% of book profit, ...
Income Tax : From April 1, 2025, firms must deduct 10% TDS on payments to partners exceeding Rs 20,000 annually, under new Section 194T of the ...
Corporate Law : KSCAA presents a representation highlighting the challenges faced in registering firms and suggests solutions. Read more about the...
CA, CS, CMA : ICAI Committee on, Economic, Commercial Laws & Economic Advisory is forming a Study Groups for the subject – RoF Related Issues ...
Income Tax : ITAT Guwahati held that additions could not be sustained where the transactions related to a separate partnership firm with a diff...
Income Tax : The Tribunal held that income could not be assessed in the hands of a firm that had ceased to exist years earlier. Since the depos...
Income Tax : The Kerala High Court held that deduction under Section 36(1)(iii) was unavailable where borrowed money was invested as capital in...
Income Tax : The tribunal ruled that remuneration paid to a working partner cannot be disallowed when the partnership deed authorizes such paym...
Income Tax : The ITAT relied on orders under section 148A(d) for subsequent years where reopening was dropped, holding the assessee to be a loc...
CA, CS, CMA : Explore Section 12(e) of the Partnership Act 1932 and its implications on sharing firm financials with legal heirs. Detailed analy...
Company Law : General Circular No. 2/2016 Reference is invited to General Circular No. 13/2013 wherein, in paragraph 2, it has been clarified...
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...
Corporate Law : Clarifications have been sought on whether a trust or a trustee representing a trust in the case of "Real Estate Investment Trust"...
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...
The article explains that a partnership comprising only two partners stands dissolved on the death of one partner under the Partnership Act. It also outlines the tax and compliance implications of carrying on the business until a new firm is constituted.
ITAT Guwahati held that additions could not be sustained where the transactions related to a separate partnership firm with a different PAN and different partners. The Tribunal deleted the additions due to lack of evidence linking those transactions to the assessee.
The article explains that loans received from partnership firms do not qualify as exempt borrowings under the Companies (Acceptance of Deposits) Rules, 2014. Even where partners are directors of the company, the loan may be treated as a deposit requiring DPT-3 disclosure.
The Tribunal held that income could not be assessed in the hands of a firm that had ceased to exist years earlier. Since the deposits belonged to the successor proprietorship concern, the addition was deleted.
The Kerala High Court held that deduction under Section 36(1)(iii) was unavailable where borrowed money was invested as capital in a partnership firm and not used for the assessee’s own business.
This article explains the tax treatment of partner remuneration and interest for Partnership Firms and LLPs under Section 35(e). It covers allowable limits, working partner conditions, deed requirements, and common compliance mistakes.
The Finance Act, 2024 has inserted a new section, 194T, for TDS deduction by partnership firms/Limited Liability Partnerships (LLPs). Section 194T takes effect from 1st April, 2025 (AY 2026-27), to bring payments such as salary, remuneration, commission, bonus and interest (whether on capital or on loan) by a partnership firm/LLP to its partners under the […]
Section 194T mandates TDS on partner payments with a strict April 30 deadline for March deductions. Missing it can lead to interest and expense disallowance.
This guide explains the mandatory conditions, documentation, and procedural steps for converting a partnership into a company. It highlights compliance requirements and the structured legal process under the Companies Act.
The tribunal ruled that remuneration paid to a working partner cannot be disallowed when the partnership deed authorizes such payment and the amount is within limits prescribed under Section 40(b).
