Income Tax - Explore the differences between Private Limited Company, LLP, and Partnership Firm to make informed choices for your business setup and growth....
Income Tax - Learn how tax liabilities shift with changes in a firm's constitution or business ownership, Learn about Section 78, succession rules, and more....
Income Tax - Assessment of Partnership Firms in the Assessment Year 2022-2023, Assessment Year 2023-2024 and in the Assessment Year 2024-2025 1. Sec 2(23) –Definition of firm. Firm shall have the meaning assigned to it in the Indian Partnership Act 1932 (9 of 1932) and shall include a limited liability partnership as defined in the Limited Liability...
Income Tax - Section 40 of the Income Tax Act, 1961 contains provisions for disallowances of expenses while calculating taxable income in India. This article provides a summary of the various provisions under Section 40, including disallowance of expenses for non-deduction or non-payment of tax deducted at source (TDS), disallowance of certain salary ...
Income Tax - Article explains salient features of Indian Partnership Act, 1932. Partnership’ is the relation between persons who have agreed to share the profits of a business carried on by all or any of them acting for all. For determining the existence of partnership, it must be proved that 1. There was an agreement between all the persons [&hell...
Income Tax - KSCAA presents a representation highlighting the challenges faced in registering firms and suggests solutions. Read more about the difficulties impacting business operations and the need for simplified processes....
Income Tax - ICAI Committee on, Economic, Commercial Laws & Economic Advisory is forming a Study Groups for the subject – RoF Related Issues In Maharashtra....
ITO Vs Sarsan Developers (ITAT Pune) - Payments made as part of a settlement agreement regarding relinquishment of partnership interests are capital expenditures ITAT Pune in ITO Vs Sarsan Developers...
DCIT Vs Thulasi Mohan Constructions Pvt. Ltd. (ITAT Chennai) - Analysis of DCIT vs. Thulasi Mohan Constructions Pvt. Ltd. case, where capital gains in a business slump sale were contested. Learn legal intricacies and conclusions....
Neeraj Gas Movers Vs ITO (ITAT Allahabad) - Neeraj Gas Movers successfully argues for the validity of a rectified partnership deed, leading to the approval of salary and interest claims by ITAT....
Vinod Textiles Vs ACIT (ITAT Ahmedabad) - Read about the Vinod Textiles vs ACIT case where ITAT Ahmedabad discusses the claim of depreciation on a motor vehicle registered in a partner's name....
Jayesh Tokershi Shah Vs DCIT (ITAT Mumbai) - "ITAT Mumbai upholds tax exemption for share of profit from partnership firm, rejects addition u/s 68 due to non-payment of taxes by the firm. Read the full ruling....
General Circular No. 2/2016 - (15/01/2016) - General Circular No. 2/2016 Reference is invited to General Circular No. 13/2013 wherein, in paragraph 2, it has been clarified that 'as per section 5 of LLP Act, 2008 only an individual or body corporate may be a partner in a Limited Liability Partnership. A HUF cannot be treated as a body corpo...
G.S.R. 785 (E) - (15/10/2015) - For the purposes of the proviso to sub-section (1) of section 58 of the Act, where the firm has been converted into limited liability partnership, an intimation of such conversion to the concerned Registrar of Firms shall be given in Form 14 within fifteen days of the date of registration of the Lim...
File No. 2/3/2014 CL-V - (14/10/2014) - Clarifications have been sought on whether a trust or a trustee representing a trust in the case of "Real Estate Investment Trust" (REIT) or "Infrastructure Investment Trust" (InvITs) or such other trusts set up under the regulations prescribed under the Securities & Exchange Board of India Act, 199...
Notification No. No IPA. 2012/329/CR - (23/10/2013) - Maharashtra Government has vide Notification No. No IPA. 2012/329/CR 59/Desk-1 Dated 25.09.2013 has doubled the fees for partnership related issues. Revised rates are as follows :-...
General Circular No. 13/2013 - (29/07/2013) - It has come to the notice of the Ministry that some Hindu Undivided Families (HUFs) / Kartas of such families are applying to become partner/ Designated partner (DP) in LLPs and a question has arisen whether a 'HUF' or a karta can be allowed to do so. The matter has been examined in consultation wit...
ITO Vs Sarsan Developers (ITAT Pune) -
DCIT Vs Thulasi Mohan Constructions Pvt. Ltd. (ITAT Chennai) -
Neeraj Gas Movers Vs ITO (ITAT Allahabad) -
Vinod Textiles Vs ACIT (ITAT Ahmedabad) -
Jayesh Tokershi Shah Vs DCIT (ITAT Mumbai) -
Lexico Ceramics Vs PCIT (ITAT Rajkot) -