Partnership

U. S. Taxation: Partnership Firms– LLC & others– Series No. 1

Income Tax - It is a common debate among accounting professionals that Partnership firms in U.S.A. would solve all the problems and that they would recommend their clients to have the same structure for business. ...

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Transfer of property between firm & partners –Taxation aspects

Income Tax - S. 45(3) and S. 45(4) were brought in to the statute book to deem pooling of assets by partners in to the firm and distribution of assets by the firm to partners on dissolution or otherwise, as transfers for tax purposes with a view to block certain escape routes for avoiding capital gains tax....

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Assessment of Firms

Income Tax - Firm is an association of two or more than two persons, who came together to do a business and share profits thereof. Section 4 of the Partnership Act, 1932 defines Partnership as relationship between persons who have agreed to share the profits of business carried on by all or any of them acting for all....

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Process For Change In Name / Registered Office / Admission or Deletion of Partners of LLP

Income Tax - The limited liability partnership may change its name by following the procedure as laid down in the limited liability partnership agreement. Where the limited liability partnership agreement is silent on this matter, consent of all partners shall be required for changing the name of the limited liability partnership....

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FAQs on Limited Liability Partnership

Income Tax - LLP is defined as partnership formed and registered under Limited Liability Partnership Act is an alternative corporate business form that gives the benefits of limited liability of a company and the flexibility of a partnership. The LLP can continue its existence irrespective of changes in partners....

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Profit exempt in Partnership cannot be taxed in Partners Account

DCIT Vs M/s. Bakeri Construction Pvt Ltd (ITAT Ahmedabad) - CBDT itself has accepted the proposition that the share income from the firm received by the partners is exempt u/s 10(2A) of the Act and under no circumstances can be taxed in the hands of the partners. ...

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

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...

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Limited Liability Partnership (Amendment) Rules, 2015

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...

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Trust/trustee as a partner in LLP – Clarification

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...

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

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 :-...

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HUF or its karta can not be designated partner in LLP

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...

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Recent Posts in "Partnership"

U. S. Taxation: Partnership Firms– LLC & others– Series No. 1

It is a common debate among accounting professionals that Partnership firms in U.S.A. would solve all the problems and that they would recommend their clients to have the same structure for business. ...

Read More
Posted Under: Corporate Law |

Profit exempt in Partnership cannot be taxed in Partners Account

DCIT Vs M/s. Bakeri Construction Pvt Ltd (ITAT Ahmedabad)

CBDT itself has accepted the proposition that the share income from the firm received by the partners is exempt u/s 10(2A) of the Act and under no circumstances can be taxed in the hands of the partners. ...

Read More

Transfer of property between firm & partners –Taxation aspects

S. 45(3) and S. 45(4) were brought in to the statute book to deem pooling of assets by partners in to the firm and distribution of assets by the firm to partners on dissolution or otherwise, as transfers for tax purposes with a view to block certain escape routes for avoiding capital gains tax....

Read More
Posted Under: Corporate Law |

Assessment of Firms

Firm is an association of two or more than two persons, who came together to do a business and share profits thereof. Section 4 of the Partnership Act, 1932 defines Partnership as relationship between persons who have agreed to share the profits of business carried on by all or any of them acting for all....

Read More
Posted Under: Corporate Law |

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

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 corporate for the purposes of LLP Act, 2008. ...

Read More

Process For Change In Name / Registered Office / Admission or Deletion of Partners of LLP

The limited liability partnership may change its name by following the procedure as laid down in the limited liability partnership agreement. Where the limited liability partnership agreement is silent on this matter, consent of all partners shall be required for changing the name of the limited liability partnership....

Read More
Posted Under: Corporate Law |

Limited Liability Partnership (Amendment) Rules, 2015

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 Limited Liability Partnership...

Read More

FAQs on Limited Liability Partnership

LLP is defined as partnership formed and registered under Limited Liability Partnership Act is an alternative corporate business form that gives the benefits of limited liability of a company and the flexibility of a partnership. The LLP can continue its existence irrespective of changes in partners....

Read More
Posted Under: Corporate Law |

LLP Incorporation In India

Concisely, to register a LLP anywhere in India, you need to first apply for a Designated Partner Identification Number (DPIN), which can be done by filing eForm for acquiring the DIN or DPIN. You would then need to acquire your Digital Signature Certificate and register the same on the portal. Thereafter, you need to get the LLP name appr...

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Posted Under: Corporate Law |

Wake Up Call! LLP Annual Filing!

For those who are designated partners or partners in an LLP, this is the time to pull up your socks. Annual filing is here! Two forms are to be filed annually, which are: Form 8: Statement of Accounts and Solvency Form 11: Annual Return...

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Posted Under: Corporate Law |
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