Partnership

Which Business Entity Is Right for You: Pvt Ltd vs. LLP vs. Partnership?

Income Tax - Explore the differences between Private Limited Company, LLP, and Partnership Firm to make informed choices for your business setup and growth....

Tax Liabilities on Changes in Firm Constitution or Business Ownership

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....

Assessment of Partnership Firms in Assessment Year 2022-23 to 2024-2025

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...

Summary of TDS Disallowance and Partners Salary and Interest

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 ...

All about Indian Partnership Act, 1932

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...

KSCAA Representation on challenges faced in registering Partnership Firms

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....

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

Income Tax - ICAI Committee on, Economic, Commercial Laws & Economic Advisory is forming a Study Groups for the subject – RoF Related Issues In Maharashtra....

Payment to Retiring Partner is Capital Expenditure: ITAT

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...

No capital gain in the hand of transferee in Slump Sale of certain Business Line

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....

ITAT upheld validity of rectified partnership deed

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....

Registration in Partner’s Name Doesn’t Preclude Partnership Firm from Claiming Vehicle Depreciation

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....

Share of Partnership Profit Not Taxable for Firm’s Non-Payment of taxes

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....

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...

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...

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...

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 :-...

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...

Recent Posts in "Partnership"

Payment to Retiring Partner is Capital Expenditure: ITAT

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...

No capital gain in the hand of transferee in Slump Sale of certain Business Line

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....

ITAT upheld validity of rectified partnership deed

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....

Which Business Entity Is Right for You: Pvt Ltd vs. LLP vs. Partnership?

Explore the differences between Private Limited Company, LLP, and Partnership Firm to make informed choices for your business setup and growth....

Posted Under: Income Tax |

Tax Liabilities on Changes in Firm Constitution or Business Ownership

Learn how tax liabilities shift with changes in a firm's constitution or business ownership, Learn about Section 78, succession rules, and more....

Posted Under: Income Tax |

Registration in Partner’s Name Doesn’t Preclude Partnership Firm from Claiming Vehicle Depreciation

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....

Share of Partnership Profit Not Taxable for Firm’s Non-Payment of taxes

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....

Assessment of Partnership Firms in Assessment Year 2022-23 to 2024-2025

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...

Posted Under: Income Tax |

KSCAA Representation on challenges faced in registering Partnership Firms

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....

Posted Under: Income Tax | ,

Capital contribution by partner cannot be added in hands of partnership firm

Lexico Ceramics Vs PCIT (ITAT Rajkot)

ITAT Rajkot held that the capital contribution made by the partner of the firm cannot be subject to the addition in the hands of the partnership firm....

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