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...
Company Law : This guide explains the mandatory conditions, documentation, and procedural steps for converting a partnership into a company. It ...
Income Tax : Explore the assessment procedures for partnership firms in the upcoming years 2022-2023 to 2024-2025. Understand key provisions un...
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 : 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...
Income Tax : ITAT ruled that cash recorded in a partner’s name during survey cannot be taxed in his hands when the amounts relate to the firm...
Income Tax : The ITAT ruled that property sold by a discontinued partnership must be taxed in the firm’s hands, not its former partners, emph...
Income Tax : The ITAT Mumbai ruled that income already taxed under a proprietorship cannot be taxed again in a partnership, deleting the estima...
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...
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).
Explore the assessment procedures for partnership firms in the upcoming years 2022-2023 to 2024-2025. Understand key provisions under Sections 2(23), 184, and 185 of the Income-tax Act, along with detailed computations for total income and book profit. Stay informed about tax rates, deductions, and amendments introduced by the Finance Act 2023. Keep your partnership firm tax-compliant with this comprehensive guide.
Learn the legal routes, tax exemptions, and documentation required to preserve tender eligibility during business transfer. Proper structuring under Section 47(xiii) is crucial.
The ITAT relied on orders under section 148A(d) for subsequent years where reopening was dropped, holding the assessee to be a local authority. The earlier additions for unexplained investment and interest income were set aside.
ITAT ruled that cash recorded in a partner’s name during survey cannot be taxed in his hands when the amounts relate to the firm’s land sales and are recorded in the firm’s books. The key takeaway: assess income in the correct entity.
The ITAT ruled that property sold by a discontinued partnership must be taxed in the firm’s hands, not its former partners, emphasizing correct ownership for capital gains assessment.
