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...
Conversion of Partnership firm into Private Limited – Why, Pre- requisites, Taxation Benefits & Impact and Procedure Why: Most of the business started as sole proprietorship or partnership firm due to its easy & lesser compliance and low cost. Although, once the business grows enough in terms of revenue, profit, operation area, number of employees, […]
Section 55 of the LLP Act, 2008 deals with conversion of Partnership Firm into Limited Liability Partnership. As per the relevant provisions of the LLP Act, a partnership firm shall make an application for conversion of firm into a Limited Liability Partnership by filling web Form LLP RUN (Reserve Unique Name). Documents required for the […]
Pre- requisite for Conversion of Partnership Firm into Limited Liability Firm -All the partners of the partnership firm shall be the partners of the LLP, which means there shall be no new partners or the existing partners cannot cease to be partners while making the application. -It is mandatory for all partners of the partnership […]
With rising scale of business and decreasing in-person meetings and delegation of job responsibilities, there are increasing challenges for organizations in ensuring control over the abuse of authority and committing Frauds through Collusion. As we are aware that in MNC’s and big size Organizations, the job profiles are defined and Employee collusion often results in […]
• In a partnership firm, partner‘s capital can be in the form of cash/asset. It can also be in the form of contribution of skill and labour alone without contribution in cash. The appellant is a partner performing some duties for which he has an expertise, skill in the marketing and distribution of the goods manufactured by partnership firm M/s Zydus Healthcare. And as a remuneration, the appellant have been received the amount which is nothing else but a special share in the profit.
Joshi John Vs Institute of Chartered Accountants of India (Kerala High Court) It is not disputed that ‘M/s. R. Menon and Associates’ is a partnership at will. Section 43 of the Indian Partnership Act, 1932 provides that when a partnership is ‘at will’, the firm may be dissolved by any partner giving notice in writing […]
Company A company is a legal entity representing an association of people, whether natural, legal or a mixture of both, with a specific objective. It is governed by Indian Companies Act 2013. Minimum number of members required is 2 in case of private limited company and maximum is 200. Audit in case of companies is […]
Any seven or more individuals associated for any of the objects mentioned in memorandum of association, may subscribe their names to a Memorandum of Association and file it along with a copy of the regulations with the Registrar for registration of the association as a society under this Act. OBJECT OF THE SOCIETY/ CLUB: The […]
Article explains Areas in which Partnership agreements can be formed, Benefits of getting the partnership firm Registered, Requirements for Partnership Firm Registration and Documents required for Partnership Firm Registrations. A Partnership is an arrangement where parties, known as partners, agree to cooperate to advance their mutual interests. The partners in a partnership may be individuals, […]
A partnership firm is an association of people who join together for a business purpose and to share the profits. All partnership firms are regulated by the Partnership Act, 1932. In this article, we are sharing the procedure for registering a partnership firm in Haryana.
