Corporate Law : The article explains that a partnership comprising only two partners stands dissolved on the death of one partner under the Partne...
Company Law : The article explains that loans received from partnership firms do not qualify as exempt borrowings under the Companies (Acceptanc...
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...
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 : ITAT Guwahati held that additions could not be sustained where the transactions related to a separate partnership firm with a diff...
Income Tax : The Tribunal held that income could not be assessed in the hands of a firm that had ceased to exist years earlier. Since the depos...
Income Tax : The Kerala High Court held that deduction under Section 36(1)(iii) was unavailable where borrowed money was invested as capital in...
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...
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...
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.
The shifting of business of traditional Partnership Firms into Limited Liability Partnership has increased in recent years. The reason behind this is that the LLP have the following feature which traditional Partnership Firms do not have: 1. Liability of Partners is limited; 2. Perpetual Succession and Continuity; 3. No limit on Number of Partners; 4. […]
There are some provisions of The Indian Partnership Act, 1932 that should be born in mind while we prepare partnership deed. Importance of these provisions can not be undermined since partners often want to enter into enforceable legal relationship. On analyzing these provisions we can conclude that these can be classified in this way – […]
Partnership firm comprises two or more person (partners) coming together to carry on the business to share profit and to run the business collectively on mutually agreed terms and condition. These firms are governed by the Indian Partnership Act, 1932. Section 4 of Indian Partnership Act,1932 defines “Partnership” as the relation between persons who have […]
Registration of a business as a Firm or a Company is as important as developing the right product or service that can cater to the needs of business and deliver growth in years to come. In the world of business, the two terms – firm and company, are often used interchangeably but this choice can […]
Understand the maximum limits of interest and remuneration to partners under the Income Tax Act. Learn how to claim deductions and ensure compliance.
