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Income Tax : Explore ITAT Chennai's ruling in Smt. Chandrasekaran Valarmathi vs. ITO case. Section 56(2)(vii)(b)(ii) of the Income Tax Act won'...
Income Tax : Ketan Tokershi Shah Vs DCIT (ITAT Mumbai) Income belonging to firm whether disclosed or undisclosed can be taxed only in the hands...
CA, CS, CMA : Explore Section 12(e) of the Partnership Act 1932 and its implications on sharing firm financials with legal heirs. Detailed analy...
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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...
Partnership is simple to form and manage compared to company and LLP. However there are requirement of filing various forms in case of change in address, addition / removal of partner, change in firm name or business place etc. The article give you a tabular presentation of requirement for filing forms in Maharashtra State with time limit, documentation, section of Act, Filing fees and Penalties
The liability of each partner is limited to the contribution mention in agreement., The cost of formation is limited., Less restriction and compliance., Separate Legal Entity
Step wise Registration process of Partnership Deed in Maharashtra and challenges- Initially the process of registration in the state of Maharashtra was done manually and not system driven, however recently this process has changed to online in Maharashtra. The registration formality needs to be completed online with uploading of various Scanned Documents along with online Application forms.
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 :-
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 with Ministry of Law.
CA Abhijit Sawarkar The LLP structure is available in most of the developed countries like United Kingdom, United States of America, Gulf countries, Australia and Singapore. Indian Limited Liability Partnership Act, 2008 was enacted on January 7, 2009. Indian LLP Act is broadly based on UK LLP Act 2000 and Singapore LLP Act 2005. According to both of […]
Ministry of Corporate Affairs’ latest Circular which provides important clarifications on the provisions of the Limited Liability Partnership (LLP) Act, 2008 with regard to conversion of a partnership firm into LLP. It has been clarified that the LLP Act, 2008 does not provide for conversion of two or more firms into a single LLP.
Sumit Aggarwal STEP WISE FORMALITIES FOR FORMATION OF A NEW LLP Persons desirous of forming a Limited Liability Partnership Firm must adhere to the step by step procedure as discussed below: 1. Requirement of Partners 2. Apply for Designated Partner Identification Number (DPIN) and Digital Signatures, if does not have; 3. Selection of name for […]
The Ministry has been examining some of the issues raised by stakeholders with regard to clarifications on the provisions of the Limited Liability Partnership (LLP) Act, 2008 with regard to conversion of a partnership firm into LLP.
