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...
A partnership agreement is a necessity if you’re opening a business with another person. The agreement serves two purposes: it creates a legal document that provides for the rights and responsibilities of each partner and it provides you with legal recognition from the state, allowing you to do business. 1. Create a partnership agreement. In […]
S.P. Misra & Ors. Vs Mohd. Laiquddin Khan & Anr. (Supreme Court) It is true that as per the deed of partnership, the partners have agreed, in the event of death of either party, their respective legal representatives shall automatically become partners in the partnership firm and they shall continue to act as partners of […]
ABOUT PARTNERSHIP When a group of individuals known as partner, decide to set up the business and form a relationship to share the profits of the business carried on by all or any one of them acting for all, they form a partnership amongst them which is governed and regulated by agreement formed between them. […]
Relevant Sections / Rules – Part XXI of the Companies Act, 2013 read with Companies (Incorporation) Rules, 2014 Requirements: a) Registered Partnership firm with minimum 2 or more Partners b) Minimum Share Capital shall be Rs. 100,000 (INR One Lac) for conversion into a Private Limited Company c) There must be provision in the Partnership […]
Before starting our business, a businessman first thinks about how he/ she can start the business. The nature and complexity involved in different business formation are different. Hence the businessman has to choose the nature very carefully by thinking about the nature of business/profession, going concern analysis, brand image, area of operation, financial condition and […]
Article explains Registration Procedure Taxation of Partnership Firms /LLP which includes Income Tax Rate applicable and Provisions related to -Interest and Remuneration to Partners/Designated Partners, Conditions for assessment as a firm, Partners’ assessments, Losses of the firm. -Due dates for filing return of firm, Allowability of remuneration and interest vis-a-vis presumptive . -ITR Filing For […]
The following conditions are required to be fulfilled by partnership firm to be assessed as a firm,1) Partnership should be evidenced by a registered deed: Partnership deed should be registered clearly explaining all the terms and conditions mutually decided between the partners of the said firm.
Introduction:- In India, partnership firm is a very popular method for doing business. The income tax Act has recognised the firm as a type of assessee and has incorporated many provisions with regard to taxation of firm and its partners. Taxation on partner at the time of admission:- The partner at the time of joining […]
Applicability of Law(s): Chapter XXI, Part A Section 366 to 374 of Companies Act 2013 The Companies (Authorized to Registered) Rules, 2014. Mode(s) / Method(s) of Conversion: Form a New Company as per prescribed under Companies Act 2013 with Conversion form. Prepare Execution deed to transfer the business together with all the assets and liabilities. […]
As per Section 4 of The 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.
