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...
Explains the key differences between proprietorships, partnerships, LLPs, and private companies, highlighting liability, compliance, and funding suitability.
The ITAT Mumbai ruled that income already taxed under a proprietorship cannot be taxed again in a partnership, deleting the estimated 2% addition by CIT(A).
The Supreme Court quashed criminal proceedings under Sections 406/420 IPC, holding that no prima facie case existed against the accused. The ruling highlights that civil disputes cannot be turned into vindictive criminal cases.
Dismissing the AO’s view that interest should be restricted to months of operation, Tribunal allowed full claim, reaffirming that partner interest accrues on financial year-end.
Summary of Section 40(b) rules for partner remuneration and interest deductibility. Details caps, partnership deed requirements, and limits on tax-saving deductions.
ITAT Delhi: Cash deposits in a dissolved firms bank account are taxable only in the proprietors hands, not the partnerships. The protective addition was deleted.
The ITAT Mumbai has ruled that a company’s share of a partnership loss cannot be added back to its book profits under Section 115JB, clarifying the computation of book profits under the Income Tax Act.
ITAT Ahmedabad ruled remuneration to partners cannot be disallowed solely due to an unnotarized or backdated supplementary partnership deed, upholding partner remuneration claims.
ITAT Cochin rules in favor of Muthoot Bankers, allowing deduction for interest paid to partners under Section 40B, overturning disallowance by lower authorities.
Supreme Court rules a partnership does not dissolve upon a partner’s death if the deed provides for continuity. Legal heirs’ consent is not mandatory for firm reconstitution, rejecting IOCL’s supply cessation.
