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...
Explore the assessment procedures for partnership firms in the upcoming years 2022-2023 to 2024-2025. Understand key provisions under Sections 2(23), 184, and 185 of the Income-tax Act, along with detailed computations for total income and book profit. Stay informed about tax rates, deductions, and amendments introduced by the Finance Act 2023. Keep your partnership firm tax-compliant with this comprehensive guide.
Learn the legal routes, tax exemptions, and documentation required to preserve tender eligibility during business transfer. Proper structuring under Section 47(xiii) is crucial.
The ITAT relied on orders under section 148A(d) for subsequent years where reopening was dropped, holding the assessee to be a local authority. The earlier additions for unexplained investment and interest income were set aside.
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’s land sales and are recorded in the firm’s books. The key takeaway: assess income in the correct entity.
The ITAT ruled that property sold by a discontinued partnership must be taxed in the firm’s hands, not its former partners, emphasizing correct ownership for capital gains assessment.
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.
