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...
Understand taxation of partnership firms in India, covering firm-level tax, partner remuneration, capital contributions and tax implications during reconstitution or dissolution under Income Tax Act, 1961.
Professionals request an amnesty scheme for partnership firms in Maharashtra to regularize past lapses and ease compliance with Registrar of Firms requirements.
The term “partnership” is defined in Section 4 of the Indian Partnership Act, 1932, as the relationship between individuals who have agreed to share the profits of a business carried on by all or any of them acting for all. Individuals who have entered into a partnership are individually known as “partners” and collectively as […]
Understand the new Section 194T TDS rules for partnership firm payments to partners (salary, interest). Learn about challenges and how to prepare for compliance.
Learn the step-by-step procedure to convert a partnership firm into an LLP, along with required documents, forms, and post-conversion compliance.
Legal analysis: Can a partnership firm subscribe to a company’s MOA/AOA under the Companies Act, 2013? Examination of legal provisions and MCA practices.
A detailed guide to converting a partnership firm into a private limited company under Section 366 of the Companies Act, 2013.
Partnership firms must comply with new tax rules from April 1, 2025. Changes include higher partner remuneration limits and mandatory TDS on partner payments.
Supreme Court affirms that property contributed to a partnership firm becomes firm property, denying exclusive rights to legal heirs. Read the full judgment details here.
Learn about Section 40(b) limits on partner remuneration and the introduction of Section 194T for TDS on remuneration, effective April 2025.
