Corporate Law : Learn the step-by-step procedure to convert a partnership firm into an LLP, along with required documents, forms, and post-convers...
Company Law : Legal analysis: Can a partnership firm subscribe to a company's MOA/AOA under the Companies Act, 2013? Examination of legal provis...
Company Law : A detailed guide to converting a partnership firm into a private limited company under Section 366 of the Companies Act, 2013....
Income Tax : Partnership firms must comply with new tax rules from April 1, 2025. Changes include higher partner remuneration limits and mandat...
Income Tax : Learn about Section 40(b) limits on partner remuneration and the introduction of Section 194T for TDS on remuneration, effective A...
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 ...
Corporate Law : Supreme Court affirms that property contributed to a partnership firm becomes firm property, denying exclusive rights to legal hei...
Company Law : NCLT Hyderabad dismissed the application filed under section 9 of the Insolvency and Bankruptcy Code, 2016 for initiation of CIRP ...
Income Tax : Kerala High Court rules on capital gains tax for transfer of depreciable assets in PVR Tourist Home Vs CIT. Read the full judgment...
Corporate Law : Supreme Court ruling clarifies legal heirs' non-liability for firm debts after partner's demise. Detailed analysis & judgment over...
Income Tax : Explore the case of Bhagwan Laxman Rokde Vs ITO (ITAT Mumbai) regarding validity of reopening u/s.147, taxation on undisclosed inc...
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...
Read about the Vinod Textiles vs ACIT case where ITAT Ahmedabad discusses the claim of depreciation on a motor vehicle registered in a partner’s name.
“ITAT Mumbai upholds tax exemption for share of profit from partnership firm, rejects addition u/s 68 due to non-payment of taxes by the firm. Read the full ruling.
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.
KSCAA presents a representation highlighting the challenges faced in registering firms and suggests solutions. Read more about the difficulties impacting business operations and the need for simplified processes.
ITAT Rajkot held that the capital contribution made by the partner of the firm cannot be subject to the addition in the hands of the partnership firm.
Explore the intricate details of TDS disallowance and partner salary/interest under Section 40 of the Income Tax Act, 1961. Gain insights into provisions addressing non-deduction/payment of TDS, disallowances for excessive payments to partners, and key considerations for tax compliance. Navigate the complexities with our comprehensive summary for accurate understanding and compliance.
Explore the intricacies of the Indian Partnership Act, 1932. Learn about the key elements, types of partnerships, duties of partners, rights and liabilities, property of the firm, and dissolution procedures. Dive into the legal nuances governing partnerships in India.
Jetkool Exports India Vs National E-Assessment Centre (ITAT Mumbai) It is an admitted fact that the assessee being a partnership firm was entitled to deduction in respect of the remuneration payable to the partners as per clause 7 of the Partnership Deed. This in turn depends on the provision of Income Tax Act, 1961 which […]
Learn the step-by-step process of converting a partnership firm to a private limited company in India. Explore the benefits, legal requirements, and the necessary steps involved in this conversion.
ITAT Raipur held that there is no bar on an individual to join a partnership firm in his representative capacity of a firm being represented by him. In short, partnership firm can be formed by partners represented by their respective firms.
