Corporate Law : Learn the simple steps to register a partnership firm under the Indian Partnership Act, its advantages, disadvantages, documents r...
Income Tax : Article explains Income Tax Implication of conversion of Partnership Firm / Proprietorship Firm in to Private Limited Company...
Corporate Law : Explore various business structures in India and their tax implications. Understand the advantages, disadvantages, and regulatory ...
Corporate Law : Navigate complexities of selecting a business entity in US. Learn about formation, liability, taxation, compliance, and fund-raisi...
Corporate Law : In this article, detailed information on what a Sole Proprietorship is and the difference between Sole Proprietorship and a partne...
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 : 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...
Income Tax : Explore ITAT Chennai's ruling in Smt. Chandrasekaran Valarmathi vs. ITO case. Section 56(2)(vii)(b)(ii) of the Income Tax Act won'...
Income Tax : Ketan Tokershi Shah Vs DCIT (ITAT Mumbai) Income belonging to firm whether disclosed or undisclosed can be taxed only in the hands...
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...
Article explains Steps to be followed for Conversion of Proprietorship concern into Partnership Firm, Steps for transferring unutilised ITC to the partnership firm from proprietorship, Documents required for incorporating a partnership firm and Documents required for Certificate of Registration of Partnership. Steps to be followed for Conversion of Proprietorship concern into Partnership Firm 1. Drafting […]
Recent change in Finance Act 2021 in Section 45(4) and Section 9B will have far reaching impact on taxability of firm and other specified entities. We through, a series of articles, wish to discuss various issues. Reconstitution of Specified Entity – Firm, AOP, BOI- Liable for tax u/s 45(4) and 9B of ITA -Will impact […]
State of Kerala & Ors. Vs Laxmi Vasanth (Supreme Court of India) The Supreme Court observed that Sub-Section (5) of Section 30 of the Partnership Act shall not be applicable to a minor partner who was not a partner at the time of his attaining the majority. Sub-Section (5) of Section 30 of the Partnership […]
Shiv Developers Vs Aksharay Developers (Supreme Court) As noticed, the crucial and key factor in the present case remains that the sale transaction in question is not arising out of the business of the appellant firm. Equally significant fact is that the subject suit is for enforcing a right of avoidance of a document on […]
Mac Industries Vs ITO (ITAT Surat) No disallowance as AO did not get jurisdiction to go behind net profit shown by Profit and Loss Account except adjustments as per Explanation 3 Conclusion: Addition on account of interest incomes to be excluded in the computation of book profits was not justified by AO as per Explanation […]
In today’s article we are going to discuss the tax implications on self generated Goodwill when a proprietorship firm converts itself into a partnership firm. PROBLEM: Mr. A ( Chartered Accountant) is running a proprietorship firm and his firm is converted into a partnership by inducting his son as new partner on 31.03.2021 with 50% […]
Today we are going to consider problem based on provisions of Sections 40(b)(v) & 40A(2)(a) of the Income Tax Act, 1961. PROBLEM :- M/s. X & Co., a partnership firm consisting of three partners enhanced working partners salary from Rs. 25,000/- to Rs. 50,000/- per month for each partner. The increase was in accordance with […]
Before we all start a profit-oriented business, we have a query which form of business you should go with? Since there are lot of options we get confused like Proprietorship, Partnership firm, LLP, One Person Company, Private Limited and Public Limited Companies. We have simplified the major forms of business existing in India; hence you […]
A firm may admit a new partner for various reasons such as Increasing Level of Capacity by Extra Capital Introduction, Spreading of Losses, Technical or other Skills and Knowledge. In this Chapter of Accountancy, we will discuss about various accounting Problems and their solutions in a simple manner – Problems – 1. Calculation of New […]
Present Day, third party online companies have been a boosting the traditional pharmacies were the rights of the parties may arise from leasing, licensing, renting or even by mutual contract management. This is a sample tripartite partnership agreement for a pharmacy, which may be helpful for drafting agreements for both parties and their counsels. PARTNERSHIP […]
