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...
Analysis of DCIT vs. Thulasi Mohan Constructions Pvt. Ltd. case, where capital gains in a business slump sale were contested. Learn legal intricacies and conclusions.
Neeraj Gas Movers successfully argues for the validity of a rectified partnership deed, leading to the approval of salary and interest claims by ITAT.
Explore the differences between Private Limited Company, LLP, and Partnership Firm to make informed choices for your business setup and growth.
Learn how tax liabilities shift with changes in a firm’s constitution or business ownership, Learn about Section 78, succession rules, and more.
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.
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.
