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...
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.
LLP is to be treated as a firm under Income Tax Act, 1961 and a firm can be a partner in other partnership firms therefore, LLP is eligible to exemption under Section 10(2A) on share of profit received from other partnership firms.
Until the Indian Law of Partnership came into force, the Indian Courts used to deal with disputes between business partners in accordance with the customs and usages then prevalent in the country.
Explore the tax implications on the distribution of assets to partners, retirement, and dissolution of partnership firms in India. Learn about the recent legislative changes, applicable sections, and the computation of income. Stay informed to navigate the complexities.
Karnataka High Court held that it is not necessary for each partner to contribute towards share capital for becoming partner in the partnership firm.
माननीय सुप्रीम कोर्ट ने इनकम टैक्स की संशोधित धारा ४५(४) को संवैधानिक करार देते हुए फर्मों द्वारा प्रापर्टी डील के समय कुछ पार्टनर रिटायर कर नए पार्टनर लाने की प्रक्रिया को प्रापर्टी सेल मानते हुए उस पर विभाग द्वारा टैक्स लगाए जाने को वाजिब ठहराया है और इस प्रकार हाईकोर्ट और ट्रिब्यूनल के निर्णय को […]
Learn what a partnership deed is and how to create one. Get all the information you need to draft a solid partnership agreement.
Md. Wasim Vs Bengal Refrigeration and Company (Calcutta High Court) The partnership deed containing the Arbitration Clause has not been disputed by the respondents. It is also not in dispute that it is an unregistered partnership deed. The objection of the respondents is in respect of the bar contained under Section 69 of the Act […]
