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...
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 : 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...
Registration of a business as a Firm or a Company is as important as developing the right product or service that can cater to the needs of business and deliver growth in years to come. In the world of business, the two terms – firm and company, are often used interchangeably but this choice can […]
Understand the maximum limits of interest and remuneration to partners under the Income Tax Act. Learn how to claim deductions and ensure compliance.
Kachhi Heritage Vs ACIT (ITAT Pune) Grounds of Appeal 1. On the facts and in the circumstances of the case and in law the Learned Assessing Officer erred in treating the status of the partnership firm as AOP for the reason that partnership deed is executed on an inadequate stamp paper. Your appellant submits that […]
(I) Procedure to Form a New Partnership Firm:- Rules Prescribed in the Indian Partnership Act, 1932:- Under Section 58 of the Act, a firm may be registered at any time (not merely at the time of its formation but subsequently also) by filing an application with the Registrar of Firms (the District Registrar, Registration and […]
Tax comparison: Partnership Firm vs Private Limited Company. Learn about the tax provisions and rates for each business structure.
A Partnership Firm is nothing but an organization of two or more person having mutual understanding to run business and earned profit. Partnership firms are governed by Indian Partnership Act, 1932 in India. Individual are known are partners and collectively as partnership firm. Characteristics of Partnership Firm Here are the characteristics of Partnership Firm business: […]
The dissolution of a partnership firm is said to be dissolved when the relationship between the partners is terminated. In case of dissolution, the firm ceases to exist. The process of dissolution includes disposing of the assets and the liabilities are paid off. The firm discontinues all of its activities and no partner has any […]
A partnership firm can have different types of partners with different roles and liabilities. It is important to know about the different types of partners for a clear understanding of their rights and responsibilities. Let us take a look at different types of partners. 1. Active or working partner: An active partner is the one who […]
A partnership is a voluntary association of two or more persons who agree to carry on some business jointly and share its profits and losses. They combine their funds and skills to carry on business together. Types of partnership There are mainly four types of partnership which are as follows: 1. General Partnership: In a […]
1. PARTNERSHIP; Definition of ‘Firm’ – Section 2(23)(i) of the Income tax Act, 1961; As per Section 2(23)(i) of the Income Tax Act, 1961, unless the context otherwise requires, the term ‘firm’ shall have the meaning assigned to it in the Indian Partnership Act, 1932 (9 of 1932), and shall include a limited liability partnership […]
