CAclubindia Articles

Conversion of partnership firm into LLP

CS Divesh Goyal 10 September 2021 at 14:00

Partnership firms are at a disadvantage when compared to the newly introduced LLP as they do not provide limited liability protection for the partners, separate legal entity status, and ease of ownership transfer etc.

TDS on withdrawal from EPF - Section 192A

FCS Deepak Pratap Singh 10 September 2021 at 09:38

Tax is to be deducted by the Trustee of EPF Scheme,1952 or any other person authorized to make payment of the accumulated sum to the employees.

Detailed Discussion on Advance Tax

Varsha Nayyar 10 September 2021 at 09:38

Advance Tax is applicable to every taxpayer except to a senior citizen who is of more than 60 years of age, an individual resident of India, and who does not hold any income under the head Business or Profession.

Liability Of Individual / HUF To Deduct Tax At Source - Section 194M

FCS Deepak Pratap Singh 10 September 2021 at 09:38

An individual or HUF paying commission, brokerage, contractual fees or professional fees is required to deduct tax at source from the amount paid or to be paid.

Legal position when cheque issued for payment of premium dishonoured

FCS Deepak Pratap Singh 10 September 2021 at 09:37

Payment of premium is the consideration in the Contract of Insurance and hence without payment of consideration, any contract will not carry on. The premium must be received before the issue of the insurance policy.

Some Facts related to Fast Track Insolvency Process

FCS Deepak Pratap Singh 10 September 2021 at 09:37

The IBC Code, 2016 was introduced in Lok Sabha on 21st December 2015 and passed on 5th May 2016. The upper house of the Parliament passed it on 11th May 2016 and it got the President's assent on 28th May 2016.

ITR and Audit Reports Due Date Further Extended on 9th September by CBDT

CS Lalit Rajput 09 September 2021 at 21:18

CBDT has considered representation w.r.t. difficulties reported by the taxpayers and other stakeholders in the filing of ITR and various reports of audit for the AY 2021-22 under the Income-tax Act, 1961.

Process / Provision of Strike of LLP

CS Divesh Goyal 09 September 2021 at 18:27

The provision in relation to the closure of LLP has been mentioned u/s 75 of LLP Act, 2008. The name of defunct LLP can be struck off by the Registrar Suo-motto or on application by the LLP.

Invocation of Section 68 if Assessee Is Opting For Presumptive Taxation

CA.R.S.KALRA 09 September 2021 at 14:36

Since section 44AD does not obligate the assessee to maintain books, provisions of section 68 cannot be invoked where the assessee has filed an ITR under section 44AD without maintaining books of accounts.

Annual Compliance Calendar Of LLP

CS Divesh Goyal 09 September 2021 at 10:08

Even if LLP does not do any business, it has to comply with statutory requirements such as Annual Return, Balance Sheet, Profit and loss Account, Income tax return etc. every year.