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.
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.
As per Section 13 of LLP, 2008 every LLP shall have a registered office to which all communications and notice may be addressed and where they shall be received.
As per Section 7 of LLP, 2008 every LLP shall have at least two Designated Partners who are individuals and at least one of them shall be a Resident in India. Only an Individual can be appointed as a Designated Partner.
In case there is no clause in the limited liability partnership agreement relating to change in the name the same can be made with the consent of all the partners.
A person can be admitted as a partner in LLP as per the provisions of the LLP agreement and section 22 of the LLP Act, 2008. If the agreement is silent then the partner shall be appointed as per Schedule I.
A credit card is a payment card issued by a bank or financial services company that allows cardholders to borrow funds from a pre-approved limit to pay for their purchases.
The foreign account compliance tax account is the tax mechanism that compels U.S. citizens at home or abroad to disclose all their foreign account holdings while filing their annual reports.
The tax deducted under section 194Q shall be applicable on businesses whose gross receipts, turnover, or total sales exceed 10 crores in the Assessment Year 2020-21.
A trust is a relationship in which a person or entity is bound by a fiduciary relationship to exercise that legal rights over the trust property for the benefits of any one or more individuals known as beneficiaries.
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