ACCOUNTING AND TAXATION: Article explains Taxation of Partnership Firms /LLP which includes Income Tax Rate applicable, Provisions related to Interest and Remuneration to Partners/Designated Partners, Conditions for assessment as a firm, Partners’ assessments, Losses of the firm, Due dates for filing return of firm, Allowability of remuneration and interest vis-a-vis presumptive taxation, Due dates for filing return … Read More →
Provisions for Taxation of Partnership Firms Partnership firm is subjected to taxation under the Income Tax Act,1961. It is the umbrella Act for all the matters relating to income tax and empowers the Central Board of Direct Taxes (CBDT) to formulate rules (The Income Tax Rules,1962) for implementing the provisions of the Act. The CBDT … Read More →
Procedure for Conversion of Partnership to Limited Liability Partnership After implementation of Limited Liability Partnership (LLP), more and more Partnership Firms are converting themselves to Limited Liability Partnership (LLP) for obvious reasons of unlimited number of Partners, perpetual succession, limited liability, transferability etc. In this article we will discuss about the step by step procedure … Read More →