Is Stamp Duty To Be Paid On Conversion of Partnership Firm To LLP?
In case of conversion of partnership firm to an LLP form, the transfer of assets is by operation of law. The transfer being pursuant to statutory vesting, no other separate instrument of transfer is needed
Applicability Of CSR
Provisions of section 135 of the Companies Act, 2013 provide the criteria based on which it is determined whether a company falls within the purview of mandatory compliance with the Corporate Social Responsibility related expenditure.
Final Order Under Section 144C(3) Should Be Based On Draft Order
Any review by the AO at a later stage, at the time of the final assessment order, will be unlawful as no further hearings take place after the draft assessment order, or no directions are received by the AO regarding any variations pertaining to the subject matter.
Do Inter-corporate Deposits Attract Section 2(22)(e)?
A distinction between loan and ICDS can be made on the ground that in the case of the former, the debtor approaches the creditor while in the case of ICD, the depositor places the deposit with the recipient. Such distinction will hold good in law only in the case of unrelated transaction.
Will Incorrect Claim in Return Of Income Cost You Penalty?
The mere idea of being penalized by authorities causes panic amongst the people. Indeed, law is drafted in a way so as to ensure proper safeguards are in place. However, how liberally those are executed and interpreted is a matter of debate.
Appellate Tribunals Cannot Be Ignored Anymore
GST has now been in existence for more than 4 years without a proper judicial system in place.
Introduction of Compliance Information Portal(CIP)
Launch of CIP by CBIC to ensure seamless imports and exports, thereby reducing the burden borne by the participants concerned.
Introduction of Small LLPs
Small LLP is a status that ensures preferential treatment in terms of penalty.
