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Clause of LLP Deed for distribution of only profits to sleeping partner
Mutual rights and duties of partners and mutual rights and duties of LLP and its partners are governed by the LLP Agreement between the partners, or between the LLP and its partners. In case the LLP Agreement is silent on any matter, provisions in the First Schedule to the LLP Act relating to that mRead more
Mutual rights and duties of partners and mutual rights and duties of LLP and its partners are governed by the LLP Agreement between the partners, or between the LLP and its partners. In case the LLP Agreement is silent on any matter, provisions in the First Schedule to the LLP Act relating to that matter will apply.
All the partners of LLP are entitled to share equally in the capital, profits, and losses of the LLP. However, they are free to decide the ratio in which they will share profits. Accordingly, they can decide to share profit but not the losses as per the conditions of agreement.Â
See lessCan a LLP firm trade in share & commodity markets, as it’s activity?
Yes, Â An LLP can have an activity of Trade in Stock and Securities. There is no bar in the LLP Act, 2008 for having this activity. Further, as per section 451(c) of the RBI Act, an LLP is considered a financial institution and allowed to do investment activities by investing in marketable securitiesRead more
Yes,
 An LLP can have an activity of Trade in Stock and Securities. There is no bar in the LLP Act, 2008 for having this activity.
Further, as per section 451(c) of the RBI Act, an LLP is considered a financial institution and allowed to do investment activities by investing in marketable securities.
See lessWhat is the last date to revise TDS return?
If any deficiencies are noticed in the existing TDS Return such as incorrect PAN, incorrect challan details, the revised TDS return should file. To file a revised TDS return there is no time limit. Interest will be levied if there is any TDS liability arising on the filing of the revised return. ThRead more
If any deficiencies are noticed in the existing TDS Return such as incorrect PAN, incorrect challan details, the revised TDS return should file.
To file a revised TDS return there is no time limit. Interest will be levied if there is any TDS liability arising on the filing of the revised return. The penalty is also levied if it is filed for other reasons.
The following are the various types of corrections that can be made to an accepted TDS Return:-
TDS Revised Return statement can only be filed if the original return has been accepted by the Tin Central System. You can check the status of the regular statement on the TIN website by entering the TAN No. and Provisional Receipt No./ Token No. on https://onlineservices.tin.nsdl.com/TIN/JSP/tds/linktoUnAuthorizedInput.jsp
See lesswhat is GST?
GST (Goods and Services Tax) is an Indirect tax and applied on the sale of goods and services. Earlier, there were lots of other Indirect taxes such as VAT, service tax, purchase tax, excise duty, etc, GST replaced all of these taxes. GST is applicable all over India and has similar rate of taxes (5Read more
GST (Goods and Services Tax) is an Indirect tax and applied on the sale of goods and services. Earlier, there were lots of other Indirect taxes such as VAT, service tax, purchase tax, excise duty, etc, GST replaced all of these taxes.
GST is applicable all over India and has similar rate of taxes (5%, 12% , 18% , & 28%.) on all services and products all over India. it is a multi-stage tax system that aims to curb the cascading effect of other Indirect taxes.
See lessCan we claim GST input of office expenses?
Businesses often use the same assets and inputs for both business & personal use. For example, Ms. Anita owns a grocery shop. She rents a 2-storey building and uses the ground floor for her shop and 1st floor of the same building as residence. The input credit of GST paid on rent will be allowedRead more
Businesses often use the same assets and inputs for both business & personal use. For example, Ms. Anita owns a grocery shop. She rents a 2-storey building and uses the ground floor for her shop and 1st floor of the same building as residence. The input credit of GST paid on rent will be allowed only to the extent it pertains to her business. Ms. Anita also has an attached land where she grows vegetables and sells them in her shop. The same property or common property is used for 3 separate reasons- taxable sales, exempted sales (vegetable) and personal expenses (residence). While Ms Anita is eligible to claim input credit for GST paid by her on her business expenses, some of the expenses are used for both business and nonbusiness purposes. The GST in rent (GST is applicable since it is let out for commercial purposes) is the common credit.
See lessThe status of my proprietorship has change in to partnership, can I use same GST number for the same?
There is no specific provision under the Goods and Services Tax (GST) Act on how to convert a proprietorship into a partnership. There are various mentions in the Act on converting a proprietorship into partnership firm: Step 1: Obtaining GST registration for partnership. Step 2: Transfer ofRead more
There is no specific provision under the Goods and Services Tax (GST) Act on how to convert a proprietorship into a partnership.
There are various mentions in the Act on converting a proprietorship into partnership firm:
Step 1: Obtaining GST registration for partnership.
Step 2: Transfer of unutilised Input Tax Credit (ITC) to partnership firm,
and Finally in Step 3: Cancellation of proprietorship GST registration.
See lessWhat Is Farmers Producers Organization (FPO)?
FPO is an organization where the members are farmers. Farmers Producers Organization provides end-to-end support and services to the small farmers and covers technical services, marketing, processing, and others aspects of agriculture inputs. The object behind the Farmer Producer Organizations (FPO)Read more
FPO is an organization where the members are farmers. Farmers Producers Organization provides end-to-end support and services to the small farmers and covers technical services, marketing, processing, and others aspects of agriculture inputs.
The object behind the Farmer Producer Organizations (FPO) is that the “Farmers, who are the producers of their agriculture products, can form the groups and can register themselves under the Indian Companies Act
The Small Farmers Agribusiness Consortium (SFAC) supports the State Government to form the Farmer Producer Organizations (FPOs). The goal is to enhance the farmers’ competitiveness. The major operations of the Farmers Producer Organization (FPO) include the supply of seed, machinery, market linkages & fertilizer, training, networking, financial and technical advice. Â
The Farmer Producer Organization ensures a better income for the producers through an organization of their own and to increase their advantage in emerging market opportunities. 
Small producers do not have the volume individually to get the benefit of economies of scale. Also in agricultural marketing, the chain of intermediaries take the advantage of small farmers by buying their products at lower rates. By FPO they will be eliminated. Farmers Producers can get the advantage of better bargaining power by bulk production and supplies.
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