Tag Archives: Income Tax updates

How are Partners different from Designated Partners in LLP?

How are Partners different from Designated Partners in LLP? The LLP Structure is mainly influenced by characteristics of General Partnership under Indian Partnership Act, 1932. Here, the normal partnership firm provides types of Partners based on their participation in day-to-day operations. However, as the Limited Liability Partnership derives the characteristic of corporate entity from Private […]

Tax advisers may come under Income Tax department’s scanner

Tax advisers may come under Income Tax department’s scanner Less than a month after International Consortium of Investigative Journalists (ICIJ) leaked financial data known as Paradise Papers, Tax advisers of Indians named in the list of those with money stashed in tax havens could find themselves in the income tax net, said two people in […]

Selective capital reduction – Applicability of section 50CA and section 56(2)(x) of Income-tax Act, 1961

Selective capital reduction – Applicability of section 50CA and section 56(2)(x) of Income-tax Act, 1961 Capital reduction refers to corporate reorganization activity in which the existing share capital is extinguished. Companies consider utilizing this route for various business reasons, such as returning excess capital to shareholders, distributing assets to shareholders, loss of original share capital […]

Ind AS 24- Related Party Disclosures

Ind AS 24- Related Party Disclosures 1. Introduction Ind AS 24 describes the various disclosures to be made by the parent entity regarding its associate, subsidiaries or joint venture which are termed as related parties. Let us first understand the terms associate, subsidiaries or joint venture before getting into details of this Ind AS.

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