Govt Notifies GST Exemption to Government’s Share of Profit Petroleum [Read Notification]
Read more at: http://www.taxscan.in/govt-notifies-gst-exemption-to-governments-share-of-profit-petroleum/16770/
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ICAI to Announce Results of CA Intermediate Exam and Post Qualification Courses on Sunday
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ICAI to Announce Results of CA Intermediate Exam and Post Qualification Courses on Sunday
Read more at: http://www.taxscan.in/icai-to-announce-results-of-ca-intermediate-exam-and-post-qualification-courses-on-sunday/16763/
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Vacancy in ICAI Accounting Research Foundation
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Vacancy in ICAI Accounting Research Foundation
Read more at: http://www.taxscan.in/vacancy-icai-accounting-research-foundation/16784/
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Press release by Director General of Income Tax(Investigation), Karnataka and Goa
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Press release by Director General of Income Tax(Investigation), Karnataka and Goa
Fraudulent income tax refund scam busted in Bangalore - a case of Tax professional abetting tax evasion.
A practicing Chartered Accountant at Bangalore was searched on 24.01.2018 by the Income Tax Investigation Directorate, Bangalore. He has been found to be instrumental in filing false income tax returns and making fraudulent refund claims.
2. The modus operandi found was that the CA files revised returns of salary cases, making false/inflated claim of loss from house property and claims refund fraudulently. He filed nearly 1000 returns with loss from house property, aggregating to loss claim of Rs 18 crores. The salaried employees are spread over 50 companies in Bangalore. Some of these salaried employees were also questioned, in their respective offices simultaneously. It is noted that employees from some of the reputed companies such as IBM, Vodafone, Saplabs, Biocon, Infosys, ICICI Bank, CISCO, Thomson Reuters India Limited etc. have also resorted to such fraudulent claim of refunds by filing revised returns of their individual income.
3. The salaried employees admitted that they do not have any real loss under the head”Income from house property”. They claim that the CA had told them he can get refund for them by making some claims. They also deposed that, out of the refund received, the auditor had charged 10% as incidental charges. Some WhatsApp messages with auditor were also shown by them, as supporting evidence.
4. The details of the persons who filed the revised returns, claiming bogus house property loss, have been seized. The CA however now claims that the revised returns were filed on the insistence of his clients. Further enquiries like examination of his other clients and cross examination of them with the CA are being conducted. Necessary action as per law will be taken against the CA as well as the persons who have claimed wrong refunds under the provisions of Income Tax Act.
5. The Income Tax department now does automated and faceless return processing and issue of refunds. This is based on the principle of trusting the taxpayer. Making a bogus and fraudulent claim is not only a betrayal of this trust: it will expose the taxpayer to heavy interest, penalty and possible prosecution ending in a jail term.
6. All taxpayers are requested to be highly alert to fraudulent schemes like the present one. Such fraudulent schemes will invariably be caught out and will result in penal action on the taxpayer. If any person has made a false claim in the Income tax return resulting in lower tax payment/unjustified refund, they are advised to take immediate steps to file revised returns disclosing the correct income and paying due tax.
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Priyanka Chopra admitted Cash Payment of Rs. 50 lakhs for Purchase of a Studio: ITAT Confirms Additions [Read Order]
A practicing Chartered Accountant at Bangalore was searched on 24.01.2018 by the Income Tax Investigation Directorate, Bangalore. He has been found to be instrumental in filing false income tax returns and making fraudulent refund claims.
2. The modus operandi found was that the CA files revised returns of salary cases, making false/inflated claim of loss from house property and claims refund fraudulently. He filed nearly 1000 returns with loss from house property, aggregating to loss claim of Rs 18 crores. The salaried employees are spread over 50 companies in Bangalore. Some of these salaried employees were also questioned, in their respective offices simultaneously. It is noted that employees from some of the reputed companies such as IBM, Vodafone, Saplabs, Biocon, Infosys, ICICI Bank, CISCO, Thomson Reuters India Limited etc. have also resorted to such fraudulent claim of refunds by filing revised returns of their individual income.
3. The salaried employees admitted that they do not have any real loss under the head”Income from house property”. They claim that the CA had told them he can get refund for them by making some claims. They also deposed that, out of the refund received, the auditor had charged 10% as incidental charges. Some WhatsApp messages with auditor were also shown by them, as supporting evidence.
4. The details of the persons who filed the revised returns, claiming bogus house property loss, have been seized. The CA however now claims that the revised returns were filed on the insistence of his clients. Further enquiries like examination of his other clients and cross examination of them with the CA are being conducted. Necessary action as per law will be taken against the CA as well as the persons who have claimed wrong refunds under the provisions of Income Tax Act.
5. The Income Tax department now does automated and faceless return processing and issue of refunds. This is based on the principle of trusting the taxpayer. Making a bogus and fraudulent claim is not only a betrayal of this trust: it will expose the taxpayer to heavy interest, penalty and possible prosecution ending in a jail term.
6. All taxpayers are requested to be highly alert to fraudulent schemes like the present one. Such fraudulent schemes will invariably be caught out and will result in penal action on the taxpayer. If any person has made a false claim in the Income tax return resulting in lower tax payment/unjustified refund, they are advised to take immediate steps to file revised returns disclosing the correct income and paying due tax.
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Priyanka Chopra admitted Cash Payment of Rs. 50 lakhs for Purchase of a Studio: ITAT Confirms Additions [Read Order]
Read more at: http://www.taxscan.in/priyanka-chopra-admitted-cash-payment-50-lakhs-purchase-studio-itat/16767/
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*RUN* a new platform for reservation of name of the Company. All you need to know about is:
1. A small Web form with *4 information*
- Entity Type
- CIN, only in case of name change
- Proposed name (Auto check facility available)
- Comments (Proposed objects and any other comments)
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*RUN* a new platform for reservation of name of the Company. All you need to know about is:
1. A small Web form with *4 information*
- Entity Type
- CIN, only in case of name change
- Proposed name (Auto check facility available)
- Comments (Proposed objects and any other comments)
2. Option to attach a *single file of 6 MB*.
3. One time payment of *Rs. 1,000/-*, name will be either approved or rejected.
4. *No resubmission* allowed. You need to make *fresh payment each time*.
5. To avoid rejection of the name applied for, users are advised to be familiar with the Companies (Incorporation) Rules 2014, as amended, and conduct their own Name and Trade Mark search.
6. Name applications will be processed by Central Registration Centre(CRC) under Non-STP mode.
7. The *same user login ID* which was used for reserving the name has to be used for submitting and uploading SPICe,INC-12 and INC-24 forms.
8. An approved name is valid for a period of
(i)*20 days* from the date of approval (*new company*) or
(ii)*60 days* from the date of approval (*existing company*).
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Knowledge Capsules
3. One time payment of *Rs. 1,000/-*, name will be either approved or rejected.
4. *No resubmission* allowed. You need to make *fresh payment each time*.
5. To avoid rejection of the name applied for, users are advised to be familiar with the Companies (Incorporation) Rules 2014, as amended, and conduct their own Name and Trade Mark search.
6. Name applications will be processed by Central Registration Centre(CRC) under Non-STP mode.
7. The *same user login ID* which was used for reserving the name has to be used for submitting and uploading SPICe,INC-12 and INC-24 forms.
8. An approved name is valid for a period of
(i)*20 days* from the date of approval (*new company*) or
(ii)*60 days* from the date of approval (*existing company*).
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Knowledge Capsules
Renting of immovable property service provided by govt. to registered person is covered under RCM.
Now zero fee on registration of companies having nominal share capital upto Rs. 10 lakhs: MCA.
List of services exempt from GST; Govt. notifies. Notification No. 2/2018- Central Tax (Rate)
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Gift received by HUF from Mother of Karta would attract Income Tax: ITAT [Read Order]
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Gift received by HUF from Mother of Karta would attract Income Tax: ITAT [Read Order]
Read more at: http://www.taxscan.in/gift-received-huf-mother-karta-attract-income-tax-itat/16706/
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*Updates*
➡1. AS: Draft of new Standard on property, plant & equipment issued, slightly differs from existing AS 10
➡2. Govt. provides special procedure for construction services against transfer of development rights
Notification No. 4/2018-Central Tax (Rate)
Notification No. 4/2018-Central Tax (Rate)
➡3. No need to explain each days delay’s if sufficient cause was shown in condonation of delay application.
EBR Enterprises v. Union of India.
EBR Enterprises v. Union of India.
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*SUPREME COURT : In Lokhandwala Kataria Construction (P.) Ltd. vs. Nisus Finance & Investment Managers LLP*
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*SUPREME COURT : In Lokhandwala Kataria Construction (P.) Ltd. vs. Nisus Finance & Investment Managers LLP*
*_Where the Appellate Tribunal could not utilise inherent power to allow compromise, it is open to the Supreme Court to exercise its powers under article 142 of the Constitution to take the consent terms entered into between the parties on record and also to record their undertaking to abide by the same in toto._*
*_Read full case law at :_* https://dasgovernance.com/2018/01/26/supreme-court-in-lokhandwala-kataria-construction-p-ltd-vs-nisus-finance-investment-managers-llp/
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Tribunal has power to condone delay only upto sixty days in filing application, in exercise of powers under Sec 14 of limitation ACT, tribunal can condone delay even beyond 60 days in case proceedings have been perused before a wrong forum. IVP LTD VS UIO 2018 (8)GSTL 356 Bom
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Tribunal has power to condone delay only upto sixty days in filing application, in exercise of powers under Sec 14 of limitation ACT, tribunal can condone delay even beyond 60 days in case proceedings have been perused before a wrong forum. IVP LTD VS UIO 2018 (8)GSTL 356 Bom
The Gujarat High Court has quashed the demand the demand where SCN was issued in 2000 and SCN was adjudicated in 2017 without grant of hearing. High Court has set aside demand and not merely remanded the matter before Adjudicating Authority due to abnormal delay in SCN. Parimal Textiles Vs.UOI 2018 (8)GSTL 361 (Guj).
The Allahabad High court has allowed application for refund of predeposit made after fours after conclusion of appeal before High Court though normal period of limitation is one year for seeking refund.
Kisan Cooperative Sugar Factory Ltd Vs. CCCE 2018 (8) GSTL 365 (All).
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CBDT lays down Standard Procedure for invoking provisions relating to Unexplained Cash Credit [Read Circular]
Kisan Cooperative Sugar Factory Ltd Vs. CCCE 2018 (8) GSTL 365 (All).
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CBDT lays down Standard Procedure for invoking provisions relating to Unexplained Cash Credit [Read Circular]
Read more at: http://www.taxscan.in/cbdt-lays-standard-procedure-invoking-provisions-relating-unexplained-cash-credit/16745/
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*MCA UPDATE HIGHLIGHTS*
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*MCA UPDATE HIGHLIGHTS*
1. *NIL Fee* for incorporation of all companies with authorized capital up to Rs.10 lakh
2. Allotment of DIN by allotting it through combined SPICe Form only *at the time of an individual’s appointment* as Director(in case he/she doesn’t have a DIN)
3. On the occasion of 69th Republic Day will significantly enhance the *“Ease of Doing Business–Starting a Business”* in the Country & benefit a large number of Stakeholders
4. Ministry of Corporate Affairs (MCA) is introducing *“RUN – Reserve Unique Name”* Web service for name reservation, which will be launched tomorrow i.e. 26th January, 2018
(source: Finance ministry Tweet)
(source: Finance ministry Tweet)
*Companies (Registration Offices & Fees) Amendment Rules 2018* w.e.f. 26.1.2018:
http://egazette.nic.in/WriteReadData/2018/182248.pdf
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It is well-settled that ‘a winding up petition is not a legitimate means of seeking to enforce payment of the debt which is bona fide disputed by the company’*
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It is well-settled that ‘a winding up petition is not a legitimate means of seeking to enforce payment of the debt which is bona fide disputed by the company’*
*_Read full case law at :_* https://dasgovernance.com/2018/01/25/it-is-well-settled-that-a-winding-up-petition-is-not-a-legitimate-means-of-seeking-to-enforce-payment-of-the-debt-which-is-bona-fide-disputed-by-the-company/
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TDS provisions are applicable on Amount paid under an Oral Agreement: ITAT [Read Order]
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TDS provisions are applicable on Amount paid under an Oral Agreement: ITAT [Read Order]
Read more at: http://www.taxscan.in/tds-provisions-are-applicable-on-amount-paid-under-an-oral-agreement-itat/16692/
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Lumax Industries Ltd. - [2018] 89 taxmann.com 138 (Delhi - Trib.)
IT/ILT: Where TPO determined ALP of royalty payment at nil on ground that assessee did not produce any cost benefit analysis at time of entering into agreement with its AE, in view of fact that royalty paid by assessee was within limits of payment of royalty in automobile sector as per market trend, impugned order was to be set aside
Section 92C of the Income-tax Act, 1961 - Transfer pricing - Computation of arm's length price (Comparables and adjustment/Adjustment - Royalty) - Assessment year 2010-11 - Assessee was a manufacturing concern specializing in automobile lighting business - In transfer pricing proceedings, assessee used CUP method to benchmark royalty payment made to its AE - TPO determined ALP of royalty payment at nil on ground that assessee did not produce any cost benefit analysis at time of entering into agreement with its AE - DRP confirmed order of TPO - It was noted that Tribunal in assessee's own case relating to earlier assessment year took a view that royalty paid by assessee was within limits of payment of royalty in automobile sector as per market trend - It was further found that payment of royalty was at same percentage as that paid by other auto ancillaries in automotive industry - Tribunal thus held that royalty payment could not be disallowed on basis of so called benefit test - Whether in absence of any contrary material brought on record, following aforesaid order of Tribunal, impugned disallowance was to be deleted for assessment year in question as well - Held, yes [Para 16] [In favour of assessee]
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ET:Tax refund racket by Infosys, Vodafone employees busted in Bengaluru http://www.ecoti.in/1HvpZZ
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Goods can’t be Detained for Mere Non-Compliance of GST Rules when Transaction is Non-Taxable Supply: Kerala HC [Read Judgment]
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Lumax Industries Ltd. - [2018] 89 taxmann.com 138 (Delhi - Trib.)
IT/ILT: Where TPO determined ALP of royalty payment at nil on ground that assessee did not produce any cost benefit analysis at time of entering into agreement with its AE, in view of fact that royalty paid by assessee was within limits of payment of royalty in automobile sector as per market trend, impugned order was to be set aside
Section 92C of the Income-tax Act, 1961 - Transfer pricing - Computation of arm's length price (Comparables and adjustment/Adjustment - Royalty) - Assessment year 2010-11 - Assessee was a manufacturing concern specializing in automobile lighting business - In transfer pricing proceedings, assessee used CUP method to benchmark royalty payment made to its AE - TPO determined ALP of royalty payment at nil on ground that assessee did not produce any cost benefit analysis at time of entering into agreement with its AE - DRP confirmed order of TPO - It was noted that Tribunal in assessee's own case relating to earlier assessment year took a view that royalty paid by assessee was within limits of payment of royalty in automobile sector as per market trend - It was further found that payment of royalty was at same percentage as that paid by other auto ancillaries in automotive industry - Tribunal thus held that royalty payment could not be disallowed on basis of so called benefit test - Whether in absence of any contrary material brought on record, following aforesaid order of Tribunal, impugned disallowance was to be deleted for assessment year in question as well - Held, yes [Para 16] [In favour of assessee]
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ET:Tax refund racket by Infosys, Vodafone employees busted in Bengaluru http://www.ecoti.in/1HvpZZ
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Goods can’t be Detained for Mere Non-Compliance of GST Rules when Transaction is Non-Taxable Supply: Kerala HC [Read Judgment]
Read more at: http://www.taxscan.in/goods-detained-non-compliance-gst-rules-transaction-non-taxable-supply-kerala-hc/16725/
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GST: CBEC prescribes Multiple Easy Ways to Generate E-Way Bill
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GST: CBEC prescribes Multiple Easy Ways to Generate E-Way Bill
Read more at: http://www.taxscan.in/gst-cbec-prescribes-multiple-easy-ways-to-generate-e-way-bill/16733/
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GST: Govt prescribes Special Procedure for Construction Services against Transfer of Development Rights [Read Notification]
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GST: Govt prescribes Special Procedure for Construction Services against Transfer of Development Rights [Read Notification]
Read more at: http://www.taxscan.in/gst-govt-prescribes-special-procedure-construction-services-transfer-development-rights/16755/
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CBDT lays down Standard Procedure for invoking provisions relating to Unexplained Cash Credit [Read Circular]
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CBDT lays down Standard Procedure for invoking provisions relating to Unexplained Cash Credit [Read Circular]
Read more at: http://www.taxscan.in/cbdt-lays-standard-procedure-invoking-provisions-relating-unexplained-cash-credit/16745/
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*_MCA_*
Stakeholders may kindly note that a *new web service "RUN” (Reserve Unique Name)* for reserving ‘name of proposed company and for changing name of existing company will be *launched w.e.f. 26th January 2018*
Also, *Forms*
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*_MCA_*
Stakeholders may kindly note that a *new web service "RUN” (Reserve Unique Name)* for reserving ‘name of proposed company and for changing name of existing company will be *launched w.e.f. 26th January 2018*
Also, *Forms*
SPICe (INC-32),
SPICe MoA (INC-33),
SPICe AoA (INC-34),
INC-3,
INC-22,
INC-24,
DIR-3,
DIR-12 and
GNL-1
SPICe MoA (INC-33),
SPICe AoA (INC-34),
INC-3,
INC-22,
INC-24,
DIR-3,
DIR-12 and
GNL-1
will be *revised* on MCA21 Company Forms Download page.
*Stakeholders are advised to check the latest version of the form before filing*
*
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*Stakeholders are advised to check the latest version of the form before filing*
*
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CBEC notifies www.gst.gov.in as GST Electronic Portal for registration, payment of tax, furnishing of returns and computation and settlement of integrated tax and www.ewaybillgst.gov.in as GST Portal for furnishing electronic waybill.
GST Refund: officers appointed under the respective State GST Act, 2017 or the UTGST Act, 2017 are authorized for the purpose of sanction of refund filed in FORM GST RFD-01.
E-commerce firms may get 6-month tax breather for provision of tax collected at source (TCS) imposed on suppliers as The recommendation by the law review committee.
Transporter/ other person carrying goods in conveyance must carry Tax Invoice/ Bill of Supply where e-way bill not required. Rule 55A, CGST Rules.
Provisions of section 1 and section 4 of the Companies Amendment Act, 2017 come into force w.e.f. 26th January, 2018.
SEBI investigation of money laundering by Indian nationals through foreign capital markets seems to have hit a hurdle. Sebi has sought several key pieces of evidence from foreign agencies, but a majority of these requests have been pending for months.
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Knowledge Capsules
Furniture & equipment on leased business premises were entitled to 100% dep: Madras HC.
RBI issues master directions on reporting under FEMA.
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ITAT Deletes Penalty since Delay in filing Audit Report was due to Dispute with Auditor [Read Order]
Read more at: http://www.taxscan.in/itat-deletes-penalty-since-delay-filing-audit-report-dispute-auditor/16699/
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Loan from Closely held Company to pay Salary is ‘Commercial Transaction’ for the purpose of ‘Deemed Dividend’: ITAT [Read Order]
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Loan from Closely held Company to pay Salary is ‘Commercial Transaction’ for the purpose of ‘Deemed Dividend’: ITAT [Read Order]
Read more at: http://www.taxscan.in/loan-closely-company-pay-salary-commercial-transaction-purpose-deemed-dividend-itat/16710/
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Chartered accountants gatekeeper for companies, must stay away from murky things.*
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Chartered accountants gatekeeper for companies, must stay away from murky things.*
(Chartered accountants are the gatekeepers for corporates and should keep away from being part of "murky things", a senior government official said amid the clamp down on illicit fund flows)
https://goo.gl/vs5exY
https://goo.gl/vs5exY
*RBI warns banks about crypto risks, wants higher scrutiny.*
(RBI has warned lenders about cryptocurrencies, telling them to step up scrutiny of financial transactions by companies and exchanges involved in the trade of bitcoins and similar digital tender.)
https://goo.gl/nUaEcZ
https://goo.gl/nUaEcZ
*Do not donate over Rs.2,000 in cash to political parties - Income Tax Dept.*
(The Income Tax Department cautioned people against indulging in illegal cash transactions including donating more than Rs.2000 to political parties)
https://goo.gl/LtCp49
https://goo.gl/LtCp49
*Partners Required on PAN India.*
(We are Mumbai based 20 yr old CA Firm. Seeking Partners across India for PSU / Bank Audit and other assignments in your location.)
https://goo.gl/8oPwgJ
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LLP is a body corporate and it’s a legal entity separate from its partners.
The Limited Liability Partnership (LLP) is an incorporated partnership established and registered under the Limited Liability Partnership Act 2008.
LLP has a perpetual succession.
In case of LLP, Partner’s Liability is limited to their agreed contribution.
Indian Partnership Act, 1932 is not applicable to LLP.
LLP must have at least 2 partners.
LLP must have at least 2 individuals as Designated Partners ( At least 1 of them will be Resident of India).
Audit for LLP is mandatory if the capital contributed exceed Rs. 25 lakhs or if the turnover does exceed Rs. 40 lakhs.
There is no maximum limit on the number of partners in LLP.
Chapter XI of LLP Rules, 2009 deals with Foreign Limited Liability Partnership.
LLP can be wound up voluntarily if, LLP passes a resolution to windup LLP with permission of atleast 75% of the total number of its partners.
The Foreign LLP can establish a place of business at India by filing Form No. 27 (Giving the particulars of incorporation of foreign LLP, details of DPs/ partners of that foreign LLP and details of atleast two authorised representatives).
It’s mandatory to execute and file LLP Agreement. (Form No. 3).
The fees for Inspection of a LLP is Rs 50/- through MCA Website.
There is no any requirement or restriction on minimum capital contribution to form a LLP.
LLP cannot come out with IPO.
There is no any tax for Conversion of Partnership firm into LLP.
The partner will not be responsible for other partner’s misconduct.
The Non-resident Indians and foreign nationals can formed a LLP with atleast 1 Individual Indian National.
Remuneration of partners is to be taxed under the head “Income from Business & Profession”.
LLP is not eligible for presumptive taxation under Income tax.
The Income Tax Act mentioned the boundary limit upto which any payment of salary, bonus, remuneration, commission will be allowed as the deduction for income of LLP, limits of remuneration are outlined below:
On First Rs 3,00,000 of book profit or
in case of loss
https://goo.gl/8oPwgJ
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LLP is a body corporate and it’s a legal entity separate from its partners.
The Limited Liability Partnership (LLP) is an incorporated partnership established and registered under the Limited Liability Partnership Act 2008.
LLP has a perpetual succession.
In case of LLP, Partner’s Liability is limited to their agreed contribution.
Indian Partnership Act, 1932 is not applicable to LLP.
LLP must have at least 2 partners.
LLP must have at least 2 individuals as Designated Partners ( At least 1 of them will be Resident of India).
Audit for LLP is mandatory if the capital contributed exceed Rs. 25 lakhs or if the turnover does exceed Rs. 40 lakhs.
There is no maximum limit on the number of partners in LLP.
Chapter XI of LLP Rules, 2009 deals with Foreign Limited Liability Partnership.
LLP can be wound up voluntarily if, LLP passes a resolution to windup LLP with permission of atleast 75% of the total number of its partners.
The Foreign LLP can establish a place of business at India by filing Form No. 27 (Giving the particulars of incorporation of foreign LLP, details of DPs/ partners of that foreign LLP and details of atleast two authorised representatives).
It’s mandatory to execute and file LLP Agreement. (Form No. 3).
The fees for Inspection of a LLP is Rs 50/- through MCA Website.
There is no any requirement or restriction on minimum capital contribution to form a LLP.
LLP cannot come out with IPO.
There is no any tax for Conversion of Partnership firm into LLP.
The partner will not be responsible for other partner’s misconduct.
The Non-resident Indians and foreign nationals can formed a LLP with atleast 1 Individual Indian National.
Remuneration of partners is to be taxed under the head “Income from Business & Profession”.
LLP is not eligible for presumptive taxation under Income tax.
The Income Tax Act mentioned the boundary limit upto which any payment of salary, bonus, remuneration, commission will be allowed as the deduction for income of LLP, limits of remuneration are outlined below:
On First Rs 3,00,000 of book profit or
in case of loss
Rs 1,50,000 or at the rate of 90% of the book-profit, whichever is more
On the balance of book profit at the rate of 60%
On the balance of book profit at the rate of 60%
LLP must not be formed for charitable purposes.
Minor cannot become Partner at LLP.
The Body Corporate can definitely become partner at LLP.
The LLP Agreement is not available for public inspection at MCA Website.
The application for the compounding of an offence shall be made in Form No. 31 for LLP.
There is no mandatory provision for appointment of Company Secretary at LLP.
The Provisions of section 60,61 & 62 of the LLP Act,2008 deals with the manner in which compromises or arrangements including mergers and amalgamations involving LLPs will be allowed.
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Compounding Fee can exceed Principal Amount If Non-Payment of Tax was Wilful: Delhi HC Upholds CBDT Compounding Guidelines [Read Judgment]
Minor cannot become Partner at LLP.
The Body Corporate can definitely become partner at LLP.
The LLP Agreement is not available for public inspection at MCA Website.
The application for the compounding of an offence shall be made in Form No. 31 for LLP.
There is no mandatory provision for appointment of Company Secretary at LLP.
The Provisions of section 60,61 & 62 of the LLP Act,2008 deals with the manner in which compromises or arrangements including mergers and amalgamations involving LLPs will be allowed.
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Compounding Fee can exceed Principal Amount If Non-Payment of Tax was Wilful: Delhi HC Upholds CBDT Compounding Guidelines [Read Judgment]
Rea more at: http://www.taxscan.in/compounding-fee-can-exceed-principal-amount-non-payment-tax-wilful-delhi-hc-upholds-cbdt-compounding-guidelines/16664/
