Can LLP trade in derivatives? The capability of a Limited Liability Partnership (LLP) to engage in derivatives trading can be influenced by several factors, such as the jurisdiction in which the LLP operates and the particular laws and regulations governing such activities. However we can explain “Can LLP trade in derivatives?” Governing partnerships, and… Read More »
Partners remuneration Yes, partners of a Limited Liability Partnership (LLP) can receive a salary or remuneration from the LLP, subject to the terms and conditions specified in the LLP agreement. The LLP Act, 2008 does not prohibit partners from receiving a salary. Limited Liability Partnerships (LLPs) have become increasingly popular as a business… Read More »
Form 15CA CB purpose Form 15CA CB purpose, The Indian government mandates the use of 15CA and 15CB forms for specific financial transactions involving non-residents. Here’s a brief explanation of each form: 1.Form 15CA: This form is use for remittances (money transfers) that are subject to tax deduction at source (TDS) under the Indian Income… Read More »
15CA definition Form 15CA is a declaration form required by the Indian government for certain remittances made by residents of India to non-residents. It is used to ensure that appropriate taxes deduct and pay to the government before the funds are transferred abroad. 15CA definition When an Indian resident makes a remittance to a… Read More »
Debentures No, an OPC (One Person Company) not permitted to issue debentures. According to the provisions of the Companies Act, 2013 in India, an OPC restricted from issuing any kind of securities including it. The concept of an OPC is design to facilitate single-person entrepreneurship and to provide limited liability protection to the sole… Read More »
TDS Requirements TDS Requirements,TDS (Tax Deducted at Source) becomes mandatory when a person or entity makes certain specified payments. The requirement for TDS arises when the provisions of the tax laws mandate the deduction of tax at the source of payment. The specific situations where TDS is require can vary depending on the tax regulations… Read More »
New compliance under GST New compliance under GST, Here are some common compliances requirements under the Goods and Services Tax (GST) in India. GST Registration: Businesses whose turnover exceeds the prescribed threshold are required to register for GST. GST Returns: Registered taxpayers need to file regular GST returns based on their category and turnover.… Read More »
Income Tax Act 1961 Income Tax Act 1961, Section 195 of the Income Tax Act, 1961 addresses the matter of Tax Deduction at Source (TDS) on payments made to non-residents. This provision is applicable to individuals, companies, and firms who are responsible for making payments to non-residents. According to this section, if any payment… Read More »
Can we provide a personal PAN number for GST registration No, you cannot provide a personal PAN (Permanent Account Number) number for GST (Goods and Services Tax) registration of a company. It requires a PAN number that specifically issue to the company by the Income Tax Department of India. For more information to Visit https://www.gst.gov.in/… Read More »
Funds Taxability from Indian parents for NRI Funds taxability from Indian parents for NRI, As per the income tax rules in India, individuals residing abroad can receive money from their parents living in India without being liable for taxes, given certain conditions are met. Under the provisions of the Income Tax Act, 1961, gifts received… Read More »