New vs Old Tax Regime The new tax regime under the Income Tax Act in India, introduced in the Union Budget 2020-21, offers taxpayers an alternative tax structure with lower tax rates but without various deductions and exemptions available under the old tax regime. New tax regime: 1. Lower Tax Rates: The new tax regime… 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 »
LLP Accounts Signatory LLP Accounts Signatory: In the framework of a Limited Liability Partnership (LLP), the designated partners assume the crucial responsibility of signing and certifying the accounts of the LLP. This underscores their essential involvement in financial affairs, underscoring the significance they hold in maintaining financial transparency and accountability. Here’s an explanation of… Read More »
When are LLP accounts due The due date for filing LLP accounts can vary based on the jurisdiction and the regulations pertaining to LLPs in a particular country. Here are some general guidelines to consider, keeping in mind the potential variability: United Kingdom (Companies House): LLPs in the United Kingdom are required to file… Read More »
When is an LLP not tax transparent Limited Liability Partnerships (LLPs) are a popular business structure due to their flexibility and the protection they offer to partners. One of the key benefits of an LLP is its tax transparency, where profits are taxed at the partner level rather than the entity level. However, there… Read More »
No Statutory Dues Certificate A “no statutory dues certificate” is a document that confirms the absence of any outstanding statutory obligations or dues owed by an individual or organization. It serves as a declaration that all required statutory payments, such as taxes, fees, penalties, or other financial liabilities, have been duly settled. While… Read More »
Permanent Establishment Certificate A permanent establishment is a fixed place of business through which a company carries out its business activities, such as an office, branch, factory, or workshop. The requirement for a PE certificate may vary depending on the tax laws and regulations of each country. In some cases, this certificate may… Read More »
No Statutory Dues Certificate: Understanding Its Importance and Implications In business transactions, a “No Statutory Dues Certificate” plays a crucial role, indicating compliance with all statutory obligations. Here’s a comprehensive guide to its significance and impact. What is a No Statutory Dues Certificate? A No Statutory Dues Certificate, often required in commercial transactions, certifies that… Read More »
No statutory dues certificate Understanding the Significance A ‘No Statutory Dues Certificate’ issued by a Chartered Accountant serves as a declaration that the company has met all its statutory obligations concerning taxes, duties, and other dues within the stipulated timelines. This certificate is not merely a formality but a rigorous assessment of financial records… Read More »
Property valuation Certificate by CA A property valuation certificate by a Chartered Accountant (CA) refers to a professional assessment conducted by a CA to determine the value of a property. Chartered Accountants who specialize in property valuation provide their expertise to evaluate the fair market value of a property and issue a valuation certificate. Here… Read More »
