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2018

Frequently Asked QuestionsFAQon Limited Liability Partnership

Introduction:
Limited Liability Partnership (LLP) is a new model of business formation which gives benefits of both world. In other words, LLP is a form of business that combines benefits of both company and partnership firm. LLP is a type of partnership firm where partners have limited liabilities unlike the traditional model of partnership firm where all partners have unlimited liability. In LLP each partner is independent from any liability towards another partner's misconduct or negligence. Moreover, an PPL has less compliance burden as compared to company form of business.
Limited Liability Partnership being a relatively new form of business, many people are unaware of its features, benefits and compliance requirements. Here is a list of FAQs for all matters related to LLPs.

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2018

Sections 54 54F and 54EC of Income Tax Act Exemptions in respect of LTCG

The amount of long term capital gain arising from sell of long term capital assets like house property is very large. Such gains are taxed at 20% as long term capital gain tax. The tax amount payable in such cases comes up to be very high. In order to provide relief to the tax payers, the Government of India has come up with certain exemptions from Long Term Capital Gain under section 54, 54EC and 54F. Let us understand these sections into detail:

2018

Got Questions about

Leave Travel Allowance aka LTA is a type of allowance provided by an employer to an employee in the form of reimbursement of travelling expenses. Such travelling expenses reimbursed by employer forms part of total salary of the employee. However, an employee can claim tax exemption from such LTA received from an employer. In this article, we have covered most frequently asked questions regarding LTA.

2018

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The human race is undergoing a new era of technological revolution. Data have become the new oxygen in our socio-economic environment. Machine Learning, Big Data Analytics, Artificial Intelligence etc. are the new buzz words. Application of Big Data Analytics is increasingly applied to numerous fields such as marketing, economics, agriculture, finance, telecom, healthcare etc. The field of direct and indirect taxes are no exception to this.

2017

In the world nothing can be said to be certain, except death and taxes
– Benjamin Franklin

  • Quoted above is the famous statement by Benjamin Franklin about the inevitability of taxes in our life. This has increasingly become a reality in India after the Central Government’s efforts to reduce tax evasion and to bring more and more people in the tax net with the help of policy measures and analytics. However, the Income Tax Act has kept some windows open for the people, particular in the middle income group, to reduce their tax burden smartly. These come in the form of deductions, exemptions etc.
  • One such window for us to save tax smartly is “Benefit of Shifting LTCG to Basic Exemption Limit”. The topic under discussion today is related to reducing tax liability arising from Long Term Capital Gain. Let us first understand briefly as what is long term capital gain?

2017
  • The tax department on Friday issued warning against those who undertake benami transactions as this would invite Rigorous Imprisonment (RI) of up to seven years under the normal I-T Act.
  • The tax department said the government will soon operationalize a 'Strong Team' to effectively deal with benami properties as well undisclosed foreign income and assets.
  • The Central Board of Direct Taxation (CBDT) is planning to form a special unit, which will dedicatedly investigate and act against 'benamidars' and black money holders having undisclosed foreign income and assets.

Financial Management