February 19, 2025

Addition and Removal of Partners

Addition and Removal of Partners

A Limited Liability Partnership is run by its partners. From its management to the operation, the partners direct the LLP towards its goals and vision. New partners are added or existing leave; it does not affect the status of the LLP, but surely impacts the growth of the business and responsibilities of other partners. The […]

Section 35EE – Wealth-Tax Act, 1957

Failure to furnish particulars under section 34ACC  If a person referred to in section 34ACC fails 94[***] to intimate to the Board the particulars of conviction or finding referred to in the said section, he shall be punishable with rigorous imprisonment for a term which may extend to two years and shall also be liable to

freelance professional business income

freelance professional business income

India is the second-fastest-growing freelance market in the world. Freelancing has seen a tremendous surge in the past 2 years as the world experienced immense uncertainty in jobs due to the pandemic. Freelancers are now being considered as the future of business. Though freelancing has a remote-centric work scenario, it is still subject to tax

Sexual Harassment at Workplace

Sexual Harassment at Workplace

Workplace harassment is a pressing issue that affects employees’ well-being and productivity across the globe. Understanding the distinctions between workplace harassment and sexual harassment at the workplace is crucial, as each has its own implications and legal framework. A fundamental commonality between workplace harassment and sexual harassment is their capacity to foster a hostile work

Section 54 of Income Tax Act, 2025 : Business of prospecting for mineral oils.

(1) Where the assessee undertakes specified oil exploration business, then deduction specified in sub-sections (3) and (4) shall be allowed while computing the income under the head “Profits and gains of business or profession”.(2) In this section, “specified oil exploration business” means business consisting of prospecting for or extraction or production of mineral oils where

Section 55 of Income Tax Act, 2025 : Insurance business.

Irrespective of anything to the contrary contained in the provisions of this Act for computing income under the head “Income from house property”, “Capital gains” or “Income from other sources”, or in section 390(5) and (6), or in sections 26 to 54, theprofits and gains of any business of insurance, including any such business carried

Section 57 of Income Tax Act, 2025 : Special provision for computing profits and gains of business profession on presumptive basis in case of certain residents.

(1) The profits and gains arising from a construction contract or a contract for providing services shall be determined on the basis of percentage of completion method, as per the income computation and disclosure standards notified under section 276(2).(2) The profits and gains arising from a contract for providing services under sub-section (1) shall be