i.vasudevan
11 July 2009 at 23:44
i have one doubt,,, how the beneficial society running? what is the procedure to start beneficial society... under which Act it could be register?
Example:
like kilpauk beneficial sociaty ,, purasaivakkam benificial sociaty,,
Swami Sadashiva Brahmendra Sar
11 July 2009 at 18:30
whether the Arbitrator can award interest for pre-reference period and pendente lite, when the contract prohibits the employer from entertaining any claim for interest? would any friend kindly sum up the ratio of m/s sayeed ahmad v. state of UP decided by the supreme court on 09.07/2009?
Heaven 2011
10 July 2009 at 16:04
Dear Sir,
Kindly inform me if the Lessor gives 999 years lease to the lessee can the lessor provide unencombered right over the property to the lessee? If yes or no, why?
So far i can recall there is no such provision in this regard in the Transfer of Properties Act, 1882. Kindly guide.
With best regards,
Asish
Guest
10 July 2009 at 15:47
LLP is a new corporate form that enables professional expertise and entrepreneurial initiative to combine, organize and operate in an innovative and efficient manner. In India, this need has long been recognised for businesses which may require a framework that provides flexibility suited to requirements of service, knowledge and technology based enterprises. Services sector is playing a major role in the national economy and there is a growing diversity in the range of services being offered. The services sector also finds this form very useful.
2. Government had introduced the Limited Liability Partnership Bill, 2006 in the Rajya Sabha on 15th December, 2006. It was later referred to the Department Related Parliamentary Standing Committee on Finance for examination and report. The Committee submitted its recommendations in its report to both Houses of Parliament on 27th November, 2007. Keeping in view the recommendations made by the Standing Committee and other relevant inputs, the Government had finalized the LLP Bill, 2008. Based on such report the Ministry of Corporate Affairs revised the LLP Bill and the revised LLP Bill, 2008 was introduced in the Rajya Sabha on 21st October, 2008. This was passed by the Rajya Sabha on 24th October, 2008. The Bill was passed by Lok Sabha on 12th December, 2008. The President gave assent to this Bill on 7th January, 2009.
3. The rules in respect of registration and operational aspects under the LLP Act, 2008 viz. LLP Rules, 2009, were issued on 1st April, 2009. The rules in respect of conversion of a partnership firm, a private company and an unlisted public company into LLPs were made effective w.e.f. 31st May, 2009. The Government has also launched a website namely, www.llp.gov.in on 1st April, 2009 for operationalization of various processes provided under the LLP Rules, 2009. The rules under LLP Act, 2008 in respect of winding up and dissolution of LLPs are also under preparation and would be prescribed shortly.
Taxation of LLPs
4. Since the taxation related matters in India are provided under Tax Laws, the taxation of LLPs was not provided in the LLP Act. The Finance Bill, 2009 has made provisions in this regard, pursuant to which the taxation scheme of LLPs has been proposed to be introduced in the Income Tax Act. It has been proposed to tax LLPs on the lines similar to general partnerships under Indian Partnership Act, 1932, i.e. taxation in the hands of the entity and exemption from tax in the hands of its partners.
The Finance Bill, 2009 has accorded a “limited liability partnership” and a general partnership the same tax treatment. Consequent changes in the Income-tax Act, 1961 like (i) the word ‘partner’ to include within its meaning a partner of a limited liability partnership, (ii) the word ‘firm’ to include within its meaning a limited liability partnership and (iii) the word ‘partnership’ to include within its meaning a limited liability partnership as these terms have been defined in the Limited Liability Partnership Act, 2008 have also been proposed in the Finance Bill, 2009.
5. It has also been proposed in the Finance Bill, 2009 that the designated partner shall sign the income tax return of an LLP, or, where, for any unavoidable reason such designated partner is not able to sign the return or where there is no designated partner as such, any partner shall sign the return. The Finance Bill has also proposed that in case of liquidation of an LLP, every partner will be jointly and severally liable for payment of tax unless he proves that non-recovery cannot be attributed to any gross neglect, misfeasance or breach of duty on his part.
6. The Bill further provides that as an LLP and a general partnership is being treated as equivalent (except for recovery purposes) in the Income-tax Act, the conversion from a general partnership firm to an LLP will have no tax implications if the rights and obligations of the partners remain the same after conve
Sandeep Bajaj
09 July 2009 at 15:33
Once the award is passed by an arbitrator. It becomes the decree of the court and can be executed as such. However, when an arbitration is set aside by the court (under section 71 of engilsh law) then english Law says that it is a nullity. Therefore there is no award in the eyes of law and the parties may again go to the arbitration and hence rearbitration is possible. Now the question arises is it always the case even thought the award is set aside on merits? Is there any Indian or English Judgment on this aspect?
Guest
09 July 2009 at 13:25
What shall b the consequences of late filing of FC-GPR Part B with RBI Mumbai (which is to b filed by 30th July)?
ankit
08 July 2009 at 17:22
When the shares of a private Limited company are given as a gift through physical transfer (unlike demat mode), what should be the value of the shares for stamping of transfer deed...
Please help urgently...
Thanking you in anticipation..
Harinarayan R. Tripathi
08 July 2009 at 15:07
Whether any kind of Transfer Deed, stamp duty, registration is required, at the time of conversion of a co-operative society into a Private Limited Company, in respect of the properties owned by the co-operative society prior to the conversion?
Harinarayan R. Tripathi
08 July 2009 at 15:03
Dear Sir,
Please provide the details of the method and procedure by which a co-operative Society registered under the Bombay Co-Operative Societies Act can be converted into a Private Limited Company registered under the Companies Act, 1956?
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open benificial society
thank you vishal sir..
my friend ask me that question ... its for joining members and lending many to there there members and getting deposits...
how could we get the permission from RBI?
whats the procedure to get the permission
?