Answers On Topic: dissolution of firm
SERVICE TAX ORDER PASSED RAISING DEMAND OF A PARTNERSHIP FIRM. SAID PARTNERSHIP FIRM IS ALREADY DISOLVED AND CLOSED IN YEAR 2018 AND NOT HAVING ANY RUNNING BANK ACCOUNT. Q1 - CAN THE SERVICE TAX APPEAL BE FILED WITHOUT MANDATORY PRE-DEPOSIT OF 7.5% OF DISPUTED DEMAND Q2. - IF ONE OF THE PARTNERS PAYS 7.5% OF DEPOSIT UNDER SERVICE TAX REGISTRATION OF APPELLANT PARTNERSHIP FIRM AND IF THE APPEAL SUCCEDS AND THE FIRM IS ELIGIBLE TO CLAIM REFUND - IN WHICH BANK ACCOUNT SUCH REFUND WILL BE ISSUED? Q3. CAN PARTNERSHIP FIRM/APPELLANT INSTRUCT THE DEPARTMENT TO ISSUE REFUND OF PRE-DEPOSIT ON…
► Read Answer
There is one partnership Firm WITH 2 PARTNERS. One of the partners died in the month of March 2022. Sharing ration was 50:50. They had one Shop in the books of account and were claiming depreciation on it, WDV 31.3.2021 47,360/-. Shop Acquired in the year 2001- 02 COA - INR 334470 /-. Now the firm is selling the shop for INR 12,44,000/- (fair value). The asset is not yet transferred. There will be STCG to the firm as per sec. 50 INR 11,96,640 ( 12,44,000 - 47360 ) My query is : 1. To save on the capital gains tax…
► Read Answer
On dissolution of firm, when it pays capital gain tax u/Sec. 9B, whether firm is elegible to claim exemption U/Sec. 54EC if assets distributed To partner is long term capital asset. If the firm decided To make investment in specified bonds and then distribute the same to partners in its books of accounts and record the same facts in dissolution deed and If partners offer the income accruing on the in investment on year To year basis, is it possible to claim the amount received on Redumption after five years completely tax free? Whether credit for TDS is available to…
► Read Answer
In a LLP partners capital is at Rs 10 lacs and reserves and surplus are of Rs 100 lacs. on dissolution of partnership, partners will get 110 lacs . whether 100 lacs received on dissolution is taxable in the hands of partner. note reserves and surplus created from share premium account , and stand as reserves in LLP on conversion from company to LLP
► Read Answer
reply by mr. Bekal is ambiguous. the question is " so dissolved firm due to death of one of two partners payment of 50 lakhs by remaining partner who will continue the business as proprietor or take some other as partner whether firm should pay tax on goodwill or otherwise one view in bcaj says that payment to legal heir is not taxable issue being common views of many persons needed my view is it is not taxable as legal heir is not partner
► Read Answer
In view of newly amended section 9B and Section 45(4) by F.A. 2021, whether there is any difference in terms – Dissolution vis-à-vis reconstitution? Section 9B refers to cases of reconstitution or dissolution whereas; s. 45(4) only refers to reconstitution. Whether the amended section 45(4) is applicable to case of dissolution of firm?
► Read Answer
SERVICE TAX MANDATORY DEPOSIT FOR FILING APPEAL