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LLP Registration

Limited Liability Partnership (LLP) Registration in India Limited Liability Partnership Firm popularly known as an (LLP) has become a preferred form of organization among entrepreneurs as it incorporates the benefits of both partnership firm and private limited company into a simpler form of organization. The concept of the Limited Liability Partnership (LLP) was introduced in India in 2008 when the Ministry of Corporate Affairs enacted the Limited Liability Partnership Act. An LLP has the characteristics of both the partnership firm and company. It requires a minimum of two persons to act as partners and incorporate a Limited Liability partnership LLP. However, there is...

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15 Advantages for forming an LLP

There are a number of reasons why many entrepreneurs prefer to go in for a Limited Liability Partnership (LLP) registration over a Private Limited Company Registration in India. LLPs are considered easier to set up and are comparatively hassle-free in day to day operations. It also has a lower compliance burden if there is minimal activity. Hence, many Entrepreneurs see it as advantageous to begin their organization in this manner. We look at the various advantages of an LLP formation in India. 1. Limited Liability of Partners of LLP As the name suggests in a Limited Liability Partnership Firm the liability of...

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All About TDS on Purchase of Goods – Sec. 194Q of Income Tax Act

Section 194Q - TDS on Purchase of Goods

The Finance Act 2021 has introduced a new section 194Q which is effective from 1 July 2021 to provide for deduction of tax by the buyer from seller on the transaction of purchase of goods. The applicability of section 194Q from the buyer side and section 206C(1H) on the seller side would create a lot of confusion and increase the compliance burden for both the parties.

In the last financial year 2020-21 the Finance Act 2020 was amended and section 206C of the Income-tax Act, 1961 was brought in to widen the income tax base in India. A new sub-section (1H) was inserted for collection of tax at source (TCS) with effect from 1 October 2020. It was introduced to collect TCS @0.1% of the Sale consideration at the time of receipt where sale consideration exceeds Rs.50 Lakhs in any previous year. The TCS was collected by the seller from buyer.

Applicability of Section 194Q

Section 194Q – TDS on Purchase of Goods
This section is applicable to only those buyer’s whose total sales, gross receipts or turnover from the business exceeds Rs. 10 crore during the financial year immediately preceding the financial year in which the purchase of goods has been carried out.