In a consultation paper issued on Tuesday, the department of industrial policy and promotion sought comments on whether FDI should be restricted to LLPs operating in sectors without any investment caps, conditionalities or entry route restrictions.
The operator's liability in the case of an incident is limited to 3,000 crore for reactors with thermal power above 3,600 Megawatt; 1,500 crore for reactors with thermal power between 1,500 Mw and 3,600 Mw; 750 crore for reactors with thermal power between 750 Mw and 1,500 Mw; 300 crore for reactors with thermal power between 150 Mw and 750 Mw; and 100 crore for reactors having thermal power up to 150 Mw, fuel cycle facilities other than spent fuel reprocessing plants and transportation of nuclear materials.
The income tax department has notified all seven income tax return forms for assessment year 2025-26. While ITR forms 1 and 4, which are filed by small and medium taxpayers, were notified on April 29; ITR-7, filed by trusts and charitable institutions, was notified on May 11.
Insurance intermediaries who receive disproportionately high commissions are likely to see a decline in their payouts, post the new Insurance Amendment Bill. The new Bill gives the Insurance Regulatory & Development Authority of India (Irdai) the power to disgorge unlawful gains made by insurers and intermediaries as well as the right to limit commissions paid to intermediaries.
Do not panic on receiving a notice. Verify if your work falls under professions notified in Section 44AA(1).
'If a charitable or religious trust sells a capital asset -- such as land, buildings, shares -- and makes a capital gain, it can avoid paying tax on that gain if it reinvests the proceeds in another capital asset for its charitable purposes.'
'The original provision will be restored. AMT is meant only for those claiming deductions, not for firms earning regular income like capital gains,' a senior government official said.
The income tax department has notified ITR forms 1 and 4 for assessment year (AY) 2025-26 that are to be filed by individuals and entities with total income of up to Rs 50 lakh a year. Now individuals having long-term capital gains of up to Rs 1.25 lakh in a fiscal year can also file ITR-1.
'Everyone involved in this transaction must be punished and penalised.'
Until now, salaried individuals having income under the head LTCG were required to file Form ITR-2.
Government sources said amendments were being considered to the Atomic Energy Act to allow private sector participation and the Civil Liability for Nuclear Damage Act to limit the liability on suppliers of equipment to build atomic energy plants.
The Income Tax Department has notified ITR forms 1 and 4, which are filed by individuals and entities with annual total income of up to Rs 50 lakh for FY 2023-24 (AY 2024-25). Individuals, besides Hindu Undivided Families (HUFs), firms having income up to Rs 50 lakh and those having earnings from business and profession in the current fiscal (April 2023-March 2024) can start filing returns for the income earned this financial year.
The government on Wednesday cleared amendments to the Limited Liability Partnership (LLP) Act, with an aim to decriminalise various provisions under the law and foster the ease of doing business in the country.
Besides wrong selection of ITR form, many professionals claim deductions they are ineligible for.
These partnerships are engaged in a variety of businesses in the manufacturing and services sector. However, if the experience in the US/UK with similar vehicles (LLPs/LLCs) is anything to go by, there seems a long way before LLPs could become the default vehicle choice for private businesses, as in those countries.
A month after the government allowed registration of Limited Liability Partnerships, only 10 firms have availed this new form of doing business that provides advantages of a partnership firm and also a corporation. This is because the government is yet to notify key sections (Sections 55 to 58) of the law that would enable conversion of a partnership firm, private company or unlisted public company into an LLP.
Companies pay MAT on the book profits that do not come under the tax net because of various exemptions and incentives.
Implications for capital gains, wealth taxes, and investment strategies require careful consideration, notes Anil Rego, founder and CEO, RightHorizons.
According to tax experts, the restructuring would lead to a much lower tax outgo on dividend distribution.
The code will apply to companies, partnerships, limited liability partnerships, individuals and any other body specified by the government
The Reserve Bank of India (RBI) plans to amend its rules to pre-empt non banking finance companies (NBFCs) from misusing the liberal rules governing limited liability partnership (LLP) firms.
No time to sort out the issue in Budget: Khursheed
Led by a new generation of entrepreneurs, India's family offices are shifting from traditional investments in physical and tangible assets like real estate to investing in technology, healthcare, and retail stocks. This new wave of family offices is engaging in stock market investments, including pre-IPO placements and secondary market operations. "Born into a world of technology, the next generation, especially those born after 2000, view technology as equally crucial as finance for running a business.
'Additionally, the significant employment multiplier will boost direct and indirect jobs of up to 1.1 million.'
Ushering in reforms, Union Finance Minister Nirmala Sitharaman on Saturday proposed to open up the nuclear power sector for private players and announced a Rs 20,000 crore Nuclear Energy Mission for research in the field, with an aim to set up five small and modular reactors by 2033.
PwC wants to know what will happen when a company with substantial reserves is merged into a new concern and the resultant entity is converted into a limited liability partnership.
Engineering Export Promotion Council (EEPC) of India has urged the Centre to extend lower corporate tax benefit to Limited Liability Partnerships (LLPs) and proprietary firms as it would make funds available with MSMEs and boost private investment cycle. A body of direct tax professionals also sought for reduction of tax burden on individuals and requested the government to raise the income tax exemption limit at Rs 2.5 lakh to Rs 4 lakh per annum in the upcoming budget for 2022-23 fiscal. EEPC India chairman Mahesh Desai claimed around 84 per cent of small businesses are being denied the benefit of lower corporate tax which was aimed at providing industrial units with more investible surplus.
'Though I welcome the reduction of tax rates for corporates, I wonder why the benefits have been restricted to corporates and not to other business entities such as limited liability partnerships and partnership firms. This needs consideration', says Dinesh Kanabar.
However, the department has not changed ITRs significantly, considering Covid-19 crisis.
To further tighten its control of practising accountants, the Centre has brought within the ambit of the Prevention of Money Laundering Act (PMLA) their "financial transactions" such as operating and managing their client firms and trusts, and buying and selling business entities. The Union finance ministry issued a gazette notification on this on Wednesday. Under the new rule, chartered accountants, company secretaries, and cost and works accountants carrying out such transactions (on behalf of their clients) will now be required to go through the Know Your Company (KYC) process before commencing work.
Justices G S Sandhawalia and Harpreet Kaur Jeewan also held the Haryana State Employment of Local Candidates Act, 2020 "ultravires" and said it will become "ineffective from the date it came into force".
In a bid to pitch India as an uplinking hub, the government on Tuesday announced relaxation in guidelines for compliance for television channels and also made a 30-minute daily public interest broadcast mandatory, mainly for entertainment channels.
The government on Monday said it proposes to incentivise incorporation of one person companies, a move that will benefit startups and innovators.
A key feature of the new version is to identify the people transacting on its portal by linking each user ID with the person's permanent account number (PAN), followed by a two-factor authentication through mobiles and email IDs. Those who cannot complete the KYC requirements cannot use the portal.
With disruptions continuing, the productivity of Rajya Sabha fell to 13.70 per cent during the second week of the ongoing monsoon session from 32.20 per cent during the first week, resulting in an overall productivity of 21.60 per cent for the first two weeks.
Once the bankruptcy provisions are notified, these proprietary firms will benefit, as Insolvency and Bankruptcy Board plans to consider them as individuals
PM says FDI decision shows 'unwavering' commitment to reforms.
Haryana's Additional Advocate General Jagbir Singh Malik said the State will be filing a Special Leave Petition (SLP) against the order before the Supreme Court. The interim order has come as a relief for companies in the state which feel that the Haryana State Employment of Local Candidates Act, 2020 would have a bearing on their future business operations and investment.
The much-anticipated cryptocurrency bill, however, is missing from the list, reports Shrimi Choudhary.
Deposit amount can equal investor's stake, won't impact his holding as it is a loan
© 2026 Rediff.com - Investor Information - Advertise with us - Disclaimer - Privacy Policy - Sitemap - Feedback - About us - Terms of use - Grievances