Daily Archives: April 19, 2016

Form 14 for Conversion of Firm into LLP

NOTIFICATION NO. GSR 418(E) [F.NO.2/15/2014-CL-V], DATED 13-4-2016 In exercise of the powers conferred by sub-sections (1) and (2) of section 79 of the Limited Liability Partnership Act, 2008 (6 of 2009), the Central Government hereby makes the following rules further to amend he Limited Liability Partnership Rules, 2009 namely:— Short title and commencement 1. (1)… Read More »

Rental income from guest houses taxable under Business head

Facts of the Case Assessee is in the business of running guest houses and has a property at Hyderabad in which it has seven rooms. Assessee has entered in to various agreements with various companies for accommodating their employees from time to time in these rooms and received rental receipts to the extent of Rs.… Read More »

Fraud Accounts provisioning norms changed by RBI

RBI/2015-16/376 DBR.No.BP.BC.92/21.04.048/2015-16 April 18, 2016 All Scheduled Commercial Banks (Excluding Regional Rural Banks) Dear Sir, Provisioning pertaining to Fraud Accounts Please refer to circular DBR.No.BP.BC.83/21.04.048/2014-15 dated April 1, 2015 on the captioned subject. On a review, it has been decided to amend the provisioning norms in respect of all cases of fraud, as under: Banks… Read More »