Professional Updates

In terms of safeguarding the personal assets from financial losses occurred during course of business, LLP is the best option. The following post enumerates the concept in detail. Any business owner shall think of continuity of business irrespective of the members joining or leaving the entity. The status of the entity should remain same in case of death or insolvency or bankruptcy of any member so that the interest of other members are safeguarded. Hence, LLP can be treated as best option that any business owner can choose. WHAT IS A PARTNERSHIP FIRM? An association of two or more persons who have agreed to share the profits of a business which they run together. The liability of partners is unlimited with respect to capital. The losses can be recovered from the personal assets of partners. WHAT IS A LIMITED LIABILITY PARTNERSHIP? A business entity in which the partners liability is restricted to the capital contribution by them. Let us understand various concepts under Private limite...

Common FAQs about income tax return filing and processing .   1. How long does it take for the return to be processed? Ans: There is NO DUEDATE for the processing to be completed. 2. Do you have any update on processing? Ans: CA will not get update on the returns. You can check the status of the return in the website. 3. How does the department pick a file for processing? Ans: The file shall be picked by the system randomly and there is NO known logic regarding the same. 4. My friend/relative who has filed after me has received the refund but I did not. Why is that so? Ans: System picks the file randomly and it does not know that both of you are related. 5. What is the tentative time for refund credit after receiving Intimation mail u/s.143(1)? Ans: As per mail, the refund will be credited within 15 working days, provided the bank account is verified. 6. What is the tentative time for refund processing as per your experience over years? Ans: I have seen variou...