Payment of premium is the consideration in the Contract of Insurance and hence without payment of consideration, any contract will not carry on. The premium must be received before the issue of the insurance policy.
The IBC Code, 2016 was introduced in Lok Sabha on 21st December 2015 and passed on 5th May 2016. The upper house of the Parliament passed it on 11th May 2016 and it got the President's assent on 28th May 2016.
CBDT has considered representation w.r.t. difficulties reported by the taxpayers and other stakeholders in the filing of ITR and various reports of audit for the AY 2021-22 under the Income-tax Act, 1961.
The provision in relation to the closure of LLP has been mentioned u/s 75 of LLP Act, 2008. The name of defunct LLP can be struck off by the Registrar Suo-motto or on application by the LLP.
Since section 44AD does not obligate the assessee to maintain books, provisions of section 68 cannot be invoked where the assessee has filed an ITR under section 44AD without maintaining books of accounts.
Even if LLP does not do any business, it has to comply with statutory requirements such as Annual Return, Balance Sheet, Profit and loss Account, Income tax return etc. every year.
As per Section 13 of LLP, 2008 every LLP shall have a registered office to which all communications and notice may be addressed and where they shall be received.
As per Section 7 of LLP, 2008 every LLP shall have at least two Designated Partners who are individuals and at least one of them shall be a Resident in India. Only an Individual can be appointed as a Designated Partner.
In case there is no clause in the limited liability partnership agreement relating to change in the name the same can be made with the consent of all the partners.
A person can be admitted as a partner in LLP as per the provisions of the LLP agreement and section 22 of the LLP Act, 2008. If the agreement is silent then the partner shall be appointed as per Schedule I.
Live class on PF & ESI Enrollment & Returns Filing(with recording)
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