« Top Headlines » Open DEMAT Account in 24 hrs  Mock Test Papers Series - I & II for Students appearing in CA Foundation January 2027 Examination.  Income Tax Rules 2026: CBDT Introduces Revised Form 161 for Penalty Waiver, Clarifies Misreporting Categories and Taxpayer Relief  ITR Filing and Income Tax Audit Deadline Extended: 5 Critical Things Taxpayers Must Know  Filing Belated ITR for AY 2026-27? Know Which Losses You Can Carry Forward and Which You May Lose  CBDT Extends Tax Audit Report Deadline to October 21, ITR Filing Last Date to November 21 for AY 2026-27  CBDT Extends AY 2026-27 ITR Filing Deadline for Tax-Audit Cases: New Dates and Key Compliance Details  Foreign Assets Missing From Your ITR? Income Tax Department Opens One-Time Disclosure Window  Tax Audit Deadline September 30: Why AIS, TDS and GST Figures May Not Match Your ITR and What Taxpayers Should Do  Tax audit deadline September 30: Common mistakes taxpayers should avoid  Your ITR says ‘verified’, but the refund hasn’t arrived? 5 reasons why your money could be stuck  Missed the ITR Deadline but TDS Refund Is Due? Here’s How You Can Still Claim Your Money «  Effective tax rate burden rising for India Inc... Global consultancy Deloitte to hire 3,000 in 2 years... » Legal, accounting firms may get access to LLP format February, 25th 2008 Partnership firms rendering professional services, including legal, financial and accounting services, can look forward to their conversion into limited liability partnerships (LLP) and further growth through mergers and acquisitions (M&As). The proposed limited liability partnership (LLP) Bill will lay down the norms for mergers, acquisitions and restructuring of LLPs to encourage the unhindered growth in size of professional service firms to compete with giant international LLPs. The new law will lay down the way an LLP can acquire the operations of another fully or partly. The proposed merger norms are believed to be close to what is now allowed for companies. According to this, LLPs will require permission from the proposed national company law tribunal or a high court besides clearance from a registrar of LLPs for a merger or acquisition. As the first step, an LLP will need a direction from a court or the tribunal to call a meeting of creditors and partners to discuss the deal. If three-fourth of the creditors or partners by value agree, the tribunal may approve the deal with appropriate modifications. The tribunals decision will also hinge on a compliance certificate given by the registrar or the official liquidator attached to the high court. Depending on the nature of the restructure or deal, either of these two offices would be required to certify to the tribunal that the LLP which would cease to exist after the merger or restructure has been run without prejudice to its partners or to the public. For the deal to come into force, the LLP must intimate the registrar about the tribunals decision within a stipulated period. It may face a penalty if it does not. Conversion of an existing partnership firm into an LLP will allow it to rope in unfamiliar faces with deep pockets or expertise as no partner will be held answerable for the lapses of another partner in an LLP. In a traditional partnership firm, mutual trust and confidence plays a large part in roping in investors. This limits a partnerships access to resources. The absence of vicarious liability in an LLP would encourage them to get more partners and grow in size to international standards, said Institute of Company Secretaries of India council member and former president Preeti Malhotra. The institute acts as the regulator of company secretaries.