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Limited Liability Partnerships (LLPs) have become one of the most preferred business structures in India due to their operational flexibility, limited liability protection, and simplified compliance requirements. However, like any other business entity, LLPs that fail to comply with statutory requirements or become inactive may eventually face strike-off proceedings under the provisions of the Limited Liability Partnership Act, 2008 . The Ministry of Corporate Affairs (MCA) regularly publishes reports on LLPs that have been struck off or closed. The latest LLP Strike-Off Update – June 2026 has been released under Section 75 of the LLP Act, 2008 , enabling businesses, professionals, lenders, investors, and other stakeholders to verify the status of LLPs across the country. If you are associated with an LLP—or planning to establish one—understanding these updates is essential for maintaining compliance and making informed business decisions. What is LLP Strike-Off? An LLP strike-of...

The Income Tax Department has released the Excel Utility for ITR-7 for Assessment Year (AY) 2026–27 on the Income Tax e-Filing Portal. This is an important update for trusts, charitable institutions, political parties, educational institutions, research organizations, religious entities, and other eligible taxpayers who are required to file their income tax returns using ITR-7 . The availability of the Excel Utility allows eligible taxpayers to prepare, validate, and upload their Income Tax Returns offline before submitting them through the e-Filing portal. Filing returns accurately and within the prescribed due date helps organizations remain compliant with tax laws while avoiding unnecessary notices, penalties, and delays. If your organization falls under the category of taxpayers required to file ITR-7 , now is the ideal time to begin preparing your return. What is ITR-7? ITR-7 is an Income Tax Return form prescribed for specific persons and entities required to furnish retur...

As global opportunities continue to grow, many Indian taxpayers now earn income from overseas employment, own foreign investments, maintain international bank accounts, or hold assets outside India. While these financial interests can provide significant benefits, they also come with important tax reporting responsibilities. If you are filing your Income Tax Return (ITR) for Assessment Year (AY) 2026–27 , it is essential to determine whether you are required to disclose your foreign income and foreign assets. Failure to report such information correctly may lead to notices from the Income Tax Department, penalties, or extended scrutiny. At Taxla Services Pvt. Ltd. , we help individuals and businesses understand their reporting obligations and ensure that every required disclosure is made accurately and in compliance with the Income-tax Act. Understanding Foreign Income and Foreign Assets Foreign income refers to any income earned from sources outside India. Similarly, foreign asse...

Being appointed as a director in a company is a significant professional milestone. Along with leadership responsibilities comes an increased obligation to comply with India's tax laws. The Income Tax Department requires directors to provide specific disclosures while filing their Income Tax Return (ITR). These disclosures help ensure transparency, improve compliance, and reduce the risk of tax evasion. Many taxpayers mistakenly believe that if they receive only a salary or director's remuneration, filing an ITR is straightforward. However, individuals holding a directorship in any company—whether private, public, active, or dormant—must pay special attention while filing their returns. For the Assessment Year (AY) 2026–27, directors should ensure that all mandatory disclosures are accurately reported to avoid notices, delays in processing, or future scrutiny. In this article, we explain everything directors need to know before filing their Income Tax Return. Why Are Addit...