Limited Liability Partnership | Ignish legal care

 Limited Liability Partnership (LLP)

A typical partnership sort of the business suffers from the matter of unlimited liability. Liabilities of partners of a firm extend right up to their personal assets. This makes regular partnerships undesirable for a lot of entrepreneurs. One solution for this issue exists within the type of liability Partnerships, better referred to as LLP on ignis legal care.

Limited Liability Partnerships (LLP)

Partners of typical partnership firms have unlimited liability towards their collective debts and legal consequences. this suggests that their own assets are responsible for attachment for meeting the firm’s debts and liabilities. And limited liability partnerships (LLP) solves this problem.

An LLP has all basic features of an everyday partnership firm, except that of same legal entity status and unlimited liability of partners. Consequently, indebtedness partnerships have legal existence and identity separate from that of its partners. Furthermore, its partners have limited liabilities.

Limited Liability Partnerships

Definition of LLP

The Parliament of India passed the limited liability Partnership Act in 2008 to manipulate LLP businesses in India. consistent with Section 2 of this law, an LLP may be a partnership registered under the Act. Further, an LLP agreement means a agreement either between an LLP’s partners or between the LLP itself and its partners. This agreement defines the rights, liabilities, duties, and powers of the partners.

Since the limited liability Partnership Act, 2008 specifically governs indebtedness partnerships in India, the provisions of the Indian Partnership Act, 1932 aren't applicable to LLPs. They only apply to traditional partnership firms.

Browse more Topics under Introduction To Partnership Accounting

Definition and Features of Partnership

Partnership Deed

Profit and Loss Appropriation Account

Fixed and Fluctuating Capital

Distinct Features of an LLP

A limited liability partnership contains the subsequent peculiar features:

1. Separate legal entity

Unlike regular partnership firms, limited liability partnerships are treated as separate legal entities. this means that LLPs can own assets and incur liabilities in their own names. they can also enter into contracts and sue and be sued in their own names.

2. limited liability of partners

The liabilities of partners of an LLP are separate and limited. Their personal assets won't susceptible to attachment just in case the LLP is completing or suffering certain legal consequences of repayment of debt.

Partners’ liabilities, however, can become unlimited in cases of offenses like fraud, the commission of an offense, or any other wrongful and illegal act.

3. Sharing of profits

All partners of indebtedness partnerships share profits of business even as partners of normal firms. They are, however, liberal to decide the ratio during which they're going to share profits.

4. Partners of LLPs

Partners of a limited liability partnership will be either natural persons, i.e. individuals, or perhaps body corporates. Furthermore, an individual can't be a partner if he suffers from unsoundness of mind or he's insolvent.

LLPs must have a minimum of two partners in the least times. Also, the utmost number of partners is unlimited, while it's restricted to 50 for regular partnership firms. If at any time, the amount of partners in an LLP becomes less than two, and the sole partner carries on business for more than six months under such circumstances, his liability towards the firm’s business will become unlimited.

NGO - TRUST REGISTRATION

WHAT IS TRUST?

As per the Indian Trust Act 1882, a NGO Trust is a preparation where the holder or owner transmits the belongings to somebody else or trustees for the advantage of beneficiary or recipient. NGO Trust is registered and mention under the state laws.

A NGO trust is basically stood for a non-governmental organization and it is a lawfully recognized association which is been undertaken or created by usual or ordinary individuals that activate separately devoid of interfering of the government or anyone’s else.

Ignis legal care offer the finest way to NGO trust registration  If you want to get the NGO trust registration then you can contact us by call on +91- 9829303123 on Ignislegalcare for the free consultation and for to get in touch with our compliance manager. 

TYPES OF TRUST

Trusts can be classified into two categories:

1.      PUBLIC TRUST: It is a trust whose beneficiaries include the public at large. Public Trust is further subdivided into two parts:

·         Public Charitable Trust;

·         Public Religious Trust.

2.       PRIVATE TRUST: A private Trust is the one whose beneficiaries include families or individuals.

Private trust is further subdivided into two parts:

·         Private Trusts whose beneficiaries and their requisite shares both can be determined;

·         The Private Trusts who’s both or either the beneficiaries and their requisite shares cannot be determined.

12A AND 80G CERTIFICATES

Income Tax Department issues 12A certificate to the trusts or NGOs. Any trust that has 12A certificate is not liable to pay Income tax for the entire lifetime on its surplus income.

A Trust must acquire 80G certificate. This certification gives the donor a permission to avail the benefit of deduction at the time of making donation.

TRUST REGISTRATION PROCESS

1. SELECTION OF NAME OF TRUST:

First thing is to select a unique name of your trust, the name should not violate or infringes someone else name or trademark.

2. DRAFTING OF TRUST DEED:

The trust deed needs to be drafted wherein the parties to the deed shall be settler (author of the trust deed), the trustee and the beneficiary.

3. FILING OF DOCUMENTS:

Filing documents before the registrar of the trust having jurisdictions for the registration of Trust.

4. APPLY FOR PAN, TAN, GST REGISTRATION, OPENING OF BANK ACCOUNT:

After registration of the trust, the next step is to apply for allotment of PAN Number and TAN, GST Registration and thereafter opening of a bank Account.

DOCUMENTS REQUIRED FOR REGISTRATION OF TRUST

·         Photograph of all trustees and author

·         Rent agreement or ownership documents and NOC signed by the landowner

·         ID proof of all trustees and author

·         Trust deed

·         PAN card of settler and each trustee

Latest utility bill 

NGO SOCIETY REGISTRATION

In (NGO) non-governmental organization society registration under the society registration act there are minimum 7 members are mandatory and needy to get registered in it. Society registration is also a lawful and officially permitted form that NGO usually acquires. Societies are generally and basically registered and listed for the progression and growth of charitable, altruistic performance like sports, music, culture, religion, art, education, etc. A NGO society is an organization and group of quite a lot of persons joint for the support of a frequent source devoid of any economic gain.

Ignis legal care offer the finest way to get the NGO society registration If you want to get the NGO society registration then you can contact us by call on +91- 9829303123 on Ignislegalcare for the free consultation and for to get in touch with our compliance manager.

PURPOSE OF SOCIETY REGISTRATION

A society can be registered for the development of fine arts, science, or literature or else for diffusion of purposeful knowledge or charitable purposes of political education. According to section 20 of Society Act, 1860, a society can be registered for following purposes:

1.       Promotion of fine arts

2.       Diffusion of political education

3.       Grant of charitable assistance

4.       Promotion of science and literature

5.       Creation of military orphan funds

6.       Maintenance or foundation of galleries or public museum

7.       Maintenance or foundation of reading rooms or libraries

8.       Promotion or diffusion or instruction of useful knowledge

9.       Collections of natural history.

ADVANTAGES OF REGISTRATION OF A SOCIETY

1.       After getting registered, a Society is deemed as a separate legal entity.

2.       A society holds the right to lease, rent, buy or sell property; borrow money or enter into legal contracts in its own name.

3.       Society members are not personally liable for any debt or obligations. Unless the debt is obtained for activities undertaken to make a profit. Or the activities undertaken are illegal in nature.

4.       A Society is entitled to income tax exemption

SOCIETY REGISTRATION PROCESS

1. CHOOSE AN APPROPRIATE NAME FOR THE SOCIETY

This is the first step in registering a Society. The name of your society should not be similar to the names of other societies already into existence

2. FORMULATE MEMORANDUM OF ASSOCIATION (MOA)

MOA represents the charter of the Society. It defines the relationship of its founding members with the other members of the society. MOA specifies the objectives for which such a Society is formed. Such a document should be signed by each of its founding members. Further, the signing of the document must be in the presence of the following witnesses: Oath commissioner/Notary Public/Gazette Officer/Advocate/First Class Magistrate.

3. SUBMISSION OF DOCUMENTS AND REGISTRATION

The applicant must submit two copies of the MOA along with the rules and regulations document to the concerned registrar of societies within the state. Along with these documents, the applicant must also submit the requisite fees as specified by the state government.

Then, the Registrar signs the first copy as acknowledgement and returns it to the applicant after receiving application. But he keeps the second copy for approval. Once the registrar is satisfied with the documents filed, he issues an incorporation certificate and allots a registration number to the same.

DOCUMENTS REQUIRED FOR REGISTRATION OF SOCIETY

1.       PAN card of all the members of the society.

2.       Proof of residence of all the members of the society. This can include Aadhaar card, driving licence, passport, utility bill.

3.       Memorandum of Association (MOA)

4.       Articles of Association (AOA)

5.       Covering Letter requesting registration of society.

6.       Non- Objection letter signed by the landowner

7.       Certified copy of  resolution for registration of society

8.       Declaration by the President of the Society

9.       List of all members of governing body with their signatures

Proof of the registered office address of the Society 

PARTNERSHIP FIRM REGISTRATION

Partnership is a form of commerce or company unit or thing where two or more than two individuals move towards and join together to offer the necessary or mandatory possessions. Partnership firm is basically belongs to the businesses or commerce in which the thing created by the individuals who have the same opinion and been agreed to share profit or the loss of the business and also it is a superlative or premium choice and entity of businesses and small businesses in where two or more than two individuals also agreed and contribute to their business and shares the profit or loss of the business.

A partnership firm can also register after it is created. A Partnership is uncomplicated to form, and the conformity is also minimal as comparative to the companies. In a partnership firm there is no penalty for the non- registration but the non-registered partnership firm are denied under the section 69 of the partnership Act which creates the major effect of the non-registered partnership firm.

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IS IT NECESSARY TO REGISTER A PARTNERSHIP FIRM

Indian Partnership Act, 1932 governs the partnerships. Registration of partnership firm is optional and it depends on the discretion of the partners.

However it is always advisable to register the firm since a registered firm enjoy special rights which aren’t available to the unregistered firms.

CONSEQUENCES OF NON REGISTRATION

A partner of an unregistered firm cannot file a suit in any court against the firm or other partners for the enforcement of any right arising from a contract or right conferred by the Partnership Act.

No suit to enforce a right arising from an agreement can be instituted in any Court by or on behalf of a firm against any third party unless the firm is registered.

An unregistered firm or any of its partners cannot claim set-off or other proceedings in a dispute with a third party.

Therefore, an unregistered partnership firms should apply for registration as soon as possible.

MINIMUM REQUIREMENTS TO FORM A PARTNERSHIP FIRM

1. UNIQUE NAME:

Name of the firm should be unique, and it must not same or similar to the name of any existing Company, LLP or trademark which is registered or applied for.

2. MINIMUM TWO PERSON

Minimum Two persons are needed to become partners of the firm.

3.NO MINIMUM CAPITAL:

No minimum capital is prescribed; it must be based on the business requirements.

4. MAIN BUSINESS OF FIRM:

To describe business activities of the firm, main objects of the firm must be specified before its formation.

CHECKLIST FOR REGISTRATION OF PARTNERSHIP FIRM

1.       Name of Partnership Firm;

2.       Full address of Principal and additional Place of Business;

3.       Self-attested copy of Proof of Identity/Address of all partners viz. Aadhar Card/Voter ID/Driving License/Passport, anyone;

4.       Valid E-mail ID of all partners;

5.       Valid Mobile Number of all Partners;

6.       Ward Number of the address of All Partners;

7.       Main Business Activity of Partnership Firm;.

8.       One Passport Size Photo of all Partners;

9.       Profit Sharing Ratio;

10.   10.Power of Attorney;

11.   Specimen Signature.

REGISTRATION BUSINESS AS ONE PERSON COMPANY (OPC)

One person company is a company that has only one person as its member and also it is accurate or appropriate for small businesses and commerce’s where the earnings, retribution and profits is not likely to cross Rs. 2 Crores and the utmost or greatest amount of capital is limited to Rs. 50 Lac. One person is a company which is having only a single or an individual owner as according to subsection 62 of section 2 of the companies’ act 2013. An OPC can have more than one director. Member of one Person Company are accepted as the company shareholders or the subscriber to its memorandum of association.

Only ordinary or excepted person who is Indian Citizen in previous economic year can include OPC. Only one person is essential and required to start an OPC and such individual shall be one and only member of the OPC. A candidate and nominee of such one and only member shall also be prearranged and allotted at the time of incorporation of the company.

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FEATURE AND ADVANTAGES OF ONE PERSON COMPANY

1. SEPARATE LEGAL EXISTENCE:

A One Person Company is a separate legal identity in the eyes of law. It means assets and liabilities of the business are not same as the assets and liabilities of the directors and shareholder. Both are considered as different.

2. LIMITED LIABILITY:

If the company undergoes financial distress, the personal assets of Sole member/shareholder cannot be used for paying the debts of the Company.

3. LEGAL STATUS AND SOCIAL RECOGNITION:

One Person Company is basically a Private Company and Private Limited Company is the most popular business structure in the world. It gives suppliers and customers a sense of confidence in business. Large organizations prefer to deal with private limited companies instead of proprietorship firms. Private Limited business structure enjoys corporate status in society which helps the entrepreneur to attract quality workforce and helps to retain them by giving corporate designations.

4. NOMINEE OF SOLE MEMBER:

A unique feature of OPCs that separates it from other kinds of companies is that the sole member of the company has to appoint a nominee while registering the company.

MINIMUM REQUIREMENTS TO REGISTER ONE PERSON COMPANY

1. UNIQUE NAME OF COMPANY:

The proposed name of the company should be unique one and should not be similar or resemble with an existing company or LLP or Registered Trademark or Trademark applied for.

2. MINIMUM ONE PERSON:

A One Person Company can be registered by only person, who shall act as the Sole Member and Director of the company and such sole member must be a Natural Person, Indian Citizen and who must stayed in India for at least 182 days during the preceding financial year.

3. NOMINEE OF SOLE MEMBER OF OPC:

Nominee of sole member of OPC shall be appointed at the time of incorporation of the One Person Company, who shall be member of OPC in case of death or disability of sole member.

4. CAPITAL REQUIREMENTS:

There is no requirement of minimum Paid up capital to register a One Person Company. Investment can be made as per requirements of business.

DOCUMENTS REQUIRED TO REGISTER A ONE PERSON COMPANY

·         Photograph of sole member/ director and nominee

·         Self attested copy of address proof viz. Bank statement/ electricity bill/ mobile bill/ telephone bill/ any one.

·         Self attested copy of pan card of sole member/ director and nominee

·         Rent agreement/ ownership documents and utility bill of the registered office of the company

·         Self attested copy of the aadhar card/ voter ID/ DL/ Passport, any one of sole Member/ director and nominee.

·         E-Mail ID/ Mobile/ No/ place of birth/ educational / qualification/ duration of stay etc. 

Import Export Code (IEC)

Import Export (IE) Code is a registration mandatory for individuals to importing or exporting goods and services from India. Import Export Code is a distinctive 10-digit alpha numeric code borrowed on the source of PAN of an entity. Import export code (IE Code) is issued by the Directorate all-purpose of Foreign Trade (DGFT), department and organization of Government of India. IE Code appliance is obliged to be complete to the Directorate General of Foreign Trade all along with the essential following documents. Once the appliance and application is submitted, DGFT will borrow the IE Code.

Import export code (IE Code) registration is everlasting listing and registration which is valid for a life span. For this reason, there will be no obligation and necessity for updating, filing and renewal of IE Code registration.

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Checklist or documents required for IEC Registration

(A)  For Individual or proprietorship Firm

·         Passport size Photograph;

·         Self-attested Copy of PAN card;

·         Self-attested Copy of Passport /Voter’s ID/Driving Licence/Aadhar card, anyone;

·         Rent Agreement or Sale deed in case business premise is self-owned;

·         Latest Electricity Bill/Landline Bill/Mobile Bill, ANY ONE;

·         Bank Certificate/Cancelled Cheque.

(B)   For Partnership Firm/LLP

·         Photograph of the Managing Partner/Designated Partner;

·         Self-attested Copy of PAN card of the partnership firm/LLP;

·         Self-attested Copy of Passport/Voter’s ID/Aadhar Card /Driving Licence, any one of the Managing Partner/ Designated Partner;

·         Self-attested copy of PAN Card of the Managing Partner/Designated partner;

·         Partnership Deed/LLP Agreement;

·         Rent Agreement or Sale deed in case business premise is self-owned;

·         Latest Electricity Bill/Landline Bill/Mobile Bill, ANY ONE,

·         Bank Certificate/Cancelled Cheque.

(C)   For Company

·         Photograph of Director signing the application;

·         Sealed and Signed Copy of PAN card of the company;

·         Self-attested Copy of Passport/Voter’s ID/Aadhar Card/Driving Licence any one of Director signing the application;

·         Self-attested copy of PAN card of the Director signing the application;

·         Certificate of Incorporation;

·         Rent Agreement or Sale deed in case business premise is self-owned;

·         Latest Electricity Bill/Landline Bill/Mobile Bill, ANY ONE;

·         Bank Certificate/Cancelled Cheque.

(D)  For Society OR Trust

·         Photograph of the authorized signatory/Secretary or Chief Executive;

·         Sealed and signed Copy of PAN card of the applicant entity;

·         Self-attested Copy of Passport /Voter’s ID/Aadhar Card/Driving Licence, any one of Secretary or Chief Executive/ Managing Trustee signing the application;

·         Self-attested copy of PAN of the Secretary or Chief Executive/ Managing Trustee signing the application;

·         Rent Agreement or Sale deed in case business premise is self-owned;

·         Latest Electricity Bill/Landline Bill/Mobile Bill, ANY ONE;

·         Bank Certificate/Cancelled Cheque;

·         Registration certificate;

·         MOA/Trust Deed.

(E)   For HUF

·         Photograph of the Karta;

·         Signed and sealed copy of PAN card of HUF;

·         Self-attested Copy of PAN card of the Karta;

·         Self-attested Copy of Passport/Voter’s ID/Aadhar card/Driving Licence; any one of the Karta;

·         Rent Agreement or Sale deed in case business premise is self-owned;

·         Latest Electricity Bill/Landline Bill/Mobile Bill, ANY ONE;

·         Bank Certificate/Cancelled Cheque.

REGISTRATION BUSINESS AS NIDHI COMPANY

Nidhi Company is a company or commerce registered and listed under the Companies Act, 2013, which is incorporated and included with a one and only or an individual. The purpose and intention of including and incorporating a Nidhi Company Registration is to encourage cheering and cultivating or humanizing the habit of savings and investments in the middle of its members. Nidhi company’s mainly intention and objective is to accept deposits and also allows taking deposits from and lending or lending money in between their members or to theirs members only.  

Nidhi Company has progress and advance as a well-liked and accepted lending or let somebody use machines or mechanism for get hold of and acquiring secured loans. These companies and commerce are for the most part and highly predominant and leading in the Southern Parts of India. Furthermore, or in the addition the procedure or process and the associations and interaction of this company and commerce are very much comparable, equivalent and analogous to that of a supportive culture and civilization.

Ignis legal care proffer the services or the Nidhi company registration in just as reliable or affordable cost of manner or in just as the short period of time you can consult us and contact by placing a call on +91-9829303123 anytime from anywhere.

The word “Nidhi” in Nidhi Company means “treasure” and it originates from the Hindi vocabulary.

FEATURE AND ADVANTAGES TO REGISTER A NIDHI COMPANY

1.      SEPARATE LEGAL ENTITY:

Nidhi Company is a separate and takes apart legal entity or an individual that can obtain and attain assets, possession and bring upon yourself or acquire debts in its own or individual name.

2.      NO EXTERNAL INVOLVEMENT:

Nidhi Companies receive and obtain funds or rites from their members and supplementary or additional makes obtainable and available loans to their members and associates only. All transactions and communications are complete and prepared contained by or with this group only. So, no external peripheral factors and features are affected or pretentious by the working and functioning of these companies and commerce.

3.      LOW CAPITAL REQUIREMENT:

There is minimum capital paid up capital requirement of Rs. 5 lakhs for registration of Nidhi Company.

4.      EASY ACCESS OF PUBLIC FUNDS:

The members and an individual can obtain and receive loans commencing and from the Nidhi Company and corporation at a cheaper rate and charge than loans from banks and financial economic organization or association and the process of acquiring or receiving loan are much more expedient and faster or more rapidly.

5.      LESS REGULATIONS:

Nidhi companies and commerce are governed and administrative under the Nidhi Rules, 2014 only. Ministry of Corporate Affairs is the regulating authority controlling the activities and operations of Nidhi.

MINIMUM REQUIREMENTS TO REGISTER NIDHI COMPANY

1.      UNIQUE NAME OF COMPANY:

The proposed name of the company should be unique one and should not be similar or resemble with an existing company or LLP or Registered Trademark or Trademark applied for.

2.      CAPITAL REQUIREMENT:

There is no requirement and necessity of minimum and least amount paid up wealth, resources or capital to register and listing a Nidhi Company. Investment can be made as per requirements of business or commerce.

3.      MINIMUM SEVEN PERSONS

A Nidhi Company can be registered and listed by at least seven persons, who shall act and do something as the shareholders and Directors of the company or commerce and out of which at Least One director must be resident and habitant in India.

4.      MAIN OBJECTS OF THE COMPANY:

Main Objects and substance of Nidhi Company shall be cultivating and humanizing the habits of savings or investments among its members, lending and borrowing money to its members.

DOCUMENTS REQUIRED TO REGISTER PUBLIC COMPANY

·         Photograph of all directors and shareholders

·         Pan card of all directors and shareholders

·         Self attested copy of address proof viz. Bank statement/ electricity bill/ mobile bill/ telephone bill any one.

·         Rent agreement/ ownership documents and utility bill of the registered office of the company

·         ID proof viz. Aadhar card/ voter ID/DL/passport, any one of all directors and shareholders.

E-mail ID/ Mobile No/ place of birth/ educational qualification/ duration of stay etc. 

SOLE PROPRIETORSHIP FIRM REGISTRATION

Sole Proprietorship firm is the easiest business or commerce arrangement and organization where the responsibility and dependability of procedure, operations and running or administrating the commerce and business lies exclusively and only with the proprietor or owner. At what time single person or an individual runs a business and commerce after that and then such kind of business and commerce is called as proprietary business or commerce, and the title-holder or owner of the business is called as proprietor. Sole Proprietorship is the for the most part ordinary or common form of the business and commerce which is used in India.

Sole Proprietorship is the simplest or easiest form of business and commerce done and used in India since or from the time when it isn’t governed and directed by any specific laws. Under the sole proprietorship’s, the compliance’s are minimal or negligible and easy for to fulfil. The decision making, pronouncement and management or administration of the business and commerce is in the hands of a single person or an individual.

Tax registration and other business registration’s is the right way to show existence of your proprietary business. Following registrations can be used to show the existence of your proprietary Business:

1.       Udhyam Registration.

2.       GST Registration.

3.       Shops and Commercials Establishments of the Registrations.

The owner of a sole proprietorship business typically signs contracts in his or her own name, because the sole proprietorship business has no separate identity under the law.

Ignis legal care proffer the services or the Soleproprietorship firm registration in just as reliable or affordable cost of manner or in just as the short period of time you can consult us and contact by placing a call on +91-9829303123 anytime from anywhere.

ADVANTAGES OF SOLE PROPRIETORSHIP FIRM REGISTRATION

1.      EASY TO START AND CLOSE BUSINESS:

One week’s time you can start your registered business saving your time and money.

2.      SINGLE OWNERSHIP:

Single ownership means less complication; also decision making is limited to one person.

3.      NO RESTRICTION FOR BUSINESS NAME:

There is no need to register or reserve the name for proprietorship purpose; you can directly start the business on any name of your choice.

4.      EASY TO CLOSURE:

Closure procedure is very simple with minimum formalities.

​ DOCUMENTS REQUIRED FOR REGISTRATION OF PROPRIETORSHIP FIRM

1.       Self-attested copy of Aadhar card of proprietor;

2.       One Passport size photo;

3.       Latest utility bill/rent agreement/Ownership Deed;

4.       Bank Statement/Cancelled Cheque for Bank Account Details purpose;

5.       Number of workers employed;

6.       Details of Investment in Plant & Machinery;

7.       Main Business Activity;

Mobile No and E-mail ID.

What is Income Tax Return

India’s Income Tax Laws are enclosing by the Government. The administration enforces an income tax on chargeable profits of all persons. Every person who meets the requirements as an occupant of India is necessary to pay tax on his or her comprehensive income. An income tax return clutch and grasp reports of income, and other appropriate or suitable tax information.

Every person whose Income go beyond the maximum value talks about in income return tax act are necessary to put down tax previous to due date or else, they will include to pay fine or well and interest to the tax authority. Income tax returns are obliged to be filed every year by a person on or before 31st July of the next financial or economic year. Ignislegalcare is the finest platform which proofer the income tax return registration in affordable or reliable in short period of time.

Advantages of Income Tax Return

· Claim for Refund

· Processing of Documents

· Carry-forward of losses

· Self-employed

· Government tender

· Avoid additional interest rates

· Avoid Penalties

· Processing Credit Card applications

· Refund of TDS

Disadvantages of Non-file ITR

· Loss in interest on refund

· Penalty

· Do not carry forward of losses

Reduce time for revising your income tax returns