22 December 2009
As far as income tax is concerned it recognises two persons with respect to your query. Section 2(31) of Income Tax Act includes AOP & Partnership firm and consortium & joint venture is to be considered with in the ambit ot the said definition.
If the partnership is evidenced through a registered document i.e. partnership deed is regared as firm and if not then AOP.
It is better to join hands under partnership deed.
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