firm
This query is : Resolved
20 November 2009
please clarify the definition firm
20 November 2009
Hi Kalicharan,a firm is a taxable entity distinct from its partners. Regards,
CA Shakuntala Chhangani
CA Shakuntala Chhangani
20 November 2009
FIRM is a group of person, they are agree to achive common goal.
20 November 2009
A firm can be a proprietory firm or a partnership firm or any other concern. As per Income Tax Act, it's a partnership firm
21 November 2009
for income tax purpose, firm has the meanings as assigned to it in the Indian Partnership Act, 1932 (9 of 1932) however now it includes limited liabilty partnership.
A firm to be assessed as a firm is required to satisfy conditions specified u/s-184 of the Income Tax Act,1961,which are as follows:-
1 It should be supported by Deed
2.share of individual partner shoud be given in deed
certified copy of deed should be filed to ITO with ITR
A firm to be assessed as a firm is required to satisfy conditions specified u/s-184 of the Income Tax Act,1961,which are as follows:-
1 It should be supported by Deed
2.share of individual partner shoud be given in deed
certified copy of deed should be filed to ITO with ITR
22 November 2009
Hey friends, if u go as per Indian partnership Act, 1932,partners are collectively called firm n individually partners. there is no need of any written partnership deed. but if u do not register the firm then it will be assessed as Aop/BOI by income tax authorities.
23 November 2009
Agreed with Shakuntala,
with a submission that as soon as any partner goes-out/ ceased to be act as a partner, the partnership disolved and each partner becomes liable to the debts/liabilities of the firm individualy and/or collectively.
Regards
with a submission that as soon as any partner goes-out/ ceased to be act as a partner, the partnership disolved and each partner becomes liable to the debts/liabilities of the firm individualy and/or collectively.
Regards
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- REGARDING GST ON COMMERICIAL PROPERTY
- Is this income indian or foreign income?
- 15ca /15cb whose income tax login? remitter or nri seller's login?
- GST on export of services and Input Credit
- RCM applicability on Rent Paid by Registered Person to Unregistered Landlord for Residental Building
- TDS U/S. 194NF
- ITC temporary reversal and reclaim
- Regarding Documentation & Compliances for Opening of Unit of Pvt Ltd.
- Applicable TDS rate for sale of property in Nov 2024
- Should I report my US salary for January, February, March in Schedule FA?
- LAST YEAR 2022-23 ITC IN NEXT YEAR 2023-24 REPORITNG IN GSTR-9
- MIS MATCH OF INVOICE NUMBER
- IGST Credit-Show cause notice issued-confusion
- Issue of gst e invoice
- How to adjusted advances given or receipt
- Foreign vendor without PAN unable to to register due to non receipt of OTP on foreign number ?
- 133(6) DIN INVALID format error - ->WHERE TO REPLY 133(6) notice?
- Query for dubts
- Regarding einvoice taken on nil rated sales
- Strategical investment in Public listed company
Trending Online Classes
CAclubindia
