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Special Provisions regarding Assessment of Firm

Special Provisions regarding Assessment of Firm

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Published by Gaurav Kumar

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Categories:Types, Business/Law
Published by: Gaurav Kumar on Jan 29, 2010
Copyright:Attribution Non-commercial

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07/22/2012

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Special ProvisionsSpecial Provisionsregarding Assessment of regarding Assessment of FirmFirm
Group: 9Group
 
: 9
 
Special ProvisionsSpe
 
cial Provisionsapplicable to Firmsapp
 
licable to Firms
Rate of Tax in the case of Firm –Rate of Tax in the case of Firm –Sec. 167ASec. 167AAssessment as a firm –Assessment as a firm –Sec. 184Sec. 184
 The partnership is evidenced by an instrument in writing; The partnership is evidenced by an instrument in writing;
 The shares of each partner are specified in such instrument; The shares of each partner are specified in such instrument;
A copy of partnership instrument is certified by all the partners isA copy of partnership instrument is certified by all the partners isenclosed with a return of income in respect of the firstenclosed with a return of income in respect of the firstassessment year for which the status of firm is claimed.assessment year for which the status of firm is claimed.
 
Cont…Cont…
Assessment whenAssessment whenSec. 184Sec. 184is not complied with-is not complied with-Sec. 185Sec. 185Change in Constitution-Change in Constitution-Sec. 187Sec. 187
If one or more partners cease to be partners or one or more newIf one or more partners cease to be partners or one or more newpartners are admitted, in such circumstances that one or more of thepartners are admitted, in such circumstances that one or more of thepersons who were partners of the firm before the change, continue as apersons who were partners of the firm before the change, continue as apartner(s) of the change. However change due to death of a partner ispartner(s) of the change. However change due to death of a partner isnot considered as a change in the constitution of the firm;not considered as a change in the constitution of the firm;
All the partners are continuing, but there is a change in the profitAll the partners are continuing, but there is a change in the profitsharing ratio of some partners or all the partners.sharing ratio of some partners or all the partners.

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