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[D] ‘Assessment’ Of “FIRMS

 

 

1.         What Is Partnership ?

 

1. Which firm is to be assessed as FIRM ? [Section 184]

2. Instrument of partnership

3. When instrument of partnership is to be submitted?

4. Change in Constitution?

5. Meaning of Change in Constitution [Section 187]

6. Succession of One Firm by Another Firm (Sec. 188)

7. Liability of partners for tax payable by firm [Section 188A]

8. Firm Dissolved or Business Discontinued

9. Book Profit

 

2.        ASSESSMENT OF FIRM U/S 184 [which fulfils conditions of Section 184]

[A1]     Computation of firm’s business income :

[A2]     Limits on payment of remuneration to partners [Section 40(b)]

[A3]     Computation of Total Income of a FIRM

[A4]     Computation of firm’s Tax

[A5]     Treatment of Share of Income from firm

[A6]     Treatment of remuneration and interest received from firm

 

3.        ASSESSMENT OF FIRM U/S 185 [Assessment when Section 184 not complied with]

I.          Computation of business income

II.         Computation of total income

III.        Computation of firm’s Tax

IV.       Treatment of Share of Income from firm

V.        Treatment of remuneration and interest received from firm

Income Tax on Partnership Firms
1.      Meaning of Firm, Partner and Partnership—
2.      Liability of Partners of limited liability partnership in liquidation [Section 167C] —
3.      Assessment as a Firm [Section 184(1)]—
4.      First assessment as a firm [Section 184(2)]—
5.      Subsequent assessment as a firm [Sections 184(3) & 184(4)]—
6.      Failure of conditions mentioned in Section 144 [Section 184(5)]—
7.     Assessment when section 184 not complied with [Section 185]—
8.     Uls 40(b). Amounts deductable subject to limits.
9.     Special Provisions For Computation Of Income Of Certain Types Of Business
10.   Rates of Income-tax of Partnership Firms
 
Limited Liability Partnership
1.         Meaning of Limited Liability Partnership—
2.         Process to Start LLP
3.         Essential elements to incorporate LLP—
4.         Who can be partner in LLP—
5.         User Registration—
6.         Designated Partners and their role—
7.         Filing of LLP agreement (Form-3) and Partners’ details (Form-4)—
8.         Accounts, Audit and Returns—
9.         Conversion of existing firms, Companies and unlisted public company into an LLP—
9(a).    # Conversion of small company into LLP (Section 47(xiiib)]
10.         Winding up and dissolution of LLP—
11.       Difference between LLP and Partnership—
12.       Special provisions relating to certain limited liability patnerships— [Inserted bythe Finance Act, 2011, w.e.f. 1.04.2012].
 
 
 
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