Formation, Management & Taxation of Partnership Firms & Partners

by Ram Dutt Sharma

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Chapter 1—Introduction	1 –8
Chapter 2—Advantage and Disadvantages of a Partnership Firm	9–10
Chapter 3—Partnership Law as Prevalent in India	11-13
Chapter 4—Residential Status of a Partnership Firm	14-15
Chapter 5—Partnership Deed	16-22
Chapter 6—Registration of Partnership Firm in India	23-27
Chapter 7—Definition of Firm [Section 2(23)]	28-40
Chapter 8—Share of Profit Received by a Partner from the Firm [Section 10(2A)]	41-43
Chapter 9—Who can become a Partner in a Firm	44-49
Chapter 10—Type of partners in Partnership Firm	50-52
Chapter 11—Introduction of a Partner	53-55
Chapter 12—Minors Admitted to the Benefits of Partnership	56-58
Chapter 13—Retirement of a Partner [Section 32 of the Indian Partnership Act, 1932]	59-66
Chapter 14—Expulsion of a Partner [Section 33 of the Indian Partnership Act, 1932]	67-68
Chapter 15—Insolvency of a Partner [Section 34 of the Indian Partnership Act, 1932]	69-70
Chapter 16—Death of a Partner [Section 42(c) of the Indian Partnership Act, 1932]	71-72
Chapter 17—Position of a Partnership Firm with two Partners on Death of one Partner	73-75
Chapter 18—Allowability of Remuneration and Interest paid to Partners [Section 40(b)]	76-104
Chapter 19—Tax Audit for Partnership Firm [Section 44AB]	105-109
Chapter 20—Capital Gain on Transfer of Capital Asset by a Partners, Member to a Firm or AOPs or BOIs, as Capital Contribution [Section 45(3)]	110-117
Chapter 21—Capital Gain on Transfer of Capital Assets by a Firm/AOP/BOI to Partner/Member on its Reconstitution [Section 45(4)]	118-152
Chapter 22—Applicability of Provisions of Section 64	153-155
Chapter 23—Losses of the Firms [Section 75]	156-163
Chapter 24—Carry Forward and Set off of Losses in Case of Change in Constitution Of Firm or on Succession [Section 78]	164-172
Chapter 25—Assessment of Registered Firms [Section 182]	173-178
Chapter 26—Assessment of Unregistered Firms [Section 183]	179
Chapter 27— Assessment as a Firm [Section 184]	180-211
Chapter 28—Assessment when Section 184 not Complied with [Section 185]	212-222
Chapter 29—Cancellation of Registration [Section 186]	223-228
Chapter 30—Change in Constitution of a Firm [Section 187]	229-238
Chapter 31—Sucession of One Firm by Another Firm [Section 188]	239-250
Chapter 32—Joint and Several Liability of Partners for Tax Payable by Firm [Section 188A]	251-259
Chapter 33—Dissolution of Firm or Discontinuance of Business [Section 189]	260-282
Chapter 34—Provisions Applicable to Past Assessments of Firms [Section 189A]	283
Chapter 35—Due Date for Filing of Income Tax Return of Firm	284
Chapter 36— Income Tax Rates for Partnership Firm	285
Chapter 37—Assessment of Firm	286-299
Chapter 38—Assessment of Partners	300-310
Chapter 39—Penalities Leviable	311-318
Chapter 40—Offences by Firm and Partners	319-332
Chapter 41—House Property Income of Partnership Firm and Partners	333-343
Chapter 42—Reopening of Case of Partnership Firm	344-345
Chapter 43—Revision of Orders Prejudicial to Interests of Revenue	346-351
Chapter 44—Conversion of Partnership Firm into Private Limited Company	352-362
Chapter 45—Conversion of Partnership Firm into Limited Liability Partnership	363-367
Chapter 46—The Indian Partnership Act, 1932	368-389
Chapter 47—Important Forms	390-402

About the Author

Ram Dutt Sharma

Ram Dutt Sharma was born on 27th June, 1958 in Narnaul, Haryana. He got his post-graduation from M.D. University, Rohtak in 1980. He joined the Income-tax Department in the year 1983 and retired as Income Tax Officer on 30.06.2018. He worked at various stations of North-West Region of Income-tax Department. He has wide experience of all wings of Income-tax Department such as Assessment Unit, Special Range, TDS Wing, Investigation Wing, etc. He has been Contributing articles and addressing on topics relating to Income Tax at NADT Regional Campus, Chandigarh & Bhopal. He has also addressed number of seminars organized by the Income-tax Department, Chartered Accountants, Advocates and various Trade Associations.

He is recipient of first-ever Finance Minister's Award 2017, the Income Tax Departments highest honour for sustained devotion, commitment to duty & promoting excellence in the field of Direct Taxation at National Level. The Hon'ble Union Finance Minister, Shri ArunJaitley conferred this Finance Ministers Award for Excellence for his meritorious services at VigyanBhawan, New Delhi on 24.07.2017.

Awarded by Hon'ble Member (Revenue& TPS), CBT, Special Secretary to the Government of India Certificate of Appreciation for his contribution recognized and included in the chapter Miscellaneous Orders in Let Us Share A compilation of Best Practices & Orders Vol. VIII released on 31stOctober, 2016.

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