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Querist : Anonymous

Querist : Anonymous (Querist)

21 April 2012 We have a partnership firm doing software development business existing for 5+ years. Now one of the partners retire. So while considering the total asset of the firm do we need to consider the software developed so far. Company's main income is from selling these software. Company also have some Annual Maintenance Contracts which also give earning and renewed every year

C A S.S.Agarwal, M.Com.,LL.B,

C A S.S.Agarwal, M.Com.,LL.B, (Expert)
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22 April 2012 Provisions of section 45(4) shall also be applicable and the firm will be liable for the taxes as there is change in the constitution of the firm and all assets have to be taken into account

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