Llp

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Asawari Malhotra (Querist)
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17 July 2013 Is an llp included in partnership firm for the definition of assesse or is this another addition to the list (of assessees)

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
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17 July 2013 PARTNERSHIP FIRM – DEFINITION [SEC. 2(23)]

Section 2(23) of the Income-tax Act which defines "Firm", "Partnership" and "Partner" provides that these terms shall have meanings assigned to them under the Indian Partnership Act, 1932.

As per amendment made by Finance (No. 2) Act, 2009, a Limited Liability Partnership (LLP) is included in the definition of ‘Firm’, ‘Partnership’ and ‘Partner’.

Accordingly the provisions of Taxation applicable to a Partnership Firm constituted under Indian Partnership Act, 1932 will equally be applicable to a firm constituted under LLP Act, 2008.

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Rajat Poddar

Rajat Poddar (Expert)
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17 July 2013 Agreed with the Expert..

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Asawari Malhotra

Asawari Malhotra (Querist)
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17 July 2013 Thank you sir

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