Llp
This query is : Resolved
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)
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.
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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17 July 2013
Agreed with the Expert..
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17 July 2013
Thank you sir
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