Partner Ship Firm.
This query is : Resolved
15 July 2009
Dear Friends,
My client is running parnetship firm with two partners as indiviuals , the firm is enjoying 80IB deduction benefit.
Now the client wants to reconstitue the firm by changing one partner from individual to one ltd. company already existing.
My query is:
1. If Ltd. company become the partner, still 80IB benefit will continue.
2. Is MAT provisons under sec.115JB will be applicable on the profit share of the Public Limited company.
3. What other effects can arise?
Regards,
Piyush Jain
My client is running parnetship firm with two partners as indiviuals , the firm is enjoying 80IB deduction benefit.
Now the client wants to reconstitue the firm by changing one partner from individual to one ltd. company already existing.
My query is:
1. If Ltd. company become the partner, still 80IB benefit will continue.
2. Is MAT provisons under sec.115JB will be applicable on the profit share of the Public Limited company.
3. What other effects can arise?
Regards,
Piyush Jain
16 July 2009
hello piyush!
your answer querywise as follows:-
1. Yes firm will continue be eligible for climing benefit under section 80IB.
2. no, MAT provision will not applicable in this case as share income of partner is exempt in hands of partner u/s 10(2A).
just file revised deed of partnership with department.
your answer querywise as follows:-
1. Yes firm will continue be eligible for climing benefit under section 80IB.
2. no, MAT provision will not applicable in this case as share income of partner is exempt in hands of partner u/s 10(2A).
just file revised deed of partnership with department.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- ITR 2 Short Term gain & Long term gain
- Itr 1 processing
- Reporting Income under Section 44ADA
- Off Market debit and credit transaction
- Showing Gift from relative in ITR for this year
- ITR validation error - Balance sheet is not filled
- ITR 1: Details for showing Exempt Income
- ITR returnFY25-26
- Share accounting-->fifo - capital gain - period as per fifo?
- Short Term Capital gain on shares bought and sold after 2018 onwards
- Opting out" of regime provided under subsection (1A) of Section 115BAC but Form 10IEA is not filed.
- Gst invoice numbering and delivery challan numbering
- Sales amount in Gstr1
- E Commerce GSTR1 & 3B how to file
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
- GST Refund_RFD-01
- Form10BD was uploaded successfully without any Error but after 24 hours, Form10BE are not available
- Annexure B utility for GST Refund
- Tax amount diff in Gstr1 and 3B in tax compare reports
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
