Registration of partnership firm
This query is : Resolved
Harrshal M Dakle
(Querist)
08 August 2011
Dear Members,
Is Registration of Partnership Firm Compulsory to be assessed as Firm for Income Tax Purpose
Is Registration of Partnership Firm Compulsory to be assessed as Firm for Income Tax Purpose
CA. Nishant Khatana
(Expert)
08 August 2011
No, Registration of partnership firm is not compulsory for Income tax purposes. The only thing you have to do is prepare the partnership deed, make it duly notarized and apply for the PAN with self certified copy of Partnership deed.
But registration is recommended as the firm can not sue in its own name unless it is registred under The Indian Partnership Act, 1932.
But registration is recommended as the firm can not sue in its own name unless it is registred under The Indian Partnership Act, 1932.
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