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URGENT QUERY(CONSORTIUM)

This query is : Resolved 
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(Querist)
22 December 2009 HI EVERYONE,

THERE ARE 2 PROPRIETORSHIP FIRMS. BOTH ENTER INTO AN AGREEMENT FOR A CONTRACT WORK. WHAT WILL THIS CONSTITUTION BE CALLED.

OPTION
JOINT VENTURE(IF FOR THIS PURPOSE)
CONSORTIUM
ASSOCIATION OF PERSONS
PARTNERSHIP(IF PERMANENT PARTNERSHIP)

WHAT IS THE BEST OPTIION OF ABOVE.
I HAVE NOT HEARD OF CONSORTIUM
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Heera Nahariya

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Heera Nahariya (Expert)
22 December 2009 As far as income tax is concerned it recognises two persons with respect to your query. Section 2(31) of Income Tax Act includes AOP & Partnership firm and consortium & joint venture is to be considered with in the ambit ot the said definition.

If the partnership is evidenced through a registered document i.e. partnership deed is regared as firm and if not then AOP.

It is better to join hands under partnership deed.
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Murtaza I Bhagat

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Murtaza I Bhagat (Expert)
22 December 2009 agree
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