URGENT QUERY(CONSORTIUM)
This query is : Resolved
CA Abhishek Singh
(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
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
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.
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.
Murtaza I Bhagat
(Expert)
22 December 2009
agree
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
- EPF ECR NEW FILE SEP 17TH 2026
- Capital Gail Exemption Certificate
- SECTION 393(3) TAX ON CASH WITHDRAWAL
- Under marginal scheme
- Utilisation Fy 25-26 TDS challans in Fy 26-27 TDS Return
- Import of Software Service.
- TDS on Fixed Assets purchased
- Clarification Requested: Gift → NRO → NRE → Overseas Transfer - USA/CANDA (FEMA & Tax Compliance)
- Capitalgain tax purposes for valuation report compulsory
- TAX AUDIT ON PROFESSIONAL INCOME
- IMPORT PURCHASE ENTRY PASSED IN BOOKS OF ACCOUNT
- FAST DS 26 Undisclosed Foreign Asset Disclosure Scheme 2026
- Regime change
- Goods sold but invoice not issued
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- FAST-DS 2026 Under Tax Law - No recourse or support for person declaring via this scheme?
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
- How to pay remaining amount of TDS after due date?
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
