ROLL NO.

33 34 36

NAME OF THE MEMBER

MEDHA PATKE ABHINITA POOJARY NISHIT SARAIYA

Formation of Partnership Firm under Partnership Act 1932 Registration with Registrar of Firm Functioning of Partnership

Interest to Partners
Duration of firm- At will Statutory Requirement under Income Tax Act-1961 Dissolution of firm

Book Profit/Loss

% of amount of deduction (i) loss or profit upto Rs. Rs. 1,50,000/- or 90% of 3,00,000 Book Profit whichever is more (ii) on the balance 60% of book profit

History

Pre-condition

for registering LLP

Nature of LLP
Indian Partnership Act, 1932 shall not apply to LLP Incorporation and Incidental matters

Partners

and their relations

 Extent

and Limitation of Liability of LLP and Partners

of partners

Contribution Financial Other

disclosures

issue of LLP of partners

Taxation

Particulars

Income Tax

Surcha Educati Higher Effe rge on Educati ctiv Cess on Cess e R ate

Total Income (Other than Capital Gain) Long Term Capital Gain [Sec. 112(1)(d)(ii)] Short Term Capital Gain on Securities (where STT is paid) (Sec. 111A)

30%

2%

1%

30.9 % 20.6 %

20%

2%

1%

15%

2%

1%

15.4 5%

FACT - Two persons carrying the business of civil contract decided, at the end of year, to bring their individual business under partneship firm. They inserted a clause in the deed - "in case partners carry the business of the same nature of firm's business, then the business of partners shall be considered as the business of firm." By virtue of this clause, the civil contract business carried by partners were considered as the business of firm. - the partnership deed made at end of year, can not consolidate the projects already in position of individuals prior to the date of deed.
Query - Shall assessing officer consider the business of partners as the business of firm, if yes, shall the tax credit appearing in the partners PAN be transferred to the PAN of firm

 Can

A person become a partner in Dual Capacity ??? ( HUF as well as A partnership firm)

 http://business.gov.in/manage_business/tax

ation_partnerships.php
http://cakamalg.blogspot.in/2010/04/forma

tion-of-partnership-firm.html
http://www.madaan.com/llpindia.html Direct

Taxes law & practice V.K.Singhania