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REGISTRATION OF FIRMS UNDER INCOME TAX RULE, 1962

Income Tax - By: - Mr. M. GOVINDARAJAN - Dated:- 3-12-2018 Last Replied Date:- 4-12-2018 - Introduction A partnership to be recognized for the purpose of income Tax liability of the partners and their firm is required to comply with certain provisions of the Income Tax Act. While therefore drafting a deed of partnership the provisions of the Act are required to be taken in to account. A partnership firm is required to be registered under sections 58 and 59 of the Partnership Act, though it is no .....

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l year. Change in constitution There is a change in the constitution of the firm- if one or more of the partners cease to be partners or one or more new partners are admitted, in such circumstances that one or more of the persons who were partners of the firm before the change continue as partner or partners after the change ; or where all the partners continue with a change in their respective shares or in the shares of some of them Application made before the end of the relevant previous year .....

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ereof may be attached to the application if, for sufficient reason, the original instrument cannot be produced. Where any change or changes in the constitution of the firm or the shares of the partners have taken place during the previous year before the date of the application- the application shall be made in Form No. 11A; the application shall be accompanied by the original instrument or instruments, evidencing the partnership as in existence from time to time during the previous year up to t .....

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have taken place during the previous year, a fresh application shall be made after each such change takes place. Application filed after the end of the financial year Where the application is made after the end of the relevant previous year- where no change in the constitution of the firm or the shares of the partners has taken place during the said previous year and up to the date of the application, the application shall be made in Form No. 11 and it shall be accompanied by the original instru .....

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ication shall be made in Form No. 11A; and the application shall be accompanied by the original instrument or instruments evidencing the partnership as in existence from time to time during the previous year and up to the date of the application together with copies thereof. A certified copy of the instrument or instruments together with a duplicate copy thereof may be attached to the application if, for sufficient reason, the original instrument or instruments cannot be produced. Signing the ap .....

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