section 184

The consequence of non-production of certified copy will naturally lead to disallowance of claims of deduction toward? payment of interest, remuneration, bonus etc. paid to partner by the firm by virtue of Section 185 of the Act We, therefore, hold that the production of certified copy of instrument of partnership is mandatory for claiming assessment in the status of a - firm for any -assessment year commencing from 1993-94 onwards irrespective of whether such assesses w.. Full Article

The Budget 2009-10 has introduced the provisions regarding taxation aspect of the newly introduced form of business Limited Liability Partnership. As per the Budget 2009-10 a limited liability partnership (LLP) will be taxed on the same lines as partnership firms — this would mean taxation of profit in the hands of the entity; the partners will be exempted. Full Article