Formation, Management and Taxation of Partnership Firms and Partners (As per Partnership Act, 1932 & Income Tax Act, 1961)

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Description
The traditional form of business organization is sole proprietorship wherein all the business resources are provided by the sole trader himself. This form of business may be suitable to the small-sized business but cannot suit the medium and large sized units. Sole proprietorship suffers from limited means, ability, skill and unlimited liability. In case the business decides to grow in size there will always be need for more capital, more skill, efficient management and fellow partners, to share the risk and liabilities. In such cases, formation of partnership is one of the way out to meet the expansion requirements of  proprietorship. This book titled "Formation, Management and Taxation of Partnership Firms and Partners" under Income-tax law has been developed with the prime objective of serving as a quick refresher-cum-knowledge builder for all those, who are involved in formation, management and taxation of these entities in India. This book, though small in size, is a unique  publication from every ones' view point. This book has not only covered important taxing issues, related to these taxable entities, but also tried to answer of problems pertaining to all concerned. The book thoroughly explains the legal and practical issues involved in forming a partnership firm. The book discusses some basic aspects of partnership such as Taxation of Partnership Firms which includes Income Tax Rate applicable, Provisions related to Interest and Remuneration to  partners/Designated Partners, Conditions for assessment as a firm, Partners' assessments, Losses of the firm, Due dates for filing return of firm, Allowability of remuneration and interest vis-a-vis presumptive taxation, Due dates for filing return of firm and Due dates for filing of returns of partners, treatment of situations like admission of partner, retirement, death and dissolution.
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Table of Contents
Chapter 1 : Introduction
Chapter 2 : Advantages and Disadvantages of a Partnership Firm
Chapter 3 : Partnership Law as Prevalent in India
Chapter 4 : Residential Statues of a Partnership firm
Chapter 5 : Partnership Deed
Chapter 6 : Registration of Partnership firm in India
Chapter 7 : Definition of firm
Chapter 8 : Share of profit Received by a Partner from the firm
Chapter 9 : Who can become a Partner in a firm
Chapter 10 : Type of Partners in Partnership firm
Chapter 11 : Introducing of a Partner
Chapter 12 : Minors Admitted to the Benefit of Partnership
Chapter 13 : Retirement of a Partner
Chapter 14 : Expulsion of a Partner
Chapter 15 : Insolvency of a Partner
Chapter 16 : Death of a Partner
Chapter 17 : Position of a Partnership firm with two Partners on Death of one Partner
Chapter 18 : Allowability of Remuneration and Interest Paid to Partners
Chapter 19 : Tax Audit for Partnership firm
Chapter 20 : Capital gain on Transfer of Capital Asset by a Partner, Member to a firm or
                            AOPs or BOIs, as Capital Contribution
Chapter 21 : Capital Gain on Transfer of Capital Asset by a Partner, Member to a firm or 
                            AOPs / BOIs to Partner / Member on its Reconstitution
Chapter 22 : Applicability of Provisions 
Chapter 23 : Losses of the Firm
Chapter 24 : Carry forward and set off of losses in Case of Change in Constitution of Firm or
                           on Succession
Chapter 25 : Assessment of Registered firms
Chapter 26 : Assessment of Unregistered firm
Chapter 27 : Assessment as a firm
Chapter 28 : Assessment when sec. 184 not Complied 
Chapter 29 : Cancellation of Registration 
Chapter 30 : Change in Constitution of a Firm
Chapter 31 : Succession of One Firm by Another Firm
Chapter 32 : Joint and Several Liability of Partners for Tax Payable by firm
Chapter 33 : Dissolution of firm or Discontinuance of Business
Chapter 34 : Provision Applicable to Past Assessment of Firm
Chapter 35 : Due date for Filing of Income Tax Return of Firm
Chapter 36 : Income Ta Rates for Partnership firm
Chapter 37 : Assessment of firm
Chapter 38 : Assessment of Partner
Chapter 39 : Penalties Leviable
Chapter 40 : Offence by firm and Partners
Chapter 41 : House Property Income of Partnership firm and Partners
Chapter 42 : Reopening of Case of Partnership Firm
Chapter 43 : Revision of Orders Prejudicial to Interests of Revenue
Chapter 44 : Conversion of Partnership firm into Private Limited Company
Chapter 45 : Conversion of Partnership firm into Limited Liability Partnership
Chapter 46 : The Indian Partnership Act, 1932
Chapter 47 : Important Forms
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Author Details
Ram Dutt Sharma, got his post-graduation (M.Sc.) from M.D. University, Rohtak in 1980. He joined the Income-tax Department in the year 1983 and presently working as Income Tax Officer in Faridabad. He worked at various stations of North-West Region of Income Tax Department. He has wide experience of all wings of Income Tax Department such as assessment unit, Special Range, TDS Wing, Investigation Wing, Intelligence and Criminal Investigation etc. He has been contributing articles and addressing on topics relating to Income Tax at Direct Tax, Regional Training Institute, Chandigarh. He has also addressed number of seminars organized by the Income-tax Department, Chartered Accountants, Advocates and various Trade Associations. He is the author of number of books on direct taxes, namely Computation of income from salary under income tax law with tax planning, Computation of income from house property, Formation and Management of Charitable mad Religious Trust, Educational and Medical Institutions under income- tax law, Taxation of Non-Resident Indians under income-tax law etc. which have been highly appreciated by the readers.