Handbook on Taxation of Partnership Firms and Limited Liability Partnerships : Frequently Asked Question

With Special Reference to Section 9B & Section 45 (4) of the Income-tax Act, 1961, Case Studies 
General Law, and Specimens
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Description
This publication is dedicated in the fond memory of Late Shri Bharatji Agrawal, Serior advocate and Past National President of
AIFTP.
► The publication contains 360 Frequently Asked Questions on the subject of takation of Partnership Firms and Limited Liability   
      Partnerships.
► The publication is divided into 24 Chapters, viz., Admission of a Partner, Dissolution of a Partnership Firm, Reconstitution of a   
     Partnership Firm, etc.
► The publication draws a special reference to section 9B and section 45(4) of the income-tax Act, 1961 to provide clarity on these
      provisions with the help of case studies, there being no reference to the same in the Memorandum explaining the provisions of the
      Finance Bill, 2021 (2021) 430 ITR 2141276 Taxman 192 (St) and not in the Notes on Clauses (2021)430 ITR 160/276 Taxman 150 (St).
► The publication addresses queries on the implications of other laws, viz., Stamp duty, GST, FEMA, Labour Laws vis-à-vis Partnership
     Firms & Limited Liability Partnerships. 
► The publication contains the important specimens, reference to relevant provisions of the income tax Act, 1961, and a Bare Act of the
     Indian Partnership Act, 1932 and Limited Liability Partnership Act, 2008 for ready reference.
     This publication will serve as a useful reference and guide to Lawyers, Chartered Accountants, Tax practitioners, taxpayers as well as the
     Officers of the Tax Department to understand the basic principle of the Indian Partnership Act, 1932 vis-à-vis Direct taxes. It is the only
     publication that deals exhaustively with the new provisions of section 9B and section 45(4) of the income tax Act 1961 and General Law.
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Table of Contents
Chapter 1. General
Chapter 2. Operational issues
Chapter 3. Issues on Residency
Chapter 4. Compliances
Chapter 5. Registration and Inception of a Partnership Firm/Limited Liability Partnership
Chapter 6. Section 9B of the Income-tax Act, 1961
Chapter 7. Section 45(4) of the Income-tax Act, 1961
Chapter 8. Interplay between section 9B & section 45(4)
Chapter of the Income-tax Act, 1961
Chapter 9. Admission of a Partner
Chapter 10. Retirement of a Partner
Chapter 11. Expulsion, Death and Insolvency of a Partner
Chapter 12. Reconstitution of a Partnership Firm
Chapter 13. Dissolution of a Partnership Firm
Chapter 14. Conversion of a Partnership Firm
Chapter 15. Set-off and Carry Forward of Losses
Chapter 16. Gift Implications
Chapter 17. Liability and Prosecution
Chapter 18. Stamp Duty Implications
Chapter 19. Goods & Services Tax (GST) Implications
Chapter 20. Labour Law Implications
Chapter 21. Association of Persons and Body of Individuals
Chapter 22. Miscellaneous
Chapter 23. Specimens
Chapter 24. Case Studies
Appendices
Appendix 1: Indian Partnership Act, 1932
Appendix 2 : Limited Liability Partnership Act, 2008
Appendix 3 : Relevant Sections and Rules of
                            Income-tax
Appendix 4 : Circular No. 14 of 2021, dated July 02, 2021
List of cases
Subject Index
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Author Details
Dr, K.Shivaram, Senior Advocate
Adv. Shashi Ashok Bekal, CA, LL.M. Taxation (JGU), LL.M. (MNLU), FIT Fellow