Tag: All about Partnership Firms

Section 30 of the Indian Partnership Act, provides that though a minor cannot be a partner in a firm, but, with the consent of all the partners for the time...

As per Section 40(b) of the Income Tax Act 1961, Interest & Salary paid to the Partners by the Partnership Firm are allowed to be deducted as an expense only...

Although Partnership Firms don’t have a separate legal entity, for the purpose of Income Tax, they are treated as different from their partners. Partnership Firms whether registered or unregistered are...

Partnerships in India are governed by the Indian Partnership Act, 1932 and as per this act a partnership deed may be registered or unregistered. However, there are certain benefits of...

Partnership and Proprietorship are the 2 most popular forms of business organisations in India. The reason why these 2 forms of organisations are so popular is because they are relatively...

Persons who have entered into partnership with one another to carry on a business are individually called “Partners“; collectively called as a “Partnership Firm”; and the name under which their...