Partnership Firm

Section 2(23)(i) of the Income-tax Act, 1961 takes the meaning of the “firm " from Indian Partnership Act, 1932. Section 4 of the Indian Partnership Act, 1932 defines firm as under: “Persons who have entered into partnership with one another are called individually "partners" and collectively "a firm", and the name under which their business is carried on is called the "firm name". The firm shall include a limited liability partnership as defined in the Limited Liability Partnership Act, 2008.Section 2(1)(n) of the Limited Liability Partnership Act, 2008 defines “limited liability partnership” as a partnership formed and registered under the Act.

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