Handbook on Taxation of Partnership Firms & Limited Liability Partnerships: Frequently Asked Questions

This unique/one-of-a-kind book covers 360 frequently asked questions (FAQs) on the contentious subject of Taxation of Partnership Firms & Limited Liability Partnerships. It is the only publication in the country that exhaustively deals with the new provisions of Section 9B and Section 45(4) of the Income-tax Act, 1961 & General Law.

This book will serve as a helpful reference and guide for Lawyers, Chartered Accountants, Tax Practitioners, Taxpayers, and the Officers of the Tax Department.

The Present Publication is the 2022 Edition, edited by Dr K. Shivaram & authored by Adv. Shashi Ashok Bekal, with the following noteworthy features:

[360 Frequently Asked Questions] on taxation of Partnership Firms & Limited Liability Partnerships
[Exhaustive Coverage] The book is divided into 24 Chapters viz:
Admission of a Partner
Dissolution of a Partnership Firm
Reconstitution of a Partnership Firm, etc.
[Case Study] To provide clarity on Section 9B and Section 45(4), the following case studies are included in this book:
Application of Section 45(4) of the Income-tax Act
Application of Section 9B & Section 45(4) of the Income-tax Act
Computation of Capital Gain tax under Section 45(4) of the Income-tax Act; Attribution of Profits under Section 45(4)
[Implication of Other Laws] vis-à-vis Partnership Firms & Limited Liability Partnerships:
Stamp duty
Goods & Services Tax (GST)
Foreign Exchange Management Act (FEMA)
Labour Laws
Reviewed by the following Eminent Personalities

Hon’ble Justice Rajesh Bindal | Chief Justice – Allahabad High Court
“… It is an effort to make complex issues of taxation easier. This publication is in FAQ Format and aims at addressing not only the ambiguities arising from the amendments vide the Finance Act, 2021 vis-à-vis Partnership Firms, LLPs, etc. but will prove to be a tool for tax consultants, tax administrators, taxpayers and all others concerned with the subject…”

Hon’ble Justice R.K. Agarwal | Former Judge – Supreme Court of India & President | NCDRC
“… The book contains detailed information in FAQ format with respect to various provisions of the Partnership firm. I appreciate the pain taken by the Authors to do a lot of hard work and research before writing such a useful Handbook…”

The contents of the book are as follows:

General
Operational Issues
Issues on Residency
Compliances
Registration and Inception of a Partnership Firm/Limited Liability Partnership
Section 9B of the Income-tax Act, 1961
Section 45(4) of the Income-tax Act, 1961
The interplay between section 9B & section 45(4) of the Income-tax Act, 1961
Admission of a Partner
Retirement of a Partner
Expulsion, Death and Insolvency of a Partner
Reconstitution of a Partnership Firm
Dissolution of a Partnership Firm
Conversion of a Partnership Firm
Set-off and Carry Forward of Losses
Gift Implications
Liability and Prosecution
Stamp Duty Implications
Goods & Services Tax (GST) Implications
Labour Law Implications
Association of Persons and Body of Individuals
Miscellaneous
Specimens
Case Studies