Application For Registration Of A Firm For The Purposes Of The Income-Tax Act, 1961

In the document as attached above it must be note that the statute holding sheer importance, relevance and primacy being “Income tax act 1961” and it is the statute which shall hold sheer importance and primacy here

Rules 22(2)(II), 22(3) And 22(4)(II) would here be more pertinent in here and the usage is also limited to it also and it is Application For Registration Of A Firm For The Purposes Of The

Income-Tax Act, 1961

In this particular document an application is made to the assessing officer and in it there also has been mentioned the year which has been made the base of assessment here

The application has following conditions as are imposed, and they go as follows:-

The original/certified copy of the instrument or instruments evidencing the partnership in existence from time to time during the previous year up to the date of this application/during the previous year and up to the date of this application together with a copy/duplicate copy of each is enclosed. The prescribed particulars are given in the Schedule on the reverse

We hereby declare that none of the partners of the firm was, at any time during the previous year, * up to the date of this application, in relation to the whole or any part of his share in the income or property of the firm, a benamidar of any other partner to whom he is not related as spouse or minor child

We do hereby certify that the profits (or loss, if any) of the previous year were/will be/period up to the date of dissolution were/will be divided or credited as shown in the Schedule and that the information given above and in the Schedule is correct

 

A schedule is also made and it shall have the following things:-

Name of partner

Address

Date of admittance

Interest on capital

Salary, commission

Share in the balance

Remarks  etc.

 

Also there are certain notes attached to it:-

If the interest, salary, commission or other remuneration is payable (or allowable) only if there are sufficient profits available, this fact should be noted by marking the items in the appropriate columns with the letter "R" [in other cases the interest, salary, commission or other remuneration may exceed the total profits so as to leave a balance of net loss divisible in column 6]

If any partner is entitled to share in profits but is not liable to bear a similar proportion of any losses, this fact should be indicated by putting against his share in column 6 the letter "P".

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