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of <h1>Partnerships must document partner shares for tax assessment under Income Tax Bill, 2025; changes require certified updates.</h1> A firm is assessed as such under the Income Tax Bill, 2025, if the partnership is documented by an instrument specifying individual partner shares. A certified copy of this instrument must accompany the firm's initial income return. If the firm is assessed in this manner for any tax year, it will continue unless there is a change in the firm's constitution or partner shares. Any changes require a certified revised instrument. If a firm fails as outlined in section 271, deductions for payments to partners are disallowed, and such payments are not taxable under section 26(2)(f).
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