Firm registration for income tax: requires partnership instrument, benami declaration, and detailed profit sharing schedule. Application for registration of a firm for income tax purposes requires enclosing the original certified partnership instrument(s) with a duplicate and ... Summary
Firm registration for income tax: requires partnership instrument, benami declaration, and detailed profit sharing schedule.
Application for registration of a firm for income tax purposes requires enclosing the original certified partnership instrument(s) with a duplicate and completing a schedule showing partners' names, addresses, dates of admittance, interest on capital or loans, salary/commission/remuneration, and percentage shares in profits or losses. The applicants must declare that no partner was a benamidar of another in respect of any part of his share in the firm's income or property and certify that profits or losses are divided or credited as shown. Conditional payments are marked "R" and anomalous profit-only shares are marked "P".
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