Deduction u/s80 IC

[AMAR SOOD]

Dear All,

We are a PARTNERSHIP firm and availing the deduction u/s 80IC, Now we want to convert the partnership into Pvt. Ltd. company. Partners will be the director of COMPANY. Anyone can please update after conversion into comapny we are eligible for deduction u/s80 IC or not with relevant case laws.

 

CA. Amar Sood

suggest convert to LLP co

AI Summary

Deduction under section 80IC may be affected by conversion to a private company; consider converting to an LLP instead.
Eligibility for deduction u/s 80IC after converting a partnership firm into a private limited company is questioned, focusing on whether entitlement continues when partners become directors. The query asks for relevant case law and confirmation of post-conversion eligibility. A respondent advises considering conversion to an LLP as an alternative, but no legal authorities or detailed analysis are provided.