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

AI Summary

Can a partnership firm converting to a private limited company retain section 80IC deductions? Explore eligibility and alternatives. A partnership firm availing deductions under section 80IC is considering converting into a private limited company, with partners becoming directors. The query seeks clarification on eligibility for the same deduction post-conversion, along with relevant case laws. A response suggests considering conversion to a Limited Liability Partnership (LLP) instead.