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<h1>Partnership Firm Classification Under Section 184 Requires Documented Shares; Non-Compliance Leads to Disallowance of Partner Payments</h1> A firm is assessed as a firm under Section 184 of the Income Tax Act if the partnership is documented by an instrument specifying individual partner shares. To qualify, a certified copy of the partnership instrument must accompany the income return for the first assessment year, detailing partner shares and loss-sharing proportions. Any changes in the partnership constitution require a certified revised instrument with the income return. Non-compliance with Section 184 or failure under Section 144 results in the disallowance of interest and remuneration paid to partners, which will not be taxable under Section 28(v) in the partners' hands.
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