Notification no. 09/2015 dated 1.3.2015 specifies “resident firm” as class of persons for the purposes of the said sub-clause.

Explanation. - For the purposes of this notification,-

(a) “firm” shall have the meaning assigned to it in section 4 of the Indian Partnership Act, 1932 (9 of 1932) , and includes-

(i) the limited liability partnership as defined in clause (n) of sub-section (1) of the section 2 of the Limited Liability Partnership Act, 2008 (6 of 2009); or

(ii) limited liability partnership which has no company as its partner; or

(iii) the sole proprietorship; or

(iv) One Person Company.

(b) (i) “sole proprietorship” means an individual who engages himself in an activity as defined in sub-clause (a) of section 96A of the Finance Act, 1994.

(ii) “One Person Company” means as defined in clause (62) of section 2 of the Companies Act, 2013 (18 of 2013).

(c) “resident” shall have the meaning assigned to it in clause (42) of section 2 of the Income-tax Act, 1961 (43 of 1961) in so far as it applies to a resident firm.