TaxTMI Login
Just a moment...
By creating an account you can:
Press 'Enter' to add multiple search terms. Rules for Better Search
of 
of 
No Folders have been created
Are you sure you want to delete "My most important" ?
NOTE:
of of 
All TMI Notes
of of All TMI Notes
Note
Bookmark
Share
Don't have an account? Register Here
of <h1>Income Tax Bill 2025 Clause 325 mirrors existing partnership assessment rules but narrows penalty scope from procedural to concealment violations</h1> The Income Tax Bill 2025's Clause 325 maintains substantially similar provisions to Section 184 of the Income-tax Act 1961 regarding partnership firm assessment. Both require written partnership instruments specifying partner shares, certified copies with tax returns, and continuity of assessment unless firm constitution changes. Key difference: Clause 325 references section 271 failures (concealment/inaccurate particulars) versus Section 184's reference to section 144 (procedural defaults), potentially narrowing circumstances for denying partner-related deductions. Non-compliance results in disallowed deductions for partner payments and prevents taxation of such amounts in partners' hands, creating significant deterrent against violations.
TaxTMI 
TaxTMI 