ALL partnership firms are governed by the provisions of The Indian Partnership Act, 1932. Since then there have been a lot of changes in the Act that needs to be understood. To make the members aware and to enable interaction with Registrar of Firms as well as understanding applicable Income Tax provisions, Nagpur Branch of ICAI organised a seminar on ‘Provisions related to partnership firms’.
“Partnership firm is the most common form of business constitution for majority of assessees,” said CA Julfesh Shah, Past Vice Chairman of WIRC while speaking as chief guest at the seminar. “With the ‘Partnership’ portal now going online, it is a welcome step by the Registrar of Firms. The Partnership Act is now 89 years old and need to be re-aligned in tune with current circumstances,” CA Shah said.
“You need to follow the procedures for error free registration,” said Nilima Deshpande, Assistant Registrar, Registrar of Firms, Nagpur while interacting with members of the Branch.
Deshpande commented that she wishes to conduct such interactive and knowledgeable sessions with CA members who she considers to be the connecting link with the Registrar of Firms. She explained the entire procedure for filling in different forms of partnership firm.
She asked all firms and consultants to follow proper system to expedite the process of issue of registration certificate of firms as well as related amendments.
Deshpande along with Mangesh Nathile from Registrar of Firms effectively cleared all queries of members. She appreciated the initiative of Nagpur Branch Chairman CA Saket Bagdia for taking lead in organising this unique programme for the benefit of members.
“Provisions in law need to be understood in totality for effective compliance,” said CA Saket Bagdia, Chairman, Nagpur Branch of ICAI.
CA Mahendra Jain explained all the provisions related to Income Tax Act as regards partnership firm. The session was coordinated by CA Akshay Gulhane, Treasurer. Formal vote of thanks was proposed by CA Sanjay M Agrawal, Secretary. Prominently present were CA Jiten Saglani, Vice Chairman, CA Suren Duragkar, Past Chairman, CA P R Risbud, CA O S Bagdia, Mangesh Nathile and a large number of members.