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 Department as well as understanding applicable Income Tax Provisions, Nagpur Branch organized 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’s a welcome step by the Department. CA Shah commented that Partnership Act is now 89 years old and need to be re-aligned in tune with current circumstances. He congratulated Team Nagpur under the Chairmanship of CA Saket Bagdia for doing innovative programs in times of pandemic. The taxation part of Partnership firms with amendments in Income Tax Act need to be understood properly by practising professionals. CA Shah commented that it’s a win-win situation for both Registrar of Firms and CA Professionals to discuss on a common portal for understanding the issues and resolve with mutual discussion.
“You need to follow the procedures for error free registration” remarked Smt. Nilima Deshpande, Asst. Registrar, Registrar of Firms, Nagpur while interacting with members of Nagpur Branch of ICAI. She 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. Smt. Deshpande explained the entire procedure for filling in different forms of Partnership Firm and explained about various mistakes committed while filling in the details in various forms. 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. Smt Deshpande along with Mr. Mangesh Nathile from ROF effectively cleared all queries of members. She appreciated the initiative of Nagpur Branch Chairman CA Saket Bagdia for taking lead in organizing this unique program 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. Chartered Accountants act as advisors for clients as regards their business set up. To make the members understand the provisions as regards Partnership Firms, Nagpur Branch has planned this unique event in coordination with Registrar of Firms, Nagpur to explain about procedural requirements, income tax provisions and practical issues which were explained wonderfully by Hon. Asst. Registrar, Nagpur Smt. Nilima Deshpande and her Team. Chairman praised the initiative of Smt. Deshpande for coming over to members to create connecting pathways between the professionals and the Department.
CA Mahendra Jain, Nagpur explained all provisions related to Income Tax Act as regards Partnership Firm. He asked the CA Members to be careful in case of retirement / admission of partners and follow the laws properly. CA Mahendra Jain effectively resolved all queries of members.
The session was coordinated by CA Akshay Gulhane, Treasurer. Formal Vote of Thanks was proposed by CA Sanjay M Agrawal, Secretary of the Branch.
Prominently present on the occasion were CA. Jiten Saglani, Vice Chairman, CA. Suren Duragkar, Past Chairman, CA. P. R. Risbud, CA. O.S. Bagdia, Shri Mangesh Nathile and a large number of members.
