PARTNERSHIP; Definition of ‘Firm’ – S.2(23)(i) of the Income tax Act, 1961; As per S.2(23)(i) of the Income Tax Act, 1961, unless the context otherwise requires, the term “firm” shall have the meaning assigned to it in the Indian Partnership Act, 1932 (9 of 1932), and shall include a limited liability … Continue reading ASSESSMENT OF FIRMS & LLPS.