'Partnership Act need to be realigned'

“Partnership Firm is the most common form of business constitution for majority of assesses,” said past vice chairman of WIRC CA Julfesh Shahwhile 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 programmes 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 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.

“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 the Registrar of Firms, Nagpur

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.

The session was coordinated by treasurer CA Akshay Gulhane. A formal vote of thanks was proposed by branch secretary CA Sanjay M Agrawal.

Prominently present on the occasion were vice-chairman CA. Jiten Saglani, past chairman CA. Suren Duragkar, CA. P R Risbud, CA. OS Bagdia, Mangesh Nathile and a large number of members.