Assessment of Firms

The collective name under which partnership business is carried is called ________.

• Firm

• Company

• Association

• HUF

Who all can become a partner of a partnership firm?

• Individual who are major

• Company

• Trust

• All of the above

Who all can become a partner of a partnership firm?

• HUF

• Partnership firm

• All of the above

• None of the above

In which year was the Indian partnership Act passed? (only the year)

A firm is taxed as a separate entity.

• True

• False

Rent received by a partner from the firm is taxable under the head ________.

• Income from business

• Income from house property

• Income from profit and gains of business

• Capital gain

The assessing officer has no power to verify the genuineness of a firm.

• True

• False

A firm satisfying the conditions of sec ______ shall be assessed under the status of a partnership firm. (only the number)

______ is equal to net profit less interest on capital or loan up to 12%.

AMT stands for _______.