Meaning of the terms ‘Partner’, ‘Partnership’ & ‘Firm’ under Section 2(23) of the Income Tax Act:
a) Definition of ‘Firm’ – Section 2(23)(i) Income Tax
As per Section 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 partnership as defined in the Limited Liability Partnership Act, 2008 (6 of 2009).
b) Definition of ‘Partner’ – Section 2(23)(ii) Income Tax
As per Section 2(23)(ii) of Income Tax Act, 1961, unless the context otherwise requires, the term “partner” shall have the meaning assigned to it in the Indian Partnership Act, 1932 (9 of 1932), and shall include,-
(a) any person who, being a minor, has been admitted to the benefits of partnership; and
(b) a partner of a limited liability partnership as defined in the Limited Liability Partnership Act, 2008 (6 of 2009).
c) Definition of Partnership – Section 2(23)(iii) Income Tax
As per Section 2(23)(iii) of Income Tax Act, 1961, unless the context otherwise requires, the term “partnership” shall have the meaning assigned to it in the Indian Partnership Act, 1932 (9 of 1932), and shall include a limited liability partnership as defined in the Limited Liability Partnership Act, 2008 (6 of 2009).