80G Registration

After obtaining registration u/s 12A, trust can apply for registration u/s 80G. With this registration, a person who gives donation to the trust gets income tax benefits.

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Partnership Formation & Registration:

Number of Partners : Minimum number of persons required to start a partnership firm is two and maximum limit is 20.
Contractual relationship : A written agreement known as partnership deed which is signed by all the partners, binds them in a contractual relationship.
Voluntary Registration : Partnership Firm is registered with Registrar of Firms (ROF).
Sharing of Profits and Losses : Profits and Losses of the partnership firm are shared by the partners in the ratio mentioned in the partnership deed. In case no such ration is specified, then profits and losses are shared equally.

Unlimited Liability : Liability of partners of a partnership firm is unlimited. They are jointly held liable for the debts and losses of the firm.
Legal Status : Partnership firm has no distinct legal status separate from its partners. However, it is a separate person for taxation purposes.
Taxation of Partnership Firms: From Net Profit of the firm, Interest on Partners’ Capital & Remuneration to Partners is allowed as deduction. Tax on interest & remuneration has to be paid by the partners as per their individual slabs. Tax on remaining profits has to be paid by the partnership firm at the rate of 30%.
Interest & Remuneration to Partners: Interest on Partners’ Capital is allowed at a maximum rate of 12% p.a. Remuneration to working partners is allowed as follows:
a) On first Rs. 3,00,000 of the Profit or in case of loss; 90% of profit or Rs. 1,50,000/- whichever is higher
b) On remaining profit, 60% of the profit

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