Question

a registered firm is ​

Answer 1

Explanation:

The Registered firms is entitled to claim tax benefit under the provision of Income Tax Act. The Unregistered firms cannot claim tax benefit under the provision of Income Tax Act. Registered Partnership Firm have more benefits as compared to non-registered Partnership Firm.

Answer 2

Section 4 of the Act defines Partnership as - "An agreement between persons who have agreed to share profits of the business carried on by all or any one of them acting for all." Registering a firm under the Partnership Act (hereinafter called the Act) is not mandatory as in the case of setting up a company.

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