Interview Questions.

TitleTop 100+ Taxation Interview Questions And Answers


TitleTop 100+ Taxation Interview Questions And Answers

Question 1. What Is Income Tax? How Is It Calculated?

Answer :

Income tax is an annual tax charged on profits of someone through the government. It is charged for the corresponding evaluation 12 months at the quotes laid down by the Finance Act for the assessment year in respect of the preceding yr.

Income of the individual is categorized underneath the following five heads

Income from residence assets
Profits and profits of business or profession
Capital gains
Income from other resources.
Income is calculated underneath these heads one after the other and therefore tax is calculated the use of the earnings tax slab issued by way of the government every financial 12 months.

Question 2. Define Assessment Year?

Answer :

Assessment yr is the period that starts offevolved from 1 April and ends on 31 march. It is the year straight away succeeding the financial yr wherein the earnings of the preceding financial year is assessed. Government use assessment yr for calculating tax at the preceding year.

For example : If the present day evaluation year is 2015-16, which begins from I April 2015 and ends on 31 March 2016. To this evaluation 12 months monetary yr is 2014-15, starting from I April 2014 and ends on 31 March 2015. You can be calculating income tax for financial 12 months within the assessment yr.

General Accounting Interview Questions
Question three. Define Previous Year?

Answer :

Previous Year is the 12 months in which the profits earned will become taxable within the following evaluation year. It can be stated because the Financial 12 months previous the Assessment yr. For example- If the prevailing evaluation 12 months is 2015-16 then the previous yr will be 2014-2015.

Question 4. Define Financial Year?

Answer :

A twelve month period beginning from 1 April and finishing at 31 March that's used for calculating diverse annual financial statements in agencies and business enterprise is referred to as financial year.

Financial Management Tutorial
Question five. Differentiate Between Financial Year, Assessment Year And Previous Year?

Answer :

Assessment yr and previous year are the sorts of economic year which includes one year beginning from 1 April to 31 March. Previous financial yr is the previous 12 months of assessment economic yr.

Financial Management Interview Questions
Question 6. Define The Term Person?

Answer :

A “man or woman” means an man or woman, an regular partnership, a non-juristic body of character and an undivided estate. The term "individual" under the Income Tax Act consists of an man or woman, a Hindu Undivided Family, a Company, a Firm, an Association of Persons, a Local Authority and Artificial Juridical folks.

Question 7. Who Is An Assessee?

Answer :

An "Assessee" is someone who's at risk of pay tax or every other amount of money beneath the Act. 

It includes

Every individual in appreciate of whom any proceeding underneath this Act has been taken for the evaluation of his earnings or of the income of some other person in respect of whom he's assessable, or of the loss sustained through him or via such different individual, or of the amount of refund because of him or to such other character;
Every character who's deemed to be an assessee beneath any provision of this Act;
Every man or woman who is deemed to be an assessee in default below any provision of this Act.
Finance Interview Questions
Question eight. What Do You Understand By Total Income?

Answer :

Total Income is the amount on which the Income Tax is paid. Total income encompass all earnings that accrue, arise, earned or received in India (besides those income which accrues or arises outside India). Total Income is the entire amount earned by way of an man or woman or company, consisting of earnings from employment or supplying offerings, revenue from sales, payments from pension plans, earnings from dividends, or other sources. Total income is commonly calculated for the assessment of taxes, comparing the internet worth of a agency, or figuring out an character or employer's capacity to make payments on a debt.

Question 9. How Many Heads Are There Under Total Income? Name Them?

Answer :

There are five heads beneath overall income. They are

Income from Salaries
Income from house belongings
Profits and gains of business or career
Capital gains
Income from different resources
VAT Interview Questions
Question 10. At What Rate Firms Are Required To Pay Tax On Their Income?

Answer :

Income Tax is paid at 30% of taxable income. Surcharge is charged at 10% of the Income Tax, wherein taxable earnings is extra than Rs. 1 crore. (Marginal Relief in Surcharge, if applicable) and Education Cess is three% of the total of Income Tax and Surcharge.

Question 11. How Will You Decide The Residential Status Of An Individual?

Answer :

As in line with the provisions of Income Tax Act residential popularity of an man or woman is categorized as Resident and Non Resident.

Under Section 6(1), an individual is said to be resident in India in any previous yr if he satisfies any one of the following simple situations:

He is in India inside the previous year for a duration of at the least 182 days.
He is in India for a period of at the least 60 days at some stage in the relevant previous year and at the least twelve months at some point of the four years previous that previous year.
The above provisions are applicable handiest to people who are citizens of India irrespective of their nationality otherwise they may be blanketed in Non resident.

US Taxation Interview Questions
Question 12. Does The Tax Liability Of An Individual Get Affected Due To His Residential Status? If Yes, Explain.

Answer :

Yes, tax liability of an man or woman does gets affected due to his residential status as per Section % of the Income Tax Act 1961 and is likewise depending on area and time of accrual or receipt of earnings. You ought to understand the difference among Indian earnings and Foreign profits as Indian earnings is continually taxable in India in accordance with the residential reputation of the taxpayer.

Indian earnings is classified as

Income obtained or deemed to be acquired in India throughout preceding 12 months and simultaneously accrual income or deemed accrual in India throughout previous year.
Income received or deemed to be acquired in India at some point of the previous yr however it accrues outside India during the preceding yr, or Income acquired out of doors India at some point of the previous yr but accrues in India in the course of the previous year.
General Accounting Interview Questions
Question 13. What Are The Basic And Additional Conditions For Resident And Ordinarily Resident (ror)?

Answer :

The primary conditions for being resident and by and large resident is the equal situation that satisfies the residential reputation of an character and additional situations for Resident and usually resident in India in a given previous 12 months are stated beneath:

If you are resident in India in at least 9 out of 10 previous years as according to the primary conditions that satisfies the residential popularity of an person previous the applicable previous year.
If you're in India for a length of at least 730 days at some point of 7 years previous the applicable preceding yr.
An man or woman or HUF turns into ROR in India if the person fulfills at least one of the simple conditions that satisfies the residential fame of an individual each the additional situations.
Question 14. Who Are Resident But Not Ordinary Resident?

Answer :

A resident but no longer ordinary resident is the only who is not the resident in India for 9 out of the 10 previous preceding years or he has at some stage in the 7 preceding years been in India for a period of, or duration amounting to 729 days or less.

Question 15. Who Are Non Resident?

Answer :

An person who does now not fulfill the underneath cited conditions in that previous 12 months can be considered as Non Resident:

You should be in India atleast 182 days in that yr, OR
You need to atleast be in India for one year during four years preceding that 12 months and atleast 60 days in that 12 months.
Anti Dumping Duty Tax Interview Questions
Question 16. Which Income Is Considered As Accrued Income?

Answer :

Income which has been earned however now not but received is referred to as accumulated profits. Income is recorded inside the same accounting period wherein it's miles earned instead of inside the next duration in which it'll be obtained.

Question 17. What Is Fbt?

Answer :

FBT stands for Fringe Benefit Tax that's a tax that an enterprise has to pay in recognize of the blessings which might be given to his/her employees.
Fringe advantages is something that an business enterprise provides to his personnel similarly to the coins profits. FBT is payable in lieu of the fee of fringe benefits provided or deemed to have been furnished through an employer to his employees for the duration of the preceding 12 months.
Pan Tan Service Tax Interview Questions
Question 18. What Is Tax Audit?

Answer :

A tax audit is evaluation of an business enterprise's or person's tax return by using Internal Revenue Service (IRS) as a way to discover that the earnings and deductions are recorded correctly.

Financial Management Interview Questions
Question 19. What Is Tax Refund?

Answer :

The extra tax paid by an character than the actual owed is back by means of the government that is called tax refund. After deliberating earnings tax, withholdings, tax deductions or credits and other factors; you report earnings tax for the 12 months, after that you may obtain a tax refund.

Question 20. What Is Capital Gain? Explain Long Term Capital Gains And How Is It Different From Short Term Capital Gains?

Answer :

Capital profits' method the income earned from the sale of an asset. When the Capital Asset is being sold or transferred, the income or profits bobbing up out of it or you may time period that because the distinction among the real price at which the asset become acquired and the rate at which it is offered or transferred.
A lengthy-term capital gain is the income that arises with the sale of an asset that has been on preserve for a precise length. This period tiers from one year to three years throughout special asset instructions.
It isn't like quick term capital gains because quick term capitals are stored for brief length only that is much less than a years.
Capital Gains Tax Interview Questions
Question 21. What Is Deferred Tax?

Answer :

A tax legal responsibility that a business enterprise has to pay however does now not pay at that present day point and it'll be liable for paying it in future is named a deferred tax. Deferred tax takes place due to the distinction in a agency's balance sheet, due to the differences between accounting practices and tax policies.

Question 22. What Is Working Capital?

Answer :

Working capital is the distinction among a organization's modern assets and its cutting-edge liabilities. Working Capital is used into each day operations of any commercial enterprise.


Question 23. What Is Taxation?

Answer :

Taxation is one of the mode used by the government to finance their expenditure by using enforcing charges on citizens and corporate entities. Government levy tax on residents to encourage or discourage positive monetary choices.

Excise Duty Tax / CENVAT Interview Questions
Question 24. What Is Alternative Minimum Tax (amt)?

Answer :

The Alternative Minimum Tax (AMT) is a way to restrict rich taxpayers from tax evasion. AMT makes use of a separate set of policies to calculate taxable profits after allowed deductions. This is generally for better profits institution as AMT sets a limit on certain blessings that reduces a taxpayer's normal tax amount. As a result, if the blessings on tax reduce total tax below AMT limit, taxpayer has to pay the higher AMT amount.

Finance Interview Questions
Question 25. How Can A Taxpayer Get A Refund For An Overpayment Of Taxes?

Answer :

There is a provision in India to get money back for an overpayment of taxes along side hobby. When you need to claim money back you need to file the income tax return within a designated length. You may even track your refund fame from the NSDL-TIN website via clicking in Status of Tax refunds and may music your refund by using entering PAN and Assessment yr for which the refund is to be claimed.

Question 26. What Are The Streamlined Sales And Use Tax Agreement?

Answer :

The Streamlined Sales and Use Tax Agreement was delivered in 1999 by the National Governor’s Association (NGA) and the National Conference of State Legislatures (NCSL) so that it will simplify the collection of sales tax as sales tax is 2d largest supply of nation sales after non-public earnings taxes. It ended in decveloping a less complicated and business friendly income tax gadget.

The Agreement decreases costs and administrative burdens of income tax series on shops, specially the ones running in more than one states.

Toll Tax Interview Questions
Question 27. Explain Deferred Tax Asset?

Answer :

When a firm has overpaid on taxes then the amount is recorded inside the balance sheet as deferred asset tax which is also called provision for destiny taxation. Deferred tax asset arises whilst the company, will pay taxes early or have paid excess of tax and is entitled to get a few money back from the tax authorities.

VAT Interview Questions
Question 28. Define Deferred Tax Liability? What Items Come Under Deferred Tax Liability?

Answer :

A tax legal responsibility that a organization owes and does not pay at that cutting-edge point, although it could be accountable for paying it in some unspecified time in the future in the future. Deferred tax legal responsibility (DTL) is a balance sheet object that debts for the brief distinction between taxes to be able to come due inside the destiny and taxes paid nowadays. 

The unrealized tax that is positioned under consideration comes under deferred tax legal responsibility. Depreciation is the principle source or the kind of an item of deferred tax legal responsibility.

Question 29. Define Amortization & Impairment?

Answer :

When the property of the enterprise are written off over a number of years for the purpose in their substitute or renewal and now not depending at the lifestyles of asset is called as amortization. It is different from depreciation, which is periodic writing off of the asset based totally on its everyday existence expectancy.

Impairment may be termed as the fall within the cost of the asset due to any bodily harm to the asset, obsolescence, or due to technological innovation. Impairments may be written off. Simply you can say that impairment is the difference among the honest value and the sporting fee of an asset.

Sales Tax Interview Questions
Question 30. What Is Inter Company Reconciliation?

Answer :

Every year typically controlled organisation prepares a combined or consolidated monetary statement for tax and reporting purposes. Inter Company Reconciliation (ICR) is the system that enables determine agency to break up from its subsidiaries businesses through place. Each yr, generally managed commercial enterprise should put together a blended or consolidated economic assertion for tax and reporting functions. The inter employer accounting method is an important manner for discern organizations with subsidiaries or companies split by means of region. ICR enables in fending off double counting of transactions as it also helps in retaining correct reports. Even it enables the businesses to keep away from misrepresentation of a firm's economic position.

Question 31. What Is The Securities Transaction Tax?

Answer :

Securities Transaction Tax (STT) become introduced in India at time of 2004 budget and is relevant from 1 October 2004. STT is the tax that's payable on the quantity of taxable securities transaction.
STT is just levied on buy and sale of these securities that are indexed on the Indian Stock Exchanges.
Securities Transaction Tax turned into added by way of the Finance Minister, P. Chidambaram to restrict human beings from evading tax on capital profits.
Question 32. What Is Permanent Account Number (pan)?

Answer :

Permanent Account Number (PAN) is a 10-digit alphanumeric range, that's issued via the Income Tax Department in the form of laminated card as PAN enables the department to hyperlink all forms of transactions of the individual with the department. Transactions include tax payments, TDS/TCS credit, returns of profits/wealth/gift/FBT, exact transactions, correspondence, and so on. PAN enables the department in maintaining a honest document of each people transactions via a 10 digit number that allows you to avoid tax evasion in any case.

Service Tax Interview Questions
Question 33. What Is The Difference Between Profit And Gain?

Answer :

Profit is the quantity this is left after deducting expenses from revenue that makes the receipt of sales feasible. There are two streams of earnings this is direct profits and indirect earnings. Direct income are incurred from principal activities and indirect income are incurred from other activities so the profits is calculated as gross profit and internet earnings.

Gross income is the quantity of revenue from which buying and selling fees has been deducted (charges related to predominant activities of the commercial enterprise). Net income is the quantity of sales that includes earning from different activities.

Gain is the amount this is earned on promoting property which isn't protected within the stock of the commercial enterprise. This sales activity isn't always the real buying and selling and these income does not includes goods that are bought on regular basis.

US Taxation Interview Questions
Question 34. What Items Fall Under The Category Of ‘securities’?

Answer :

'Securities' are described below Section 2(h) of the Securities Contracts (Regulation) Act, 1956 (SCRA) to consist of:

Shares, scrips, shares, bonds, debentures, debenture inventory or different marketable securities of a like nature in or of any incorporated corporation or different frame company derivatives.
Units or some other tool issued through any collective funding scheme to the buyers in such schemes.
Security receipt as described in Section 2(zg) of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002.
Such other contraptions as declared by using the principal authorities and Rights or interest in securities.
Equity-orientated mutual budget (now not debt-oriented mutual funds).
Question 35. When Deferred Tax Asset & Deferred Tax Liability Arises?

Answer :

Deferred tax asset arises when the prices are recorded inside the profits declaration earlier than they're required to be recognized through the taxing authority. Also when revenue is being taxed before it's miles taxable within the profits assertion.

Deferred tax legal responsibility arises from distinct depreciation techniques getting used for tax as depreciable assets are suggested as non contemporary.

Question 36. What Is The Difference Between Fund Flow Vs. Cash Flow?

Answer :

Fund Flow

Fund drift is primarily based on running capital.
Fund flows tells approximately the various assets from where the price range are generated.
Fund glide is beneficial for expertise long time financial approach.
Changes in modern property and contemporary liabilities are proven via the schedule of modifications in working capital.
 Cash Flow

Cash float is based totally on most effective one element of operating capital this is coins.
Cash glide starts with the opening balance of cash and closes with the final stability of coins.
Cash waft is useful for expertise quick term techniques that influences liquidity of the enterprise.
Changes in cutting-edge property and modern liabilities are shown inside the coins drift.
Anti Dumping Duty Tax Interview Questions
Question 37. If A Nri Buys Property In India, Does He Has To Pay Property Tax?

Answer :

Any earnings or capital benefit that the NRI generates from the sale/ hire or lease of a valued belongings or an asset based in India may be taxed as in step with the Income Tax guidelines. F the assets is extra than 3 years antique, long time capital profits tax will be incurred at the sale of the property. On long time capital profits, tax is payable at 20%.

Question 38. Can A Person Fill A Nri In An Income Tax Form If He Has Been Out Of India For Six Months Though He Is Indian Citizen?

Answer :

He can fill NRI in an Income tax form best if he does not fulfill any of those two conditions:

He is in India in the previous 12 months for a length of 182 days or greater or
He is in India for a period of 60 days or extra at some stage in the previous 12 months and three hundred and sixty five days or greater during the 4 years at once previous the previous year.
Question 39. What Is The Difference Between The Excise Duty And The Sales Tax?

Answer :

Excise Duty is an indirect tax imposed on items which are manufactured and produced in the country. This is paid with the aid of the producer on the finished true while it goes out of the manufacturing unit. Excise Duty is levied on all items, except sure items that are exempted. There are 3 types of Central Excise duties gathered in India namely: Basic Excise Duty, Additional Duty of Excise, Special Excise Duty.

Sales Tax is imposed on the finished product which is paid by the client. Sales tax is imposed on sale or purchase within the State. Different states levy specific tiers of income tax, whilst there may be a Central Sales Tax levied on sale or buy in the course of interstate change.

Question 40. What Do You Mean By Fair Rent?

Answer :

Fair rent is the hire charged for a private assets that is constant and registered via a rent officer. Fair hire is determined on the basis of size, situation, and usability of the belongings. Fair hire is calculated in area of loan interest, other financing fees and depreciation associated with positive property, inclusive of land, homes and non movable system. It is calculated most effective as soon as; at the time the ability starts operation.

Pan Tan Service Tax Interview Questions
Question forty one. Explain The Procedure To Calculate Provident Fund, Esi, Vat And Sales Tax.

Answer :

Provident Fund: Provident fund is calculated at 12% at the fundamental revenue that is deducted from employee's salary plus 12% at the simple is contributed by using the organisation. So, the aggregate 12% + 12 % is remitted to the Provident Fund Department.

ESI: Stands for Employee State Insurance and is calculated at 1.Seventy five% on the gross revenue of the personnel whose profits is beneath Rs. 10000 according to month and agency contributes four.75% on the gross income of the worker and aggregate 1.75% + four.Seventy five% is remitted to the ESI Department

VAT: VAT percent is 1, four, 12.5%. It is a tax which is charged on the simple value of the product through the vendor from the buyer and the equal is remitted to the Sales Tax Department.

Sales tax: Same as VAT

Question 42. What Is Excise & Service Tax? What Is The Difference?

Answer :

Excise tax is an oblique tax this is imposed at the manufacture, sale or use on sure kinds of items and products. Excise taxes are normally imposed on goods such as cigarettes or alcohol, additionally in the rate of an interest consisting of playing. Excise taxes can be imposed with the aid of both Federal and nation government.

Service tax is an indirect tax imposed through the authorities on provider carriers on sure provider transactions, however is simply paid by using the clients. Services provided with the aid of air-conditioned eating places and quick term accommodation supplied by using hotels, inns, and so forth are protected within the taxable offerings.

The primary difference among excise tax and provider tax is that excise tax is charged on manufactured items and income tax is imposed on certain offerings supplied.

Capital Gains Tax Interview Questions
Question 43. What Is Luxury Tax?

Answer :

A tax imposed on goods and offerings that are non-essential or now not included in the requirements. Luxury tax is blanketed inside the oblique tax and is incurred by way of folks that buy or use the product. Ad valorem tax or modern tax are some luxury tax that is imposed on highly-priced items which include cars above a certain price or engine length, villas and so forth.

Question forty four. What Do You Mean By Commercial Tax?

Answer :

Commercial Tax is a tax imposed at the scheduled Commercial goods as in a roundabout way gathered through the vendor or customer in opposition to his enterprise transaction which now contains of Sales Tax, Entertainment, Luxury Tax, Entry Tax and Profession Tax.

Question forty five. What Are The Deductions Under Salary Head? Name The Items.

Answer :

Deductions which can be made beneath earnings head are Entertainment allowance and Professional tax.

Entertainment Allowance- Entertainment allowance acquired is already included within the income of the worker after which a deduction is made only for government employees. A sum same to at least one/5th of income (with the exception of all allowances, benefits and other perquisites) or Rs. 5,000, whichever is less is being deducted.

Professional Tax- Professional Tax is imposed through the authorities on employment with the aid of whatever call known as, underneath Article 80C 276 of the Constitution and will be allowed as a deduction.

Question forty six. What Is Entertainment Tax?

Answer :

Entertainment tax is imposed on each economic transaction this is related to entertainment which includes film tickets, important industrial suggests and huge personal fairs, leisure parks, video video games, exhibitions, celeb level suggests, sports activities activities and so on.

As consistent with the Indian Constitution, entertainment is included in List 2. Revenue amassed from enjoyment tax is reserved on the whole for the nation governments.

Question forty seven. What Is Form C & D In Sales Tax?

Answer :

Form C

The income tax on inter-nation sale is 4% or the relevant sales tax fee for sale inside the State whichever is lower if the sale is to a dealer registered under CST and the goods are protected within the registration certificate of the buying dealer. The purchasing supplier is eligible to get those goods at concessional fee if a declaration in C form is submitted to the selling supplier.

Form D

Sale to authorities is taxable four% or relevant sales tax price on the market inside the State whichever is lower. This concession on CST is relevant if Form D is issued with the aid of the government department which purchases the goods.

Question 48. What Is Excise Duty?

Answer :

Central Excise duty is an indirect tax levied on those items which can be manufactured in India and are supposed for domestic intake. The taxable occasion is 'manufacture' and the liability of relevant excise obligation arises as quickly as the products are synthetic. It is a tax on manufacturing, which is paid via a producer, who passes its occurrence on to the clients.

Question 49. What Do You Understand By Transfer Income?

Answer :

Transfer of Income way whilst a person keeps the ownership of an asset however makes an settlement to switch its earnings, however still the profits is considered as your profits and it'll be delivered to the overall profits.

Question 50. What Are The Types Of Provident Funds?

Answer :

Below indexed are the 4 types of provident budget

Recognized Provident Fund (RPF): RPF schemes ought to be permitted through The Commissioner of Income Tax and pplicable to an business enterprise which employs 20 or greater personnel.
Unrecognized Provident Fund (URPF): URPF are not authorised by The Commissioner of Income Tax and is started by way of enterprise and employees in an established order.
Statutory Provident Fund (SPF): This Fund is specially supposed for Government/University/Educational Institutes (affiliated to college) personnel.
Public Provident Fund (PPF): PPF includes minimum contribution of Rs.500 consistent with annum and the most contribution is Rs. One hundred,000 per annum. The contribution made in conjunction with hobby earned is repayable after 15 years, until extended.
Question 51. How Will You Calculate House Rent Allowance (hra)?

Answer :

Minimum of following 3 amounts is to be had as HRA exemption:

Actual House Rent Allowance furnished with the aid of business enterprise to worker.
House Rent paid in excess of 10% of Salary.
50% of Salary in case House is positioned in Metro towns (Mumbai, Delhi, Kolkata, Chennai) or forty% in case of another towns.
For all three situations noted above applicable length could be very important. Means if there's any alternate in Salary, HRA paid to worker, location of rented house and actual lease paid by worker HRA need to calculate from that relevant exchange Hence one have to keep away from calculating HRA on annual foundation if there is any trade in above elements.

Meaning of Salary for calculating HRA (Basic Salary + Dearness allowance if phrases of employment so provide + constant percentage of turnover finished via worker)

Question 52. What Are Allowable And Dis-allowable Expenditure?

Answer :

Allowable expenditure

the fee of products offered for the commercial enterprise
the high expenses of walking a commercial enterprise asset
wages and salaries of personnel
heat, light and cleaning of enterprise premises
upkeep to and upkeep of enterprise premises
postage and stationery
business smartphone and condominium
bank fees and hobby on business loans and overdrafts
tour and pleasing if the only purpose is to maintain or collect enterprise
legal prices of defending commercial enterprise rights and renewing leases of less than 50 years period
horrific money owed and unique doubtful debts
defensive garments essential for the enterprise
Dis allowable expenditure

private expenditure
clothes offered for normal ordinary put on
acquisition and depreciation of commercial enterprise assets
your own wages or revenue
your enterprise associate's wages or income
bills to charities
travel costs among your property and place of work
a widespread (non-specific) provision towards doubtful debts
criminal prices of acquiring land and homes
fines for breaking the law
your own life, coincidence or sickness warranty
prices of changes, additions or upgrades to business premises
Question fifty three. What Do You Understand By Dissolution Of Firm?

Answer :

Dissolution of firm approach belongings of company are realized and liabilities are paid off and the excess, if any is shipped among the companions in step with their right. It is to be mentioned that ‘dissolution of Firm’ entails dissolution of partnership however dissolution of partnership may not result in dissolution of company.