Audit
This query is : Resolved
17 November 2014
dear sir/madam
iam little confuse . As Per Incometax Department only that person is liabile to pay tax who,s income more than 250000
But i face a confusion
i fill a audited firm return total Profit 20000 and my software show its taxable income
my question is:-
if tax lying on 250000 income then how this firm is liable on his 20000 income
please suggest me
iam little confuse . As Per Incometax Department only that person is liabile to pay tax who,s income more than 250000
But i face a confusion
i fill a audited firm return total Profit 20000 and my software show its taxable income
my question is:-
if tax lying on 250000 income then how this firm is liable on his 20000 income
please suggest me
Amol S Joglekar
(Expert)
17 November 2014
for FIRM the tax starts from first rupee. The limit of 250,000 is for individuals
Amol S Joglekar
(Expert)
17 November 2014
30% tax rate for partnership firms.
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