Impact of budget 2016 on partnership firms


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Querist : Anonymous

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Querist : Anonymous (Querist)
24 March 2016 Dear Sir,
what would be the impact of budget 2016 on the partnership firms ?

Please clarify.

25 March 2016 Firm opting presumptive taxation has to pay more tax by virtue of the omission of proviso to section 44AD(2).

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Querist : Anonymous

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Querist : Anonymous (Querist)
25 March 2016 from which ay returns it would be applicable

25 March 2016 From asst yr 2017-18.

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Querist : Anonymous

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Querist : Anonymous (Querist)
25 March 2016 this would put a extra burden of tax on partnership firms, suppose a firm was paying 15000/- as tax and in new regime it has to pay 1.5 lac as tax.


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