Partner ship firm tax

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Partnership firms in the UK are subject to a flat tax rate of 30% on all profits earned during the financial year. This rate is further subject to cess. However, businesses can reduce their taxable profit by claiming deductions for interest paid to partners and remuneration provided to them.

Kollipara Sundaraiah

Kollipara Sundaraiah (Querist)
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04 September 2020 What is minimum tax will payble in partnership ITR a.y.20-21.

praveen

praveen (Expert)
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05 September 2020 Taxation of partnership is flat 30% on all the profits earned during the year. However, there are deductions available for interest payable to Partners and Remuneration payable to Partners.

CA Praveen M R
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