Dear All,
Please clarify whether the tax rate of 25% applicable to LLP & partnership firms having turnover of less than Rs.50.00 Crores?
1 Replies
Vinaya Kumara K H
(Accounts Executive)
(259 Points)
Replied 09 February 2017
No. Tax @ 30% flat shall be computed on the Total Income.
and also Surcharge is also levied in case of Firms and Local Authorities as per the below mentioned schedule. The following schedule is applicable from Financial Year 2017-18 onwards
Level of Income Surcharge
Less than Rs. 1 Crore No Surcharge
More than Rs. 1 Crores 12%
Surcharge @ 12% would also be levied on Tax in case the total income exceeds Rs. 1 Crore during the Financial Year. However, no Tax shall be levied in case the Income is less than Rs. 1 Crores.
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