Hi all.
Me and my partner had a partnership firm from two years but we never had any work
Now a European company has started giving us work where we provide them With It services and bill them in euros and they do wire transfer in our company account. We outsource some work too to consultants in India.
Now we were having an understanding that we have to pay income tax based on profit sharing (slab of what we come in) but recently a ca told us that our company profit is liable to a 30 percent tax only it doesn't matter whixh tax slab we come in. Can someone confirm please.