is there any way out to reduce tax liablity of partnership business??
since the tax rate is flat 30℅, it's very high for small businesses
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Partnership business
Replies (8)
Quick Summary
What is the nature of business? Is it eligible for presumptive taxation scheme?
Yes if it's a newly set up contract and construction business
Compare the effective tax rate under presumptive taxation scheme. But bear in mind that the scheme will have to be followed for 5 years.
Opting for 44ad may attract more tax so what's the other option
Partnership firm tax rate remains unchanged but it might that concessional rate of 25% may charged
Can we reduce the income by maintaining books of account instead of 44ad
If you opt for 44ad then you should maintain it for continuing 5 years
Tell me what's the other option, other than 44ad
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