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
What is the nature of business? Is it eligible for presumptive taxation scheme?
8 Replies
gunjan agarwal
(CA Job)
(38 Points)
Replied 24 February 2021
Yes if it's a newly set up contract and construction business
Josh
(Manager)
(124 Points)
Replied 24 February 2021
Compare the effective tax rate under presumptive taxation scheme. But bear in mind that the scheme will have to be followed for 5 years.
gunjan agarwal
(CA Job)
(38 Points)
Replied 24 February 2021
Opting for 44ad may attract more tax so what's the other option
CA. Sourav Sarkar
(Chartered Accountant )
(24588 Points)
Replied 24 February 2021
Partnership firm tax rate remains unchanged but it might that concessional rate of 25% may charged
gunjan agarwal
(CA Job)
(38 Points)
Replied 24 February 2021
Can we reduce the income by maintaining books of account instead of 44ad
CA. Sourav Sarkar
(Chartered Accountant )
(24588 Points)
Replied 26 February 2021
If you opt for 44ad then you should maintain it for continuing 5 years
gunjan agarwal
(CA Job)
(38 Points)
Replied 26 February 2021
Tell me what's the other option, other than 44ad
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