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gunjan agarwal (CA Job)     24 February 2021

Partnership business

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


 8 Replies

Josh

Josh (Manager)     24 February 2021

What is the nature of business? Is it eligible for presumptive taxation scheme? 

gunjan agarwal

gunjan agarwal (CA Job)     24 February 2021

Yes if it's a newly set up contract and construction business
Josh

Josh (Manager)     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

gunjan agarwal (CA Job)     24 February 2021

Opting for 44ad may attract more tax so what's the other option
Sourav

Sourav (Student)     24 February 2021

Partnership firm tax rate remains unchanged but it might that concessional rate of 25% may charged
gunjan agarwal

gunjan agarwal (CA Job)     24 February 2021

Can we reduce the income by maintaining books of account instead of 44ad
Sourav

Sourav (Student)     26 February 2021

If you opt for 44ad then you should maintain it for continuing 5 years
gunjan agarwal

gunjan agarwal (CA Job)     26 February 2021

Tell me what's the other option, other than 44ad

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