Rate levied upon firm

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11 Points Posted on 14 May 2021
rate on firm is flat 30% or 20% is levied in case of ltcg to firm ??
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On 14 May 2021 at 06:55 Report
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Quick Summary
This discussion clarifies the tax rate applicable to Long Term Capital Gains (LTCG) for firms. It confirms that the specific rate mentioned under the Act, which is 20% under Section 112, will be applied irrespective of the assessee's status. Therefore, the applicable rate for LTCG on a firm is 20%.

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Learner
2398 Points Posted on 14 May 2021
If any specific rate is mentioned under the act then that rate will be applicable irrespective of status of the assessee. hence for LTCG 20% will be applicable.
2 Reply
On 14 May 2021 at 08:00
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Chartered Accountant
24588 Points Posted on 14 May 2021
LTCG is 20%
1 Reply
On 14 May 2021 at 09:04
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tax consultant
3306 Points Posted on 14 May 2021
20% u/s 112
1 Reply
On 14 May 2021 at 14:46

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