Reg. Income Tax of partnership Firms

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3 Points Posted on 13 February 2020
I myself along with three others, am going to start a Partnership business. In this regard, my query is-

What will be the income tax rate that the firm will remain liable to pay to the I. T. Department against its profit/income?
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On 13 February 2020 at 23:01 Report
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This discussion clarifies the income tax liability for partnership firms. The standard tax rate for a partnership's profit is 30%, with additional charges for surcharge and a 4% cess. The query seeks to confirm if this 30% rate applies to the firm's gross profit within a financial year.

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12244 Points Posted on 14 February 2020
The rate of tax is 30% subject to surcharge and 4% cess
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On 14 February 2020 at 01:39
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Consultant
1891 Points Posted on 14 February 2020

The tax rate will be 30%+surcharge is applicable+4% cess.

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On 14 February 2020 at 17:07
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3 Points Posted on 14 February 2020
Sir, please let me know on what basis the tax is calculated? Is this 30% applicable on Gross Profit of the firm in a FY?
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On 14 February 2020 at 18:18

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