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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Reg. Income Tax of partnership Firms
Replies (3)
The rate of tax is 30% subject to surcharge and 4% cess
The tax rate will be 30%+surcharge is applicable+4% cess.
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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