Save Rs 499 on a 2-Year Ad-Free CAclubindia Pro Membership. Subscribe Now!

Tax saving partnership firm

223 views

Save Share

Join Us Follow Us Add as Source

Vikram Musale

26 Points Posted on 24 August 2022

Any option for tax saving for partnership firm

Replies (3)

Quick Summary

This discussion explores various avenues for tax saving within a partnership firm. It covers options like partner remuneration and interest payments, as well as the applicability of presumptive assessment schemes. Additionally, it delves into numerous deductions available under sections 80G through 80JJAA, offering practical strategies to reduce a partnership's taxable profit and overall tax burden.

Dhirajlal Rambhia

SEO Sai Gr. Hosp.

212444 Points Posted on 24 August 2022

1. Remunerations or interest paid to the partners of the firm which are in accordance with the terms of the partnership.

2. Salaries, bonuses, remunerations, commissions paid to the non-working partners of the firm.

3. Applicability of sec. 44AD & sec ADA for presumptive assessment under the act.

4. Deductions under sections.. 80G, 80GGA, 80GGC, 80IA, 80IAB, 80IAC, 80IB, 80IBA, 80IC, 80IE, 80JJA, 80JJAA, 80LA of the act...

Sai Allu

754 Points Posted on 24 August 2022

What is tax Payable by it? Can it give Salary to its 2 Partners of 200000 each to reduce its profit? Income of Partners. What is the tax payable in this case by partnership firm?
...
TAX COMPUTATION OF PARTNERSHIP FIRM.
Particulars Amount
Surcharge 0
Tax + Surcharge 180000
Cess @ 4% 7200
Total Tax including Cess 187200