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HOW A PARTNERSHIP FIRM CALCULATE TAX ON INCOME

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HOW A PARTNERSHIP FIRM CALCULATE TAX ON INCOME..

Answer / faisal

i want to know that how can we calculate interest on capital
of partner. what is the method of interest calculate of
partner capital amount

Is This Answer Correct ?    28 Yes 7 No

HOW A PARTNERSHIP FIRM CALCULATE TAX ON INCOME..

Answer / anil prajapti

Income Tax Rates for Partnership Firms
Assessment Year 2010-11

Flat rate of tax at 30% on the total income of the firm.
Surcharge: Nil
Education Cess: 2% of the amount of Income Tax
Secondary & Higher Education Cess: 1% on the amount of
Income Tax


Assessment Year 2008-09 and 2009-10

Flat rate of tax at 30 % on total income of the firm
Surcharge: 10% of Income tax (after rebate u/s 88E, if any)
if the net income exceeds Rs. 1 Crore. It is subject to
marginal relief in cases where income is marginally
exceeding Rs. 1 Crore.
Education Cess: 2% of the amount of Income Tax and the
surcharge
Secondary & Higher Education Cess: 1% on the amount of
Income Tax and the surcharge

Is This Answer Correct ?    22 Yes 4 No

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