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Partnership firm is different from Partners

Both have to compute tax and file their ITR (Income tax Returns) separately

 

For example:-

There is a Partnership firm SK Traders

which has  2 partners Sanjay and Kishan

 

There will be 3 ITR's filed,

1.SK Traders (Parnership firm Assessee)

2 Sanjay (Individual Assessee)

 

3 Kishan (Individual Assessee)

 

 INCOME TAX SLAB RATE FOR PARTNERSHIP FIRM

Particulars Rate On 
Income Tax Rate 30% On Income
     
Surcharge    
 If Income upto 1 Cr 0% On Tax
 If Income > 1 Cr 12% On Tax
     
Education Cess 3% On (Tax + Surcharge)

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Q1 Suppose a Partnership firm earns a Profit of 20 lacs

What is income Tax Payable by it

-a-

Particulars Case 1
Profit and Gains of Business and Profession 2000000
TAXABLE INCOME 2000000
TAX 30% 600000
Surcharge @ 12% 0
Tax + Surcharge 600000
Cess @ 3% 18000
Total Tax including Cess 618000

-ea-

 Q 2

What is the tax payable in following cases in case of Partnership Business ?

 

Particulars Case 1 Case 2 Case 3 Case 4 Case 5
TAXABLE INCOME 20000 50000 400000 6000000 18000000
TAX 30%          
Surcharge @ 12%          
Tax + Surcharge          
Cess @ 3%          
Total Tax including Cess          

-a-

Particulars Case 1 Case 2 Case 3 Case 4 Case 5
TAXABLE INCOME 20000 50000 400000 6000000 18000000
TAX 30% 6000 15000 120000 1800000 5400000
Surcharge @ 12% 0   0 0 648000
Tax + Surcharge 6000 15000 120000 1800000 6048000
Cess @ 3% 180 450 3600 54000 181440
Total Tax including Cess 6180 15450 123600 1854000 6229440

-ea-

 

 

  1. Income Tax
  2. PGBP Income
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About the Author

CA Maninder Singh's photo - Expert in Practical Accounts, Taxation and Efiling
CA Maninder Singh
CA Maninder Singh is a Chartered Accountant for the past 6 years. He provides courses for Practical Accounts, Taxation and Efiling at teachoo.com .
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