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  2. Tax Slabs for Partnership Firm / LLP for AY 2024-25. For the AY 2024-25, a Partnership Firm (including LLP) is taxable at 30%. Surcharge, Marginal Relief and Health & Education Cess

  3. Apr 1, 2023 · A flat rate of 30% income tax is applicable for the partnership firms (registered or unregistered) and limited liability partnerships (LLPs) in India in respect of AY 2023-24. Surcharge Rates.

  4. This return is applicable for Individual & Hindu Undivided Family (HUF); Having Income under the head Profits or Gains of Business or Profession. Who is not eligible for filing ITR-1, ITR-2 or ITR-4. 2. ITR-4 (SUGAM) – Applicable for Individual, HUF & Firm (Other than LLP) Note: ITR-4 cannot be used by a person who: (a) is a Director in a ...

  5. Jan 6, 2020 · In this article, we look at the procedure of taxation of a Partnership Firm and LLPs. Page Contents. 1. Introduction. 2. Computation of Income of Partnership Firms and LLP’s. Other Points to be kept in mind-. 3. Tax Rates (For AY 2020-21) for Partnership Firms and LLP’s.

  6. a. Surcharge : Surcharge is levied on the amount of income-tax at following rates if total income of an assessee exceeds specified limits:-. Note: The enhanced surcharge of 25% or 37% is not levied, on income by way of dividend or from income chargeable to tax under sections 111A, 112, 112A and 115AD (1) (b).

  7. May 6, 2024 · In India, the computation of income tax relies on the income tax slabs and corresponding rates applicable for a given financial year (FY) and assessment year (AY). The income tax slab 2023 24 was unveiled during the presentation of the Union Budget 2022-23.

  8. Income tax rate for Partnership firm or LLP as per old/ new regime. A partnership firm/ LLP is taxable at 30%. NOTE: 12% Surcharge is levied on income is more than Rs 1 crore; Health and Education Cess at the rate of 4% will be applicable; No concessional rates are introduced for firms LLPs in the next tax regime

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