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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

    • Tax Rates applicable to Individuals (Resident / Non Resident) for FY 2023-24 (AY 2024-25) Following Tax Rates are applicable for assessee opting for ‘Old Tax Regime’
    • Income Tax Rate applicable to HUF, AOP, BOI, Other Artificial Juridical Person – Old Tax Regime for FY 2023-24 (AY 2024-25) Net Income Range. Rate of Income Tax.
    • New Tax Regime for Individual, HUF, AOP,BOI, AJP u/s. 115BAC for FY 2023-24 (AY 2024-25) These are Special Rates for Individual, HUF, AOP, BOI, AJP u/s.
    • Income Tax Rates applicable to Company for FY 2023-24 (AY 2024-25) 4.1 Domestic Company. Normal Income-tax rates applicable in case of domestic companies are as follows
  3. For the Assessment Years 2023-24 & 2024-25, a partnership firm (including LLP) is taxable at 30%. Add: ( a) Surcharge : The amount of income-tax shall be increased by a surcharge at the rate of 12% of such tax, where total income exceeds one crore rupees.

    • Rate of Income tax applicable to Partnership Firm / LLP. Flat rate of 30% on the total income after deduction of interest and remuneration to partners/Designated Partners at the specified rates + Surcharge of 12% if Total Income exceeds 1 Crore and will be further increased by education cess secondary and higher education cess @ 3% on Income-tax (Wef A.Y.
    • Rate of Interest to Partners of Partnership Firm / LLP. from 1-6-2002. up to 31-5-2002. Simple Interest Rate. 18% p.a. 12%
    • Remuneration to Partners/Designated Partners 1. Payment of Remuneration to a non-working partner will not be allowed as a deduction 2. A ‘working partner’ is an individual who is actively engaged in conducting the affairs of the business or profession of the firm.
    • Conditions for assessment as a firm 1. The partnership should be evidenced by an instrument in writing specifying individual shares of the partners. 2.
  4. Oct 7, 2020 · Return Filing Provisions. Due dates for filing of return. Computation of Income. Tax Rates (For AY 2020-21) Surcharge – 12 % (where taxable income including capital gain exceeds Rs. 1 crore). It is subject to Marginal relief. Health and Education Cess – 4 % (on the amount of income tax and surcharge)

  5. 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.

  6. Home - Central Board of Direct Taxes, Government of India

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