Rate of Income Tax For "Partnership Firm" For A.Y. 2014-2015 & A.Y. 2015-2016
For A.Y. 2015-2016
Rate of income tax
30% on whole of the income
For A. Y. 2014-15 & 2015-2016, 10% Surcharge of IT., if total income exceed ` 1 Crore
2% of incometax and Additional Secondary & Higher Education Cess @1%isalsolevied on all assessees.
Marginal Relief: In the case of firms having total income exceeding ` 1 Crore, the total amount payable as income- tax and surcharge on such income shall not exceed the total amount payable as income-tax on a total income of ` 1 Crore rupees by more than the amount of income that exceeds ` 1 Crore.
All efforts are made to keep the content of this site correct and up-to-date. But, this site does not make any claim regarding the information provided on its pages as correct and up-to-date. The contents of this site cannot be treated or interpreted as a statement of law. In case, any loss or damage is caused to any person due to his/her treating or interpreting the contents of this site or any part thereof as correct, complete and up-to-date statement of law out of ignorance or otherwise, this site will not be liable in any manner whatsoever for such loss or damage.
The visitors may click here to visit the web site of Income Tax Department for resolving their doubts or for clarifications