The rates of income tax, surcharge, HEC and AMT, applicable in the case of partnership firms/LLPs in India in respect of AY 2023-24, are as follows:
Income Tax Rates
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
In cases where the total income of a partnership firm or LLP exceeds Rs 1 crore, the surcharge at the rate of 12% on the amount of income tax shall be applicable, subject to provisions relating to marginal relief, if any.
Health & Education Cess (HEC) Rates
In the case of partnership firms and LLPs, the aggregate amount of income tax and surcharge shall be subject to HEC @ 4%.
Alternate Minimum Tax (AMT) Rates
The alternate minimum tax (AMT) shall be applicable u/s 115JC at 18.5% of adjusted total income (ATI) + surcharge + HEC in cases where the partnership firm or LLP has claimed deductions u/s 80H to 80RRB (except 80P), 35AD, and 10AA. However, in respect of units of firms or LLPs located in the IFSC deriving income solely from convertible foreign exchange (CFE), AMT can be paid at the concessional rate of 9% (instead of 18.5%) + surcharge + HEC.
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