Income Tax Rates for Partnership Firms/ LLPs (AY 2022-23)
As per the Finance Act of 2022, the income tax rate for partnership firms (registered or unregistered), including limited liability partnerships (LLPs), in respect of AY 2022–23 is 30%. …
Tag: Partnership Firms
Section 2(23) Income Tax: Meaning of ‘Partner’, ‘Partnership’ & ‘Firm’
Meaning of the terms ‘Partner’, ‘Partnership’ & ‘Firm’ under Section 2(23) of the Income Tax Act: a) Definition of ‘Firm’ – Section 2(23)(i) Income Tax As per Section 2(23)(i) …
Meaning of Person: Section 2(31) Income Tax
Normally a ‘Person’ refers to an ‘Individual’, however under Income Tax, the person has broader meaning and coverage. For the purpose of charging Income-tax, the term ‘person’ has been …
Health and Education Cess Rates under Income Tax (AY 2022-23)
Aggregate amount of Income tax and Surcharge (if applicable) is further subject to 4% ‘Health and Education Cess’ in the case of all types of taxpayers, in respect of …
Marginal Relief from Surcharge on Income Tax: AY 2022-23
For AY 2022–23, assessees can claim marginal relief from the surcharge on income tax to mitigate the effect of the additional tax burden that is over and above the …
Surcharge Rates on Income Tax: AY 2022-23
Surcharge on income tax is payable if taxable income of a taxpayer exceeds a specified threshold limit during the AY 2022–23, i.e., Rs. 50 lacs in the case of …