Tag: Partnership Firms
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%. …
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) …
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 …
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 …
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 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 …