Tag: Partnership Firms
As per the Finance Act of 2022, the income tax rate applicable for the partnership firms (registered or unregistered) and limited liability partnerships (LLPs) in India, is 30% in …
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) …
Find out what constitutes a 'person' under Section 2(31) of the Income Tax Act in India and what it means for tax purposes.
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 …