HOW A PARTNERSHIP FIRM CALCULATE TAX ON INCOME
- 2 Answers
- 15404 Views
- IBM, UBI, I also Faced
- E-Mail Answers
Answers were Sorted based on User's Feedback
Answer / faisal
i want to know that how can we calculate interest on capital
of partner. what is the method of interest calculate of
partner capital amount
| Is This Answer Correct ? | 28 Yes | 7 No |
Answer / anil prajapti
Income Tax Rates for Partnership Firms
Assessment Year 2010-11
Flat rate of tax at 30% on the total income of the firm.
Surcharge: Nil
Education Cess: 2% of the amount of Income Tax
Secondary & Higher Education Cess: 1% on the amount of
Income Tax
Assessment Year 2008-09 and 2009-10
Flat rate of tax at 30 % on total income of the firm
Surcharge: 10% of Income tax (after rebate u/s 88E, if any)
if the net income exceeds Rs. 1 Crore. It is subject to
marginal relief in cases where income is marginally
exceeding Rs. 1 Crore.
Education Cess: 2% of the amount of Income Tax and the
surcharge
Secondary & Higher Education Cess: 1% on the amount of
Income Tax and the surcharge
| Is This Answer Correct ? | 22 Yes | 4 No |
what is deemed sales? how to calculated
I am a civil Engineer consultant. On an item for example Rs.100, I am adding 4%WCT ie., Rs.4 and I am certifying the contractor bill for Rs.100.00 + Rs.4.00 = Total Rs.104.00. But my client is deducting 4% on Rs.104.00 ie., Rs. 4.16. So, finally contractor is losing Rs. 0.16 on Rs. 100 which amounts to lakhs on the project value. Can you please guide me on this? Santosh Kumar
what is defferred tax liability ? explain with 2 example.
I am an employee in a IT Company. While filling out the form it prompts to fill - Details of Tax deducted at source from Salary (as per form16) and then it again prompts to fill - Details of Advance tax and Self Assessment Tax. if i fill both the columns, i get end result as 2 times of Tax i paid and a refund.
Who is an assesse?
If we use google licence in our office for one year.Google raised invoice annualy. so that on which section tds will be deducted.
what is the process of filing the return (both)
What extra accounts and legal formalities are maintened In excise firm other then normal saling firm.? also tell me tax aspect in Excise firm?
i HAVE MANUFACTURING UNIT IN KARNATAKA & I HAVE DEPOT IN KARNATAKA ON WHICH VALUE SHALL I PAY ENTRY TAX ON STOCK TRANSFER VALUE OR DEPOT SALE VALUE.
what is caluculate PF what is fill the rates in the challan
If any payment made for purchase of computer parts (mother board , ram, monitor)say 1/100 of monthly income (if income is 1000 & expences is rs.10) than whether it is computer expence (revenue expenditure) or computer (capital expenditure). Kindly specify in detail
What is an entry for INCOME TAX REFUND ?
Audit 
