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HOW A PARTNERSHIP FIRM CALCULATE TAX ON INCOME
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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 |
The party has raised service bill for Rs. 120000. The TDS deductor company made TDS on Rs. 100000 i.e., Rs.20000 is deducted on the gross bill of Rs 120000. My question is whether to deduct TDS on Rs.120000 or on Rs. 100000?
Excisable material sold without charging excise duty, Now after 3 months, I am issuing Suplimantary bill to party for Excise payment, now please tell me the interest need to pay for this and also is there need to pay interest if i have sufficiant amount of cenvate credit balance in these 3 months.
what is the last date to submitted of TDS and VAT And after due date what is the fine to be payable.
My salary is Gross 17000/- pm and 1 salary is added as bonus total CTC is 2.21 LPA. Is am eligible for incometax. Kindly revert .
2 Answers Panoramic Universal,
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