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HOW A PARTNERSHIP FIRM CALCULATE TAX ON INCOME
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Answer Posted / 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
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