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Which one of the following statements is not correct with reference to the assessment of firms ?

Which one of the following statements is not correct with reference to the assessment of firms ? Correct Answer Income of a firm is taxable at a flat rate of 30% without any exemption.

The income of a firm is taxable at a flat rate of 30% with exemptions. Hence Option2 which says that the income of the firm is chargeable to tax at 30% without exemption is incorrect.

  • Every partnership firm is liable for taxation under the Income Tax Act, 1961. Under Income Tax there are certain provisions that are applicable to a partnership firm.
  • The income of a firm is taxable at a flat rate of 30% with an exemption
  • The share of the partners in the total income of the firm is exempt in the hands of the partners as the same has already been taxed in the hands of the partnership firm.
  • Amount of Interest and/or remuneration etc. received by a partner will be taxed in his hands as ‘Business or Professional Income’, excluding the amount disallowed in the hands of the firm is in excess of limits.
  • The maximum amount of salary, bonus, commission, or other remuneration to all the partners during the previous year should not exceed the limits given below:
  1. On first 3 lakhs of book profit or in case of loss – ₹ 1, 50,000 or 90% of book profits (whichever is higher).
  2. On the balance book profit 60% of book profit.

The income of a firm is taxable at a flat rate of 30% with exemptions. The student may get confused about whether the deductions are allowable or not

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