Income Tax Return filing of Partnership Firm

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(Income Tax Return filing of Partnership Firm)

Income tax rate = Partnership firm = 30% + E.cess

Surcharge = 12% of Income Tax, in case taxable income is above Rs. 1 crore

Health & Education Cess = 4% of (Income Tax + Surcharge)

Interest on Capital = Up to 12% allowed

Partner Remuneration

Book profit of Business / Profession	Amount Deductable
Loss to 3,00,000 books profit	Rs.1,50,000  or 90% of book profit whichever is more
On balance book profit	60% of book profit

How to Compute book profit

Step 1 : Find out net profit of firm
Step 2 : Make following three adjustments:

Less :
1. Income from house property, capital gain & income from other sources
2. Brought forward business losses will not deduct from book profit
3. Deduction 80c to 80 U not add to book profit

Step 3: Add remuneration to partners if debited to the profit & Loss account

Notes: Income received from partnership firm (in form of Salary, interest & profit) is treated as business income of partners return.

What is Income Tax Return fling Process?

“All Indian Taxation” will help you to file your Income Tax Return (ITR)

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