Taxation of Firms & its Partners

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..... Term Capital Gain on sale of shares as per section 111A 15% Surcharge:- The amount of income tax shall be increased by surcharge @ 12% of such income tax in case of a firm having total income exceeding ₹ 1 crore. Cess:- Health Education Cess @ 4% on total tax Shares of partners in the total income of the firm is EXEMPT in the hands of partners under section 10(2A) . Note:- It is clarified t .....

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..... s and conditions specified in section 40(b) . Remuneration and interest received by the partners shall be taxed in their hands under PGBP under section 28(v) . However, salaries and interest which have not been allowed under section 40(b) or section 184(5) or section 185 shall not be added to the income of the partners under section 28(v) . Losses of the firm shall be carried forward by the firm a .....

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..... he time being in force. b. 31st July in any other cases. 9. Due dates for filing of return of Partners a. 30th September in case of a working partner of a firm (whether or not he is entitled to remuneration) where due date for filing return of firm is 30th September. b. 31st July for other partners. - Manuals - Ready reckoner - Law and practice - Reference Guide - Quick Commentary Tax Managemen .....

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