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TAXATION OF FIRMS-TAXATION OF FIRMS AND ITS PARTNERS PROVISIONS IN BRIEF

Income Tax - Partnership Firm / Limited Liability Partnership (LLP) - 01 - TAXATION OF FIRMS AND ITS PARTNERS: PROVISIONS IN BRIEF Income of the partnership firm is assessed at a flat tax rate of 30% plus 10% surcharge where total income exceeds ₹ 1 crore (+ 3% education cess). LTCG are taxed under section 112 and STCG are taxed under section 111A. LTCG referred in section 10(38) are exempt in hands of the firm. Shares of partners in the total income of the firm is EXEMPT in the hands of p .....

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