Hi,
I have a confusion regarding Surcharge on IT for Partnership Firms for FY 2009-2010.
Can someone help me with link to Govt website which specifies this for FY 2009-2010 for Partnership firms.
Thx
Sans
6 Replies
Sagar Kulkarni
(Articled Assistant)
(85 Points)
Replied 20 July 2010
The link u want is- https://law.incometaxindia.gov.in/DIT/Xtras/taxcalc.aspx.
As u can see, no surcharge on IT for Partnership Firms for FY 2009-2010.
DT Fundas - Tarun rustagi
( Author)
(1150 Points)
Replied 21 July 2010
dear sanjay
as per finance act09 amendments only companies will liable to pay surcharge.so surcharge is not applicable in case of firm
regards
tarun rustagi
C.Balaji
(Learner)
(1867 Points)
Replied 21 July 2010
Yes... Agree with above....
A.Y. 2010 - 2011 - No Surcharge for Firms.... Surcharge applicable only for companies....
Sanjay
(Director)
(155 Points)
Replied 21 July 2010
My friend tells me that for Book Profit above 1 Cr, Surcharge is applicable to partnership firms also.
Kindly clarify
Sans
FATEMA
(CHARTERED ACCOUNTANT)
(719 Points)
Replied 21 July 2010
Sir,
A firm is taxable at flat rate of 30% .Surcharge is Nil even if the profit goes above 1 Cr.However Education cess of 2% of Income Tax and Secondary and higher education cess of 1% on income tax is chargeable.
Regards,
Fatema
DT Fundas - Tarun rustagi
( Author)
(1150 Points)
Replied 22 July 2010
dear sir
plz tell to ur friend about the amendments.now it is not applicable on firms.
regards
tarun rustagi
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