Partnership firm income is taxed at:
A22% concessional (per relevant Section)
BSlab rates
C30% flat plus surcharge and cess
DMAT rate
Answer & Solution
Correct answer: C. 30% flat plus surcharge and cess
1. Partnership firm (including LLP) taxed at flat 30% basic.
2. Surcharge 12% if total income > Rs. 1 crore (no slab as for individuals).
3. Plus 4% Health & Education Cess. AMT may apply if specified deductions claimed.
_Source: ICAI BoS CA Final Paper 7, Ch 9 "Assessment of Various Entities"_
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