Income Tax on Firms
Posted on Sat May 24, 2008 at 06:14:35 AM EST
Partners get no respite in firm's Incometax
With reduction in incometax rates for individuals,partnership firms are at a loss,as they still have to pay the same rate of incometax without any change in the slabs for providing salaries to the partners.At present for the first Rs 150000 Rs 112500 is allowed to partners and thereafter 40%.Proper compensation to partners will be in revising these limits upwards so that for the first Rs 300000 atleast Rs 250000 is allowed and thereafter 50%.Hope that the Government will favourably consider this to help the smaller firms
By Unregistered Visitors, Section Taxation - Income Tax
Posted on Sat May 24, 2008 at 06:14:35 AM EST
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