Income Tax Rate For Partnership Firm –FY 2019-20 AY 2020-21
For income tax purpose partnership firm is treated as severalty from partners. There are two type of partnership firm in india. One it registered partnership firm with rof and second is unregistered. Latest income tax rate for partnership firm 30% for registered and unregistered firm. Partnership firm and limited liability partnership are treated in same way for tax purpose. Benefit of income tax slab rates is not allowed for firm. In addition to income tax health health & education cess is applicable.
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Income Tax Rate For Partnership Firm AY 2020-19 | FY 2019-20
Partnership Firm Latest Income Tax Slab Rate FY 2019-20 is Flat 30% On Profit Earned. Apart From This Income Tax Rate There Is A Surcharge Is Levied That Is Called Health And Education Cess That Is At 3 %. Each Partnership Firm Registered In India Operating Business Need To File IT Return.
| Partnership Firm | Tax Rate |
| Registered Firm | 30% |
| Unregistered Firm | 30% |
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Health & Education Cess On Partnership Firm
- Cess: XX% Of Corporate Tax
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Surcharge For Partnership Firm
| Surcharge | Tax Rate |
| Surcharge | XX % |
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Minimum Alternate Tax (Mat) For Partnership Firm
As Per Income Act 1961 , Partnership Firm Is not Subject To Minimum Alternate Tax (Mat). Current Rate Of Mat Tax In India Is 18.5% Of Adjusted Total Income. Firm need to take into consideration of MAT.
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Due Date For Partnership Firm ITR Filing FY 2019-20 AY 2020-21
| Taxable Income | Tax Rate |
| Partnership Firm ( Without Tax Audit ) | 31 July 19 |
| Partnership Firm ( Under Tax Audit ) | 30 Sept 19 |
Partnership firm which turnover below tax audit threshold limit is required to file ITR by 31 July 2019. And partnership [highlight background=”” color=””]firm under tax audit need to ITR by 30 Sept 2019.[/highlight]
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Partnership Firm Tax Audit Limit Partnership Firm Ay 2020-19 | Fy 2019-20
Tax Audit Limit For Partnership Firm FY 2019-20 AY 2020-21 as below
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Advance Income Tax Due Date For Partnership Firm FY 2019-20
| Due Date | Advance Tax Payable |
| On or before 15th June 19 | 15% of advance tax |
| On or before 15th September 19 | 45% of advance tax |
| On or before 15th December 19 | 75% of advance tax |
| On or before 15th March 20 | 100% of advance tax |
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Income Tax Filing For Partnership Firm
Form Firm, Business ITR Form 6/7 Can Be Downloaded From Income Tax Site. One Of Partners Digital Signature Is Required For Partnership Firm ITR Filing. E Form Can Be Downloaded From Income Tax Website. Content Of Partnership Firm ITR.
- Details Of Partnership Firm ( Pan , Address Etc. )
- Directors Details ( Pan , Address , % Of Shares Etc )
- Details Of Profit And Loss And Balance Sheet
- Remuneration , Interest Etc Paid To Partners If Any
- Other Details
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Online Income Tax Payment For Partnership Firm
Income Tax Allowed To Make Tax Payment By Online Or Physical Mode. For Online E Payment Of Tax For Partnership Firm Required To [highlight background=”” color=””]Fill Challan Form 280[/highlight] And Make Tax Payment According Using Net Banking.
Below Are Steps
- Visit E Payment Site : https://www.tin-nsdl.com/services/oltas/e-pay.html
- Select Form 280
- Fill Details Such As PAN , Address , Year Etc.
- Select Online Banking Mode
- Make Payment And Save Challan
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