Description
Partnership Firm Tax Return Filing
All partnership firms are required to file the income tax return, irrespective of the amount of income or loss. Partnership firms are taxed as a separate legal entity under the Income Tax Act. Hence, the income tax rate applicable for partnership firms is similar to LLPs and Companies registered in India.
LLP TAX RETURN FILING
All LLPs are required to file the income tax return, irrespective of income or loss. LLPs are a separate legal entity and are taxed separately from the Partners of the LLP. The income tax rate applicable for LLPs is similar to companies registered in India.
Company Tax Return Filing
All companies registered in India are required to file income tax returns each year. Under the Income Tax Act, company tax return filing falls under two categories, namely domestic company or foreign company. Companies registered with the Ministry of Corporate Affairs like Private Limited Company, One Person Company or Limited Company are classified as a domestic companies.
Also, there is a requirement of audit under the income tax act, in case the income shown is less than the prescribed %age or if turnover exceeds a certain limit.
Reviews
There are no reviews yet.