Taxation Exam > Taxation Notes > Fast Track Quick Revision Income Tax > Assessment of Firm (Section 184, 28, 37, 40b)
Assessment of Firm (Section 184, 28, 37, 40b) | Fast Track Quick Revision Income Tax - Taxation PDF Download
| Section 184. Assessment of firm | |||
| Compulsory clauses | Optional agreement | ||
| 1. | There is written agreement amongst partners. (Partnership Deed : PD) |
1. | Interest on loan or capital contributed partners. |
| 2. | Profit sharing ration (PSR) is specified in PD. |
2. | Remuneration payable to partners. |
| 3. | PD is filed with tax department with first ROI. |
If conditions of S 184 satisfied then interest and remuneration to partners is allowed as deduction in the hands of firm and taxable in the hands of partners u/h PGBP |
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| All the above 3 points satisfied then a Firm is created. Once created always assessed as Firm. | |||
| Rate of tax of firm : 30% flat + Surcharge if any + education cess @ 3% | |||
| Section 40b. Maximum deduction of interest & remuneration allowed in the hands of Firm | ||||||||
| Interest |
Remuneration to working partner |
|||||||
| upto 12% p.a. or rate of interest specified in PD whichever is lower. |
Remuneration to working partner as specified in PD or remuneration as per following table whichever is lower.
Remuneration should be distributed in remuneration ratio. |
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FAQs on Assessment of Firm (Section 184, 28, 37, 40b) - Fast Track Quick Revision Income Tax - Taxation
| 1. What is Firm Taxation? |  |
Firm taxation refers to the process of calculating and paying taxes by a business entity, such as a company or partnership. It involves determining the taxable income of the firm, applying the relevant tax rates, and fulfilling the required tax obligations as per the tax laws of the jurisdiction in which the firm operates.
| 2. What is the significance of Section 184 in Firm Taxation? | |
Section 184 of the tax code typically pertains to the deduction of certain business expenses incurred by partners in a partnership. It allows partners to deduct their unreimbursed partnership expenses, subject to certain limitations and conditions. This provision aims to ensure fairness and accuracy in the taxation of partnership income.
| 3. How does Section 28 affect Firm Taxation? | |
Section 28 of the tax code deals with the depreciation of business assets. It provides guidelines on how to determine the depreciation expenses for tax purposes. By following the rules specified in Section 28, businesses can allocate the cost of their assets over their useful lifespan, thereby reducing their taxable income and overall tax liability.
| 4. What does Section 37 entail in Firm Taxation? | |
Section 37 of the tax code covers the deduction of business expenses that are not directly related to the production of goods or services. It allows firms to deduct ordinary and necessary expenses incurred in the operation of their business, provided they are not specifically disallowed by other provisions of the tax law. This section enables businesses to reduce their taxable income and lower their tax burden.
| 5. How does Section 40b impact Firm Taxation? | |
Section 40b of the tax code addresses the taxation of remuneration paid to partners in a partnership. It establishes rules for determining the taxability of partner's salary, interest, and other forms of compensation received from the partnership. This provision ensures that the taxation of partner's earnings is carried out in accordance with the applicable tax regulations and helps maintain fairness in the tax treatment of partnership income.
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