• A

    All partnership firms formed under the Indian Partnership Act, 1932, are assessed as firms under the Income Tax Act, 1961.


  • B

    Income of a firm is taxable at a flat rate of 30% without any exemption.


  • C

    Partner’s share in the income of a firm is not chargeable to tax in the hands of partners.


  • D

    Remuneration paid to partners of a firm (assessed as such) is allowed as deduction subject to statutory limit.