Partnership
Definition |
Formation |
Types of partnership |
Registration |
Advantages |
Disadvantages |
Documents required |
Taxation |
FAQs |
Taxation
There is a flat rate of 30% on profit along with cess and surcharge as applicable under Income tax act. Further, Partners will be taxed separately with individual slab rates. However, there are adequate provisions in the taxation laws to avoid the double taxation of the same income.
GST is applicable then, the rates would depend upon the types of goods sold or services rendered. Other taxes as applicable in various states.
Definition
Partnership is the relation between persons who have agreed to share the profits of a business carried on by all or any of them acting for all
who have entered into a partnership with one another are called individually, "partners" and collectively "a firm".
A minor can be admitted to share only the profits of a partnership.
the name under which their business is carried on is called the "firm-name".
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