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How much tax would be payable as the partner in a partnership firm with 5 more people if I earn 10 crores as a facilitator (service) in India?

Submitted by LegalWizin on Thu, 06/03/2021 - 01:09

In a partnership firm, the tax is chargeable at the rate of 30% on the profits after all the deductions. Further, the profit transferred to the partners account is exempted from the tax. It is because the profit is distributed after charging tax on the profit. Hence the burden of paying tax is on the partnership firm and not on the partners.