Under the federal tax law, gross income reduced by adjustments and allowable deductions. It is the income against which tax rates are applied to compute an individual or entity's tax liability. The essence of taxable income is the accrual of some gain, profit, or benefit to a taxpayer. ...
Taxability of profit from partnership firm and income in hand of partners. Business profit partnership firm is taxable at tax rate of 30% and Surcharge is also applicable at rate of 12% if income exceeds 1 crore. How to disclose financial statements in ITR-4. ...
The AMT is a special tax provision designed to prevent high-income taxpayers from avoiding taxes through tax breaks. Those breaks can be either preferential income sources or excessive deductions. It imposes a higher tax rate on your income with the preference items added back. The income threshol...
The core job of assessment postings is to see the work related to the assessment of income tax to be imposed on an individual, partnership firm, company, etc; and refund it in case someone has deposited in excess. He also has to see the work related to TAX DEDUCTION AT SOURCE (TDS) ...
On perusal of financial statements, the Assessing Officer (AO) found that the assessee has received dividend income and share of profit from partnership firm aggregating to Rs. 71,60,368/-and was claimed exempt u/s. 10 of the Act. The A.O. is of the opinion that the assessee has not...
Even in the DTC draft, several exemptions have been continued (like income from agriculture, income from partnership firm, receipt from life insurance, gratuity, deduction for depreciation, and so on) and in fact, by increasing the rate of Minimum Alternative Tax (MAT) from 18% to 20%, govt...
The 2017 tax reform act has fixed the corporate tax rate to 21%, which is lower than the maximum personal tax rate while eliminating the alternative minimum tax as well. The whole C corporation pays the tax return via 1120 C form, whereas S corporation pays no income taxes at the corporat...
AAR holds that no income arises at the time of conversion of partnership firm into a Company under Part IX conversion Section 47(xiii) of the Act specifically excludes certain categories of transfer from the ambit of capital gains, subject to fulfillment of certain conditions. In the given ...
On the other hand, they’re less interest rate sensitive, both because their maturities are shorter (typically no more than 10 years) and they’re often callable before maturity. Municipals. Below-investment-grade municipal securities, just like high-yield corporates, have higher yields and ...
Section 710 would treat a partner's net income from a partnership as ordinary compensation income, if certain conditions are satisfied. Section 710 was aimed at partners who receive a so-called carried interest in exchange for services provided to the partnership. This provision of H.R. 3996 ...