Charge of tax on firm income at statutory rate applies to entities assessable as firms under the law. Where an entity is assessable as a firm, tax shall be charged on the firm's total income at the rate specified by the Central enactment for the relevant ... Summary
Charge of tax on firm income at statutory rate applies to entities assessable as firms under the law.
Where an entity is assessable as a firm, tax shall be charged on the firm's total income at the rate specified by the Central enactment for the relevant tax year; the provision fixes the taxable base as the firm's aggregate income and applies exclusively to entities treated and assessed as firms.
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