https://www.taxtmi.com/manuals?id=1418 Partnership firms and LLPs are taxed at firm level with specific rates for ordinary income and capital gains, surcharge and health and education cess; partners' shares in firm income are exempt in their hands. Remuneration and interest to partners are deductible to the firm within statutory limits and taxable to partners, while disallowed payments are excluded from partners' business income additions. Losses and unabsorbed depreciation remain with the firm for carryforward, subject to limits on loss carryforward where constitution changes on retirement or death. Firm and partner return filing dates vary by audit requirement. en-us Wed, 20 Jan 2016 18:17:00 +0530 Fri, 03 May 2024 16:34:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/manuals?id=1418 Partnership firms and LLPs are taxed at firm level with specific rates for ordinary income and capital gains, surcharge and health and education cess; partners' shares in firm income are exempt in their hands. Remuneration and interest to partners are deductible to the firm within statutory limits and taxable to partners, while disallowed payments are excluded from partners' business income additions. Losses and unabsorbed depreciation remain with the firm for carryforward, subject to limits on loss carryforward where constitution changes on retirement or death. Firm and partner return filing dates vary by audit requirement. Manuals Income Tax Wed, 20 Jan 2016 18:17:00 +0530 https://www.taxtmi.com/manuals?id=1418