https://www.taxtmi.com/article/detailed?id=11085 Partnership firms, including LLPs, function as small family businesses or professional associations yet face higher tax rates, surcharge and no basic exemption while companies enjoy reduced rates; existing provisions on computation, presumptive taxation and audit have not provided comparable concessions. The author proposes reliefs such as a basic exemption per partner or percentage of capital employed, concessional rates for new or manufacturing firms, and special treatment where partners are self-employed or firms create employment, and urges data collection and stakeholder consultation to design parity-enhancing tax measures and compliance simplification. en-us Tue, 07 Feb 2023 10:10:02 +0530 Tue, 07 Feb 2023 10:10:02 +0530 TaxTMI RSS Generator https://www.taxtmi.com/article/detailed?id=11085 Partnership firms, including LLPs, function as small family businesses or professional associations yet face higher tax rates, surcharge and no basic exemption while companies enjoy reduced rates; existing provisions on computation, presumptive taxation and audit have not provided comparable concessions. The author proposes reliefs such as a basic exemption per partner or percentage of capital employed, concessional rates for new or manufacturing firms, and special treatment where partners are self-employed or firms create employment, and urges data collection and stakeholder consultation to design parity-enhancing tax measures and compliance simplification. Articles Income Tax Tue, 07 Feb 2023 10:10:02 +0530 https://www.taxtmi.com/article/detailed?id=11085