Taxation of Firms & its Partners

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....* On Short Term Capital Gain on sale of shares as per section 111A 15% * Surcharge:- The amount of income tax shall be increased by surcharge @ 12% of such income tax in case of a firm having total income exceeding ₹ 1 crore. * Cess:- Health & Education Cess @ 4% on total tax Shares of partners in the total income of the firm is EXEMPT in the hands of partners under section 10(2A). *....

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.... firm subject to the limits and conditions specified in section 40(b). Remuneration and interest received by the partners shall be taxed in their hands under PGBP under section 28(v). However, salaries and interest which have not been allowed under section 40(b) or section 184(5) or section 185 shall not be added to the income of the partners under section 28(v). Losses of the firm shall be ca....