Teaching UGC NET Mock Test Series 2025 (Paper 1 & 2) Income-tax and Corporate Tax Planning Income-tax
Which one of the following statements is not correct with reference to the assessment of firms ?
1
All partnership firms formed under the Indian Partnership Act, 1932, are assessed as firms under the Income Tax Act, 1961.
2
Income of a firm is taxable at a flat rate of 30% without any exemption.
3
Partners’ share in the income of a firm is not chargeable to tax in the hands of partners.
4
Remuneration paid to partners of a firm (assessed as such) is allowed as deduction subject to statutory limit.