A partnership firm is a type of entity where more than one person is carrying out business under one entity. Partnerships firms in India are of two types - Registered partnership firms and unregistered partnership firms. Registering a Partnership is the right choice for small enterprises as the formation is…
Income tax is levied on the income earned by all the individuals, HUF, partnership firms, LLPs and Corporates as per the Income tax Act of India. In the case of individuals, tax is levied as per the slab system if their income is above the minimum threshold limit (known as…
An Income Tax penalty is a punitive measure which applies to assessees who make default in compliance with the Income Tax Act. The Act has introduced various penalties for contraventions committed by taxpayers. The penalty prescribed as per the Income Tax Act can either be mandatory or leviable at the…
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