A partnership firm is considered a separate legal entity for tax purposes. It is taxed at a flat rate of 30% on its total income. If the total income exceeds ₹1 crore, a surcharge of 12% applies. Additionally, a 4% health and education cess is levied on the total tax amount. Unlike sole proprietorships, where profits are taxed in the hands of the owner, partnership firms pay taxes at ... https://www.kanakkupillai.com/learn/file-an-income-tax-return-for-a-partnership-firm/