A All partnership firms formed under the Indian Partnership Act, 1932, are assessed as firms under the Income Tax Act, 1961.
B Income of a firm is taxable at a flat rate of 30% without any exemption
C Partners’ share in the income of a firm is not chargeable to tax in the hands of partners.
D Remuneration paid to partners of a firm (assessed as such) is allowed as deduction subject to statutory limit
