Question

What Are the Tax Benefits of a Partnership?

Answer 1

The tax benefits enjoyed by a partnership firm is that the partnership does not have to pay for the income tax on the profit shared by the partners. As each partner needs to report profit and loss in their own tax returns.

Also read:

• Dissolution of Partnership Firm
• Reconstitution of a Partnership Firm Retirement Death of a Partner
• MCQs on Partnership
• Partnership Deed
• Modes of Reconstitution of a Partnership Firm

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