Income Tax Rates for Partnership Firms

Assessment Year 2010-11

Flat rate of tax at 30% on the total income of the firm.
Surcharge: Nil
Education Cess: 2% of the amount of Income Tax
Secondary & Higher Education Cess: 1% on the amount of Income Tax

Assessment Year 2008-09 and 2009-10

Flat rate of tax at 30 % on total income of the firm
Surcharge: 10% of Income tax (after rebate u/s 88E, if any) if the net income exceeds Rs. 1 Crore. It is subject to marginal relief in cases where income is marginally exceeding Rs. 1 Crore.
Education Cess: 2% of the amount of Income Tax and the surcharge
Secondary & Higher Education Cess: 1% on the amount of Income Tax and the surcharge