MANAGEMENT

Detailed explanation-1: -Joint ventures, regardless of the purpose by which they were created, are generally exempt from corporate income tax. 14. The share of a co-venturer corporation in the net income of a taxable joint venture or consortium is subject to corporate income tax.

Detailed explanation-2: -The JV company will be subject to tax on its own profits and so there will be leakage at the level of the JV company. It will then need to distribute any such amounts to its shareholders (generally either through a repayment of any debt financing, or through the payment of dividends).

Detailed explanation-3: -Tax rate: 30% (Basic rate) plus surcharge and cess. Alternate Minimum Tax (AMT) under section 115JC is applicable in certain circumstances. Partner’s share of profit is not taxable in India. Interest and remuneration-taxable for partner-if allowed, in other case it is not taxable.

Detailed explanation-4: -Income Tax Exemption Limit The basic exemption limit for individuals below the age of 60 years is Rs. 2.50 lakhs. For senior citizens the exemption limit is Rs. 3 lakhs and for very senior citizen who are above 80 years, it is Rs.