Partnership firms and LLPs (Limited Liability Partnerships) are liable to be taxed at the rate of 30% for FY 2019-20 (AY 2020-21).
There will be a surcharge of 12% of taxable income if net income exceeds INR 1 crore. However, the surcharge shall be subject to marginal relief (where income exceeds INR 1 crore, the total amount payable as income tax and surcharge shall not exceed the total amount payable as income tax on total income of INR 1 crore by more than the amount of income that exceeds INR 1 crore).
Health and Education Cess will be 4% of income tax, plus the surcharge.