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Partnership firms and limited liability partnerships (LLPs) will be put at a disadvantageous position by Finance Minister Arun Jaitley's Budget announcement to cut corporation tax rate by 5 percentage points to 25 per cent for all micro, small and medium enterprises (MSMEs).
The Budget for 2018-19 kept big corporates out of this cut, proposed by finance minister three years ago.
Jaitley extended the benefit of corporation tax cut from 30 per cent to MSMEs with annual turnover of Rs 2,500 million, from Rs 500 million announced in the previous Budget.
These MSMEs constitute 99 per cent of companies in the
