Which one of the following statements is not correct with reference to the assessment of firms ?

• A. All partnership firms formed under the Indian Partnership Act, 1932, are assessed as firms under the Income Tax Act, 1961.
• B. Income of a firm is taxable at a flat rate of 30% without any exemption.
• C. Partners’ share in the income of a firm is not chargeable to tax in the hands of partners.
• D. Remuneration paid to partners of a firm (assessed as such) is allowed as deduction subject to statutory limit.