For the tax year 2026-27, which one of the following statements is not correct with reference to the…

Under section 325(1) of the Income-tax Act, 2025 (formerly s.184 of the 1961 Act), a firm is assessed as a firm only if the partnership is evidenced by an instrument and the individual shares of the partners are specified in that instrument. Under section 325(2), a certified copy of the instrument must accompany the return for the first tax year for which such assessment is sought. An oral partnership, although valid under the Indian Partnership Act, 1932, does not meet these conditions. Section 326 then bars any deduction for interest, salary, bonus, commission or remuneration paid to its partners. The statement about an oral partnership is therefore not correct.

The other statements are correct:

Under section 324, a firm is taxed at the rate specified in the Finance Act. The First Schedule to the Finance Act, 2026 taxes every firm at 30% on the whole of its total income, with no basic exemption limit.
A partner's share in the total income of the firm, as per the profit-sharing ratio in the partnership deed, is excluded from his total income by section 11 read with Schedule III (Table: Sl. No. 2).
Remuneration to working partners authorised by the deed is deductible within the limits in section 35(e)(iii). On the first Rs. 6,00,000 of book profit (or in case of a loss), the limit is Rs. 3,00,000 or 90% of book profit, whichever is higher, and on the balance it is 60%.