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May 15, 2024 · The corporate income tax (CIT) rate applicable to an Indian company and a foreign company for the tax year 2022/23 is as follows: * Surcharge of 10% is payable only where total taxable income exceeds INR 10 million. ** Effective tax rates include surcharge and health and education cess of 4%.
May 21, 2024 · LLPs is required pay tax at a flat rate of 30% of their total income, along with surcharge of 12% if it’s total income exceeds rupees one crore, on the other hand, if a Private Limited company earns less than rupees 400 crores in the previous year, then a 25% tax is payable and in case the annual revenue exceeds rupees 400 crores, the company ...
May 24, 2024 · While both LLPs and companies are subject to a tax rate of 30%, LLPs do not have to pay a surcharge over the tax. This is one of the primary benefits of choosing an LLP over a company. Q - How is a company better than LLP?
May 24, 2024 · Lower Taxation: Companies enjoy a lower income tax rate of 25%, as opposed to LLPs with a flat rate of 30%. Tax Benefits: The conversion from LLP to a company is exempt from capital gains tax. It also permits the carryforward of unabsorbed depreciation and losses.
May 15, 2024 · Partnerships and LLPs are taxed at 31.2% (inclusive of surcharge and health and education cess) if the income is less than INR 10 million and 34.944% (inclusive of surcharge and health and education cess) if the income exceeds INR 10 million. Alternate minimum tax at the rate of 18.5% applies to a partnership/LLP.
May 22, 2024 · Limited Liability Partnership or LLP was introduced by the LLP Act of 2008, as an incorporated partnership structure with an added feature of restricted liability for partners. Prior to this, the only legal entity that could be established as a partnership business in India was a traditional partnership firm.
May 24, 2024 · Explore the cost of registering a new LLP in India and understand the registration process for Limited Liability Partnerships.
