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Section 2 (1) (n) of the Limited Liability Partnership Act, 2008 defines “Limited Liability Partnership” as a partnership formed and registered under the Act. It is a distinct legal entity separate from its Partner. 1. ITR-4 (SUGAM) – Applicable for Individual, HUF & Firm (other than LLP) This return is applicable for an Individual or ...
Apr 1, 2023 · The rates of surcharge on income tax applicable in the case of domestic companies for AY 2023-24 are as follows: Taxable Income. Income Tax Surcharge Rate. Above Rs 1 crore but up to Rs 10 crore. 7%. Above Rs 10 crore. 12%. In other words, the amount of income tax for domestic companies shall attract a 7% surcharge in cases where total income ...
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Jan 6, 2020 · Health and Education Cess – 4 % (on the amount of income tax and surcharge) Alternative Minimum Tax – Tax payable by firm can’t be less than 9% (Plus Cess) of adjusted total income as per Sec. 115 JC. 4. Tax Payment method for Partnership Firms and LLP’s.
Apr 1, 2023 · The rates of income tax, surcharge, HEC and AMT, applicable in the case of partnership firms/LLPs in India in respect of AY 2023-24, are as follows: Income Tax Rates. A flat rate of 30% income tax is applicable for the partnership firms (registered or unregistered) and limited liability partnerships (LLPs) in India in respect of AY 2023-24.
Apr 11, 2024 · An LLP is a type of business partnership that limits its partners personal liability for any debts or damages incurred by other partners or by the partnership itself. In other words, an LLP partner’s personal liability is limited to any assets they may have contributed to the partnership and any debts or damages incurred by their own actions.
May 31, 2021 · An LLP is taxed in the same way as a traditional partnership firm subject to certain exceptions like the benefit of presumptive taxation under section 44AD or section 44ADA of Income-tax Act, 1961 (“Income-tax Act”) is not applicable for LLP but applies to a partnership firm. Tax Rate: For the Financial Year 2021-22 (i.e., Assessment Year ...
One main benefit of creating an LLP is a balance of management control with reduced liability exposure. Similar to a general partnership, an LLP allows its partners to actively participate in the operation of their business. However, unlike general partners, partners in an LLP have limited liability.
