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The LLP structure is commonly used by accountants to retain the tax structure of traditional partnerships whilst adding some limited liability protection. LLPs are also becoming more common among firms in the legal profession such as solicitors although they are permitted to use a limited company structure. United States
Dec 17, 2019 · LLP Income Tax Surcharge. With effect from Financial Year 2013-14, assessment year 2014-15, a surcharge of 10% is applicable if the income of the Partnership firm or Limited Liability Partnership exceeds Rs.1 crore. LLP Tax Return Filing. All LLPs are required to file Income Tax return each year on or before 30th September.
Sep 27, 2019 · A partnership firm and an LLP are taxed at a flat rate of 30 per cent (excluding applicable surcharge and cess (tax levied for a specific purpose)) on their income.
Income Tax at a flat rate of 30% is levied on Partnership Firms and LLP’s. Computation of taxes as per Income Tax Slab Rates is not allowed as the benefit of Slab Rates is only available to Individuals and HUF’s. Education Cess @ 2% and SHEC @ 1% would also be required to be paid. Moreover, in case the income of the partnership firm is more ...
Jan 13, 2024 · A limited liability partnership (LLP) is a flexible legal and tax entity where every partner has a limited personal liability for the debts or claims of the partnership. Partners of an LLP can ...
Feb 28, 2024 · Tax Advantages: Particularly if your business is earning over ₹1 crore in profits, the LLP offers tax benefits. The tax surcharge that applies to companies with profits over ₹1 crore doesn’t apply to LLPs, nor does Dividend Distribution Tax. Loans to partners are also not taxable as income.
