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Apr 3, 2023 · LLPs are taxed at a flat rate of 30% on their profits, while companies are subject to a higher tax rate of 25% to 30%. Additionally, LLPs are not subject to the surcharge and cess that companies have to pay. However, LLPs must pay a minimum alternate tax (MAT) of 18.5% on their book profits. The MAT is designed to ensure that companies and LLPs ...
Jul 24, 2019 · Income Tax Rate of LLP as applicable for the Assessment Year 2020-2021. The LLP is liable to pay income tax @30% on its income. In case the total income exceeds INR 1 Crore, LLP is also liable to pay surcharge @12% on the income tax. Additionally, health and education cess of 4% is payable on the income tax plus surcharge.
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Dec 17, 2019 · The LLP taxation policy is similar to that of a Partnership firm. From assessment year 1993-94, a partnership firm is treated as a separate taxable entity and has to pay tax on its income. Income of a partnership firm is taxed at 30% plus 2% education cess plus 1% secondary and higher education cess – similar to a private limited company.
Oct 7, 2021 · The income tax rate applicable for LLP registered in India is a flat 30% on the total income. In addition to the income tax, a surcharge is levied on the income tax payable at the rate of 12% when the total income exceeds Rs.1 crore. In addition to income tax a 4% Health & Education surcharge is also applicable on the income of a LLP.
No DDT applicability to LLP Key tax implications Key concepts Page 16 Key tax implications Comparative analysis Particulars LLP Private Company Corporate tax rates: I. Taxable income < 1 crore II. Taxable income > 1 crore III. Taxable income > 10 crores 30.90% 34.61% 34.61% 30.90% 33.06% 34.61% Tax rate if FY 2015-16 Turnover < 50 crores (FA
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 ...
May 6, 2022 · Income Tax Slab Rates for Individuals Opting for Alternate Tax Regime (Section 115BAC) for FY 2022-23 (AY 2023-24) Net Income Range. Rate of Income Tax. Individuals (Other than senior and super senior citizen) Hindu Undivided Family (HUF) Up to INR 2,50,000 – – INR 2,50,001 to INR 5,00,000. 5%. 5%. INR 5,00,001 to INR 7,50,000. 10%. 10%
