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Taxation of Limited Liability Partnerships by CA. PRAMOD JAIN FCA, ACS, AICWA, DISA LUNAWAT & CO.

Taxation of Limited Liability Partnerships by CA. PRAMOD JAIN FCA, ACS, AICWA, DISA LUNAWAT & CO. Chartered Accountants. TAXATION ASPECTS. Definition of Firm, Partner & Partnership amended to include LLP Residential Status of LLP (6) Tax Rates of LLP LLP assessable as Firm (184)

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Taxation of Limited Liability Partnerships by CA. PRAMOD JAIN FCA, ACS, AICWA, DISA LUNAWAT & CO.

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  1. Taxation of Limited Liability Partnerships by CA. PRAMOD JAIN FCA, ACS, AICWA, DISA LUNAWAT & CO. Chartered Accountants Lunawat & Co.

  2. TAXATION ASPECTS • Definition of Firm, Partner & Partnership amended to include LLP • Residential Status of LLP (6) • Tax Rates of LLP • LLP assessable as Firm (184) • Minimum Alternative Tax (MAT) • Dividend Distribution Tax (DDT) • Presumptive Taxation under section 44AD • Presumptive Taxation under section 44AE Lunawat & Co.

  3. REMUNERATION • It should not be disallowed u/s 37(1) • It should not be disallowed u/s 40(a)(i) • It should not be disallowed u/s 40A(2) • Should be paid to a working partner who is an individual. • Such remuneration is authorised by and is in accordance with LLP Agreement • It is related to period falling on or after the date of such LLP Agreement • The LLP should comply with conditions u/s 184 • It should be within the limits specified in sub-clause (v) of clause (b) of section 40 Lunawat & Co.

  4. INTEREST • It should not be disallowed u/s 36(1) (iii) • It should not be disallowed u/s 40(a)(i) • It should not be disallowed u/s 40A(2) • It should not be disallowed u/s 40(b) i.e.: • Such interest is authorised by and is in accordance with LLP Agreement • It is related to period falling on or after the date of such LLP Agreement • It should be within the limits specified in clause (iv) of section 40b which is currently 12% p.a. simple interest. • The LLP should comply with conditions u/s 184 Lunawat & Co.

  5. OTHER ISSUES • Deemed Dividend • Taxation on conversions of firms, etc. in LLP • Taxability of amounts received by partners from LLP • Liability of partners for tax dues of LLP (167C) • Applicability of Accounting Standards • Carry forward and set off of losses • Wealth Tax Lunawat & Co.

  6. Partnership vs. LLP Lunawat & Co.

  7. Partnership vs. LLP Lunawat & Co.

  8. Partnership vs. LLP Lunawat & Co.

  9. Partnership vs. LLP Lunawat & Co.

  10. Company vs. LLP Lunawat & Co.

  11. Company vs. LLP Lunawat & Co.

  12. Company vs. LLP Lunawat & Co.

  13. Company vs. LLP Lunawat & Co.

  14. Company vs. LLP Lunawat & Co.

  15. CA. Pramod Jain LUNAWAT & CO. pramodjain@lunawat.com 9811073867 Thank You Lunawat & Co.

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