1 / 15

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)

leo-gilmore
Download Presentation

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

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript


  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.

More Related