LLP (Limited Liability Partnership) is a new hybrid form of business entity. The union budget 2009-10 amended the definition of firm and partners for the purpose of LLP taxation and treated the LLP as partnership firm regarding taxation. However, LLP will be taxed on the same line of partnership.
Being a separate legal entity from its partners, the income of LLP is taxable in the hands of partners. Hence, the designated partner shall be responsible for filing and signing the income tax return of LLP. In case designated partner fails to do, then any partner can sign the income tax return.
*Section 40(b) – Minimum of the following allowed for deduction:
on the first Rs 3 lacs of the book-profit or in case of a loss
Rs 1.5 lacs or 90% of book profit whichever is more
on the balance of the book profit
60% of such book profit above Rs 1.5 lacs
*Section 47- Transactions not regarded as ‘Transfer’
Income Tax Return
Last date for filing
In case of audit is not required
In case of audit is required
Click here to Registration of LLP