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Taxation of Limited Liability Partnership (LLP)

The Limited Liability Partnership Act, 2008 has come into effect in 2009. LLP Rules (except some rules dealing with conversion) and forms have been notified w.e.f. 1st April, 2009. The Income tax Act has been amended to incorporate the taxation scheme of LLPs in the Income Tax Act on the same lines as the taxation scheme currently prevalent for general partnerships, i.e. taxation in the hands of the entity and exemption from tax in the .....

How is Limited Liability Partnership (LLP) is Taxed?

The Limited Liability Partnership Act, 2008 has come into effect in 2009. LLP Rules and forms have been notified w.e.f. 1st April, 2009, The Finance No.2 Act, 2009 has incorporated the taxation scheme of LLPs in the Income Tax Act. It is same patters as in partnership firms i.e. taxation in the hand of the firm and exemption in the hands of its partners. In previous article I have written about basic concept of LLP .....

How to Incorporate a New LLP (Limited Liability Partnership)

How to Incorporate a New LLP A Limited Liability Partnership (LLP) may be incorporated as per the procedure explained below: User Registration Register yourself on the website of Ministry of Corporate Affairs, developed for LLP services, i.e. www.llp.gov.in . This website may also be accessed through the website of the ministry www.mca.gov.in On the home page of the URL www.llp.gov.in click “Register” tab on top right hand corner of the page. Fill in the registration .....