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Taxation of Limited Liability Partnerships CA Vinod Jain,

Taxation of Limited Liability Partnerships CA Vinod Jain, B. Com (H), FCA, FCS, FCWA, LLB, DISA Central Council Member, ICAI Mobile: 98110 40004 E mail: vinodjainca@gmail.com vinodjain@inmacsindia.com. TAXATION ASPECTS. Definition of Firm, Partner & Partnership amended to include LLP

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Taxation of Limited Liability Partnerships CA Vinod Jain,

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  1. Taxation of Limited Liability Partnerships CA Vinod Jain, B. Com (H), FCA, FCS, FCWA, LLB, DISA Central Council Member, ICAI Mobile: 98110 40004 E mail: vinodjainca@gmail.com vinodjain@inmacsindia.com

  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 CA. Vinod Jain

  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 CA. Vinod Jain

  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 CA. Vinod Jain

  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 CA. Vinod Jain

  6. Partnership vs. LLP CA. Vinod Jain

  7. Partnership vs. LLP CA. Vinod Jain

  8. Partnership vs. LLP CA. Vinod Jain

  9. Partnership vs. LLP CA. Vinod Jain

  10. Company vs. LLP CA. Vinod Jain

  11. Company vs. LLP CA. Vinod Jain

  12. Company vs. LLP CA. Vinod Jain

  13. Company vs. LLP CA. Vinod Jain

  14. Company vs. LLP CA. Vinod Jain

  15. ????? • Is it viable for small firms ??? • Taxation of Conversions ??? • Recognition of LLP in other Laws ??? • LLP and Direct Tax Code ??? • Can a LLP conduct audits ??? CA. Vinod Jain

  16. Thank You CA. Vinod Jain

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