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Whether profit in LLP should be taxed in hands of its Partners and not in hands of LLP?
| shammi gaind, dwarka, says: llp is seprate entity so tax should imposed on firm |
| 26 Feb, 2010 |
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| BIPIN BIHARI SHARMA, Delhi, says: LLP is itself a legal entity, and its status is same as a company. Hence LLP should be assessed like company as per Income Tax Act. |
| 5 Feb, 2010 |
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Apurva, Pune, says: LLP is taxed as partnership firm under Income Tax Act, 1961.
Profit of Partnership firm is exempt in the hands of Partners. Hence I think, Share in profit of LLP also should not be taxable in the hands of LLP Partners. |
| 22 Jan, 2010 |
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| Minakshi Rawal, New Delhi, says: As company is a separate legal entity likewise LLP is also a separate legal entity different from its partners. Therefore tax of LLP should be taxed in the name of LLP |
| 20 Jan, 2010 |
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| yogita, patiala, says: it should be taxed in the hands of LLP like companies pay diviend distribution tax |
| 18 Jan, 2010 |
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| MOHIT SALUJA, Jalandhar, says: As LLP is a separate legal entity. so profits earned by LLP should be taxed in hands of LLP only and thereafter distributed among the Designated Partners. |
| 16 Jan, 2010 |
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| Shashikant S. Jain, Jalgaon - Maharashtra, says: LLP being independent legal entity, it is not as per scheme of Income Tax Act to tax partners for income eraned by LLP |
| 14 Jan, 2010 |
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| Basavaraj, Belgaum, says: Like normal partnership firms...it should be taxed in the hands of LLP... |
| 4 Jan, 2010 |
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| Piyush Goyal, Jaipur, says: No, the profit in LLP should be taxed in hands of LLP. |
| 21 Dec, 2009 |
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| chandran vaniyan, dubai, says: it should be taxed in the hands of partners |
| 18 Dec, 2009 |
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| Rashmi, Mumbai, says: As if it would be taxable in hands of Partners then some rules or spec. sec. should be required in Individual Return Forms becz til now profit from Partnership Firm in exempt in hands of Partners |
| 12 Dec, 2009 |
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| Saumen Ghatak, Kolkata, India, says: LLP is a individual status as a company and partnership firm. However the LLP are liabile for all govt duties. |
| 8 Dec, 2009 |
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| Noman Ansari, Bhiwandi- Thane, says: No, It should be calculated in the hands of LLP because its a seperate entity. |
| 5 Dec, 2009 |
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| Manoj Anand, Patna, says: This way the tax liablity gets reduced. |
| 30 Nov, 2009 |
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| Manivannan Srinivasan, Bangalore, says: Profits should be taxed in the hands of LLp only |
| 28 Nov, 2009 |
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| arun, delhi, says: Its fine to charge lLP for tax |
| 28 Nov, 2009 |
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| Santosh Dash, Bangalore, says: LLP being a separate entity, should be liable to be taxed on its income. |
| 28 Nov, 2009 |
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| Manoj, Delhi, says: The basic principle of LLP Law is that LLP is a separate legal entity and hence tax should also be at LLP level |
| 25 Nov, 2009 |
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| Ankit Singhi, Delhi, says: taxing profits in the hand of the partners & not in the hands of LLP is a practice, which has been adopted worldwide and therefore it should be adopted in India also. |
| 21 Nov, 2009 |
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