Taxation on partners of LLP
This query is : Resolved
05 August 2024
PQR LLP, Mr. C & Mr. D are the partners of XYZ Joint Venture LLP.
XYZ Joint Venture LLP doing business & pays 30% income tax on their income
After paying tax (30%), XYZ Joint Venture LLP shares profit to their partners in their profit sharing ratio.
Question, Is PQR LLP also liable to pay income tax @30% on profit received?
XYZ Joint Venture LLP doing business & pays 30% income tax on their income
After paying tax (30%), XYZ Joint Venture LLP shares profit to their partners in their profit sharing ratio.
Question, Is PQR LLP also liable to pay income tax @30% on profit received?
06 August 2024
The share of profit received is exempt from tax under Section 10(2A) of the Income Tax Act.
06 August 2024
Thanks for your reply.
But I have query that...
1) Will that profit be also exempted for the other partner which is PQR LLP?
2) If the XYZ joint venture LLP gives any remuneration or interest to its partner which is PQR LLP, will it be taxable to the partner LLP?
But I have query that...
1) Will that profit be also exempted for the other partner which is PQR LLP?
2) If the XYZ joint venture LLP gives any remuneration or interest to its partner which is PQR LLP, will it be taxable to the partner LLP?
06 August 2024
1 yes.
2 Yes it's taxable.
2 Yes it's taxable.
06 August 2024
Thanks a lot sir. I am obliged.
06 August 2024
You are welcome...
....
....
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Opting our of sec 44AD
- Form 121 & TDS deduction
- GST Treatment of Insurance Commission for Existing GST Holder
- SALE OF MOTOR CAR BY REGISTERED INDIVIDUAL
- Multiple trade mark
- LC charges in relation to Asset purchased should be Capitalised ?
- Invoice V/S Goods receipt Note Date
- Regarding appeal to GSTAT
- Transporter Declaration form
- Filing of MSME 1 form by companies
- Cash gift by grand mother to her grand daughter
- Tax amount diff in Gstr1 and 3B in tax compare reports
- Tds on GST in connection with sale to public company
- Restoration of certificate of practice
- Regarding change in correspondence address in SSP portal
- No Compliences after incorporation
- USEFUL LIFE OF USED/SECOND HAND COMMERCIAL VEHICLES
- Claiming TDS deducted by builder on Hardship compensation and Corpus
- Address Change to another state of a Registered Trust with 12AB approval
- Updated return in budget 2026
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
