Menu
DTAA / FEMA
How is the income from an Indian LLP (Limited Liability Partnership) taxed for a USA citizen who is a partner in an Indian LLP - which is taxed at 30%, with no additional tax liability for partners in India?
Replies (1)
-
In India: The LLP pays 30% tax; there is no further tax for the partner.
-
In the U.S.: You must report this income as part of your worldwide income. You may be able to claim a Foreign Tax Credit (Form 1116) to offset U.S. taxes with the taxes paid by the LLP in India.
-
Compliance: You must be diligent about U.S. information reporting requirements, specifically the FBAR and Form 8938, and potentially others depending on the specific structure of the LLP.
Recent Topics :
- Gross total income
- Export Compliance
- Sale of plots in open land
- Income tax query
- Best CA Inter coaching in laxmi nagar
- HOW TO SELL SHARES OF PRIVATE LIMITED COMPANY SOME
- Unregistered Association of Persons (AOP) Agreemen
- Intimation u/s 245 of income tax act
- Ewaybill query
- IDS Refund: GSTR-2B Invoice Not Validated in State
Related Topics :
CAclubindia
