Shall i pay my income tax and llp tax separately or as one.

Dear if all the income u wil earn now is via llp. then there is no need of paying individual tax, your tax will b paid through llp.. and the profit recevied from there on is not taxable in your hands.... so pay it through llp only

Dear Bip A.,

LLP is a seperate entity which is an artificial person in the form of Association of Persons. So you can apply for a seperate PAN for such LLP.

So you can show income seperately on your name with your PAN and LLP income in LLP's PAN.

Any remuneration or interest on capital paid to you which was allowed in the hands of firm will be taxable in your hands.

Originally posted by : Santosh Kumar Eligeti
	Dear Bip A., LLP is a seperate entity which is an artificial person in the form of Association of Persons. So you can apply for a seperate PAN for such LLP. So you can show income seperately on your name with your PAN and LLP income in LLP's PAN. Any remuneration or interest on capital paid to you which was allowed in the hands of firm will be taxable in your hands.

OK I got you. Above, mr. ca ankit bohra have suggested to pay all the tax through LLP. Can you give your opinion which option will be tax saving. Paying tax separately or by paying under LLP.

options doesnt works out here if u wil do ur business via llp...

 

llp is always charged high tax in compare to indidual...

 

so if u wil do business via llp u wil b charged high rate of tax ...

it depends now on u how u want to move on indvidually or llp

It depends on which name you do your business.

As Mr. Ankit said tax rate is higher in case of LLP.

Originally posted by : CA AnKiT BoHrA
	options doesnt works out here if u wil do ur business via llp...   llp is always charged high tax in compare to indidual...   so if u wil do business via llp u wil b charged high rate of tax ... it depends now on u how u want to move on indvidually or llp

That's why I want to manage my tax as individual and as LLP separately. What I mean is - I want to pay income tax of my personal earning (which I earn as a blogger) as usual with my PAN and all the income which may generate through my LLP will be handled separately with LLP's PAN. In short I will be acting like two different person for two different source of income. I am bit confused here hop you will get my question/situation. So is that will be a good idea?

Dear ur option is good. U can file 2 income tax returns, one on ur personal name for the personal income and other on llp name where u r going to start a new business activity. And it will be better tax planning if you do so.

I dun knw how it wld be a better tax planning coz llp wld be charged at 30% while individually tax rates are lower... and if he creontinues with his individual thing then he wld be able to claim expenses in first phase in case he incurs losses though I wont wish the same and secondly if he earns profit then also he wld be charged at 30% rate... and even incorporation expenses of llp can also be saved.... plzzz intimate if I m wrong anywhere