Should LLP partners pay income tax on their profit share?

No, Share of Profit from Firm/LLP is exempt from tax in hands of partner.

Originally posted by : Sagar Patel
	No, Share of Profit from Firm/LLP is exempt from tax in hands of partner.

Thank you. Should the partners file any ITR forms?

 

Filing of ITR form by partner is depends on the total income of partner, if total income of Partner from all sources of income is more than 2,50,000 than Partner is required to file Income tax return (ITR).
In ITR form along with all other income, he/she also required to disclose this share of Profit received from firm.