https://www.taxtmi.com/article/detailed?id=478 LLPs are treated for income-tax purposes as partnerships: profits, assets and capital gains are attributed to partners and taxed in their hands. The Finance Act amended definitions so LLPs are included within firm, partner and partnership for Income Tax purposes. Assessment as a firm requires a written LLP agreement specifying partner shares, certified copies filed with returns and on changes, and compliance with assessment notices. Deductible items include authorised interest to partners and authorised remuneration to working partners within limits. A partner's share of LLP income is exempt from his total income; conversion raises unresolved issues on carried-forward losses and MAT credit. en-us Fri, 04 Sep 2009 00:00:00 +0530 Thu, 10 Dec 2009 18:47:25 +0530 TaxTMI RSS Generator https://www.taxtmi.com/article/detailed?id=478 LLPs are treated for income-tax purposes as partnerships: profits, assets and capital gains are attributed to partners and taxed in their hands. The Finance Act amended definitions so LLPs are included within firm, partner and partnership for Income Tax purposes. Assessment as a firm requires a written LLP agreement specifying partner shares, certified copies filed with returns and on changes, and compliance with assessment notices. Deductible items include authorised interest to partners and authorised remuneration to working partners within limits. A partner's share of LLP income is exempt from his total income; conversion raises unresolved issues on carried-forward losses and MAT credit. Articles Limited Liability Partnership - LLP Fri, 04 Sep 2009 00:00:00 +0530 https://www.taxtmi.com/article/detailed?id=478