https://www.taxtmi.com/news?id=935 The Finance Bill, 2009 assimilates LLPs to general partnerships for income-tax purposes, taxing the LLP as an entity while exempting partners on profit shares; it amends tax terminology to include LLPs, requires designated partners to sign returns, imposes joint and several liability in liquidation subject to proof against gross neglect, and makes conversion tax-neutral if rights, obligations, and asset/liability positions remain unchanged, otherwise triggering capital-gain provisions. en-us Fri, 10 Jul 2009 17:13:51 +0530 Fri, 10 Jul 2009 17:13:51 +0530 TaxTMI RSS Generator https://www.taxtmi.com/news?id=935 The Finance Bill, 2009 assimilates LLPs to general partnerships for income-tax purposes, taxing the LLP as an entity while exempting partners on profit shares; it amends tax terminology to include LLPs, requires designated partners to sign returns, imposes joint and several liability in liquidation subject to proof against gross neglect, and makes conversion tax-neutral if rights, obligations, and asset/liability positions remain unchanged, otherwise triggering capital-gain provisions. News - Fri, 10 Jul 2009 17:13:51 +0530 https://www.taxtmi.com/news?id=935