Wednesday, February 16, 2011

INCOME TAX PROVISION WITH RESPECT TO LLP

LLP INCORPORATED IN INDIA WILL BE ASSESSED AS IF IT IS A PARTNERSHIP FIRM. SECTION
10(23) OF INCOME TAX ACT STATES THAT "FIRM" SHALL INCLUDE LLP, "PARTNER" SHALL
INCLUDE PARTNER OF LLP.

HOWEVER LLPs INCORPORATED OUTSIDE INDIA (FOREIGN LLPs) SHALL BE TAXED AS "COMPANY".