How to Select Limited Liability Parterneship (LLP) Status in Income tax

How to Select Limited Liability Parterneship (LLP) Status in Income tax

Introduction

LLP is an alternative corporate business form that gives the benefits of limited liability of a company and the flexibility of a partnership. A limited liability partnership (LLP) is a partnership in which some or all partners (depending on the jurisdiction) have limited liabilities. It, therefore, can exhibit elements of partnerships and corporations. Limited Liability Partnership is a legal entity formed under the Limited Liability Partnership Act, 2008. The partners have limited liability in the company which means that personal assets of the partners are not used for paying off the debts of the company.

To select the LLP status in Income tax Auditor Software, please follow the steps provided below:

Step 1:

Open the Income Tax software - Go to Master→ Client master → New Client option given in the menu bar




Step 2:

Now select the status “Partnership firm” and put a check-mark on “Limited Liability Partnership”. The same process follows for new as well as existing clients.



Now enter all the required fields and save. The status for the entered master would then appear as Partnership Firm LLP.
    • Related Articles

    • Income Tax - Refund status

      How to check Income Tax  Refund status  To check the refund status, follow the procedure given below.  Go into Transaction > Return Filing Status  Select the client whose refund status is to be checked . click on update refund status  Hope this ...
    • LLP Form 11 Annual Return

      LLP Form 11 Annual Return Limited Liability Partnership (LLP) registered in India under the LLP Act, 2008 must mandatorily file LLP Form 11 Annual Return each year. Filing of LLP Form 11 is a mandatory annual compliance for all LLPs, irrespective of ...
    • How to select New Tax Regime in Income Tax Software?

      Form 10IE To Select New Tax Regime In Budget 2020, taxpayers were given an option to choose between the old and new tax regime. Under the new tax regime, taxpayers have an option to pay lesser tax on the total income.  That means taxpayers will not ...
    • How to Calculate Tax on 'AGRICULTURAL INCOME'

      CALCULATING TAX ON AGRICULTURAL INCOME  Take the sum of the agricultural income and non-agricultural income. The tax (A) should be computed on this amount.                         Example  The base tax slab changes as per the change in Income Tax ...
    • 3CD annexure export / import process from TDS to Income Tax

      Process to export / import 3CD Annexure from TDS to Income Tax  This process helps the user to export/ import the 3CD details entered for a particular PAN in TDS Software to the Income Tax Software using an excel template format easily. Process to ...