Is profit from LLP taxable?
Yes, the profit earned by a Limited Liability Partnership (LLP) is taxable under the Income Tax Act, 1961.
LLPs are treated as separate legal entities, and their income is taxed at a flat rate of 30%, plus applicable surcharge and cess. LLPs do not benefit from the lower tax rates applicable to companies. Additionally, LLPs are not subject to the Dividend Distribution Tax (DDT) that applies to companies distributing profits to shareholders. Instead, the partners are taxed on their share of the profits only if the LLP distributes the income to them.
Furthermore, they are not eligible for certain benefits like the concessional tax rate under section 115BAA available to companies. Tax compliance for LLPs includes filing annual income tax returns & maintaining proper books of accounts.
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Is bookkeeping done daily?
Yes, bookkeeping can be done daily, especially for businesses that require up-to-date financial records. Daily bookkeeping involves recording transactions, monitoring cash flow, and ensuring accounts are balanced. This helps in maintaining accurate financial data and allows for timely decision-making, preventing errors or discrepancies.
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