Llp:how can i withdraw money from it & tax doubts
This query is : Resolved
30 January 2012
To start with, Im new to this LLP concept & currently doing freelance business as soleproperitor with around 25lacs earning/yr.
Now Im planning to start an LLP with me & my dad (61 yrs) under it.My doubts are,
1) How shall I withdraw money for my personal expenses from LLP bank account (like home loan repayment or purchase of new home etc)?
2) I hear that 30% is the tax rate for LLPs.In my case, I would pay around Rs.7.5lacs as tax.Isnt it possible to bring down the tax paid?
Now Im planning to start an LLP with me & my dad (61 yrs) under it.My doubts are,
1) How shall I withdraw money for my personal expenses from LLP bank account (like home loan repayment or purchase of new home etc)?
2) I hear that 30% is the tax rate for LLPs.In my case, I would pay around Rs.7.5lacs as tax.Isnt it possible to bring down the tax paid?
30 January 2012
Consult some tax consultant.
Krishna
9999777166
Krishna
9999777166
30 January 2012
For withdrawals for your personal expenses, you can make it by drawing funds from your business by making a suitable provision in partnership deed. There is no bar.
For tax reduction, you may have a consultancy with the experts. Partner remuneration may be drawn to reduce the tax of the firm
For tax reduction, you may have a consultancy with the experts. Partner remuneration may be drawn to reduce the tax of the firm
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Query Regarding on TDS section 194H and 194J
- NR GST NUMBER
- Fixed Deposit Claim Relinquishment by the Nominee
- Applicability
- ITR 6 Schedule CFL and UD Issues
- Legal heir raised refund , but refund issued to the closed account of deceased.
- Gst Sales of FY 2023-24
- GSTR-3B - Do I file nil when there is no sale but I've bought raw materials
- GST Form ADT-02
- TDS RATE ON RENT PAID TO NRI
- Form - 26BQ
- Companies Act FA Excel
- PAYMENT TO OPEN AI AND ENVATO ELEMENT
- Issue of gst e invoice
- Interchangeable words in accounts
- Adjusted profit/Loss in the case of LLP and Pvt. Ltd.company
- How to adjusted advances given or receipt
- Foreign vendor without PAN unable to to register due to non receipt of OTP on foreign number ?
- 133(6) DIN INVALID format error - ->WHERE TO REPLY 133(6) notice?
- Query for dubts
Trending Online Classes
-
Excel Mastery Program
CA Rishabh Pugalia
CAclubindia
