1. If a LLP make profit in financial year 2019-20, when partners will get their profit before or After 31 march 2020?
Example: LLP make profit of Rs. 100000 in 2019-20. Partners can get 90% of profit i.e 90000. After that LLP have to pay income tax on only 10 thousand rupees. Is it right? for saving income tax on Rs 90000 LLP have to credit profit in partners account before or after 31 march 2020. Can a LLP transfer profit after 31 march 2020 and pay income tax on only 10000 profit?
2. Is there any side effect of LLP account statement in loss? Is there any restriction how many times LLP can carry forward loss?
Thank you all.
CAclubindia
