LLP is taxed like:
APartnership firm at flat 30%
BCompany at 25%
CAOP at MMR
DIndividual at slab
Answer & Solution
Correct answer: A. Partnership firm at flat 30%
1. Section 2(23)(iii) treats LLP as 'firm' for income-tax.
2. LLP taxed at flat 30% basic rate.
3. Like firms — partner interest (up to 12%) and remuneration (Section 40(b)) deductible.
_Source: ICAI BoS CA Final Paper 7, Ch 9 "Assessment of Various Entities"_
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