“We have started with a turnover limit of Rs 60 lakh. It is only a starting point. It will be raised once we implement Direct Taxes Code (DTC) next year,” a senior income tax official said.
To encourage professionals to opt for LLPs, the budget proposed to exempt transfer of assets to LLP from capital gains tax provided turnover of private or unlisted company is below Rs 60 lakh.
(Published 07 March 2010, 16:27 IST)
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