Limited Liability Partnership (LLP) is one of the new and emerging forms of business organisation. It has basically come into existence to overcome few shortcomings of two old forms of business organisations i.e. Traditional Partnership Firms and Companies. It is opened many new vistas for all those entrepreneurs who wish to do business in this new and emerging world but hesitate to comply with very cumbersome and tactic legal formalities of formation Joint Stock Companies and also want to enjoy limited liability. Limited Liability Partnership has come into existence with the introduction of Limited Liability Partnership Act, 2008and Limited Liability Partnership Rules,2009. This research paper is basically aimed at tax treatment of Limited Liability Partnership Firms. Initially these firms were taxed like all other Partnership Firms and their assessment of tax was rather simple as compared to companies but With the Finance Act 2011, a new concept of Alternative Minimum Tax (AMT) was introduced. After this, the method of calculation of tax has changed and Assesses usually get confused with the Provisions of AMT. So, this research paper is aimed at describing the method of calculating tax after the introduction of Sec. 115JC for AMT and also providing few tax planning tips for all Limited Liability Partnership Firms in this regard.