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Annual Compliance - LLP

LLPs must file MCA annual return and income tax return each year. Tax Rupees offers an extensive LLP compliance solution that includes annual filing and LLP income tax return filing

Standard Plan

Standard Plan

9499 incl. GST
14000 (32% off)

Bookkeeping, 1 year accounting, Financial statement preparation, MCA annual return filing, 1 year Income Tax return filing, 1 year Dedicated Compliance Manager support, 1 Year Dedicated Accountant, 1 year DIN KYC for Designated Partners and LEDGERS accounting software for a company with a turnover upto 40 lakhs per annum.
  • 1 Year Accounting
  • Financial Statement Preparation
  • 1 Year Dedicated Accountant
  • 1 Year Income Tax Filing
  • 1 Year Dedicated Compliance Manager
  • 1 Year DIN KYC for upto 2 Designated Partners
  • 1 Year Annual Return filing
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Annual Compliance - LLP

Documents Required For Annual Compliance - LLP

LLP Annual Filing

 

A Limited Liability Partnership (LLP) is a partnership in which some or all partners have limited liabilities. It therefore exhibits elements of partnerships and corporations. In an LLP, one partner is not responsible or liable for another partner's misconduct or negligence. This is an important difference from that of a general partnership, in which each partner has joint and several liability.

In India, LLPs are governed by the Limited Liability Partnership Act, 2008 and the rules notified thereunder namely, the Limited Liability Partnership Rules 2009. The primary regulatory authority for LLPs in India is the Ministry of Corporate Affairs (MCA).

A limited liability partnership, or LLP, is a hybrid between a limited liability company and a partnership. An LLP must have a minimum of two partners; there is no maximum number.
Limited Liability Partnerships must file their annual returns within 60 days of the fiscal year's end and their account statements and certificates of solvency within 30 days of the end of the six-month period after the fiscal year's end.

The LLPs' fiscal year runs from April 1 to March 31, inclusive. The statement of accounts and solvency is due on the last day of October of each fiscal year, whereas the annual return for LLPs is due on the last day of May. Limited liability partnerships are required to file an income tax return each year in addition to the MCA annual form.

At a very low cost, Tax Rupees offers an extensive LLP compliance solution that includes annual filing and LLP income tax return filing.
 

Rate of Income Tax for LLP

For LLPs registered in India, the appropriate income tax rate is 30% of the entire income. A surcharge of the tax payable at the rate of 12% is added to the income tax when the total income exceeds Rs. 1 crore.
 

Health & Education Cess

The amount of income tax and the appropriate surcharge are subject to a 4% health and education cess.
 

Minimum Alternate Tax (MAT) for LLP

LLP must pay minimal alternate tax, just like a firm must pay income tax. For LLP, a minimum alternative tax of 18.5% of total adjusted income is applicable. As a result, the LLP's income tax payment cannot be lower than 18.5 percent (increased by income tax surcharge, education cess, and secondary and higher education cess).
 

LLPs Engaged in Global Transaction

Form 3CEB must be filed by LLPs that engaged in certain Specified Domestic Transactions or international transactions with affiliated businesses. Chartered Accountant certification is required for Form 3CEB. The 3rd of November is the deadline for LLPs that must submit Form 3CEB.
 

Methodology for LLP Tax Filing

LLPs are required to submit a Form ITR 5 income tax return. The digital signature of the chosen partner may be used to electronically submit Form ITR 5 through the income tax website. The taxpayer must print two copies of Form ITR-V after submitting an LLP tax return.
Send one ITR-V copy that has been signed by the assessee via regular mail to Post Bag No. 1, Electronic City Office, Bengaluru-560100 (Karnataka). The assesses may keep the second copy for his records.
 

LLP Tax Remittance

Payment for LLP taxes may be made physically through designated banks or electronically. LLPs that must have their accounts audited are only allowed to pay taxes electronically. Challan ITNS 280, as shown below, must be submitted with the tax payment in order to pay taxes at approved banks.
 

LLP Accounts Updating

Each Limited Liability Partnership must keep accurate accounts with banks on either an accrual basis or a cash basis. Since Private Limited Companies must only have accrual-based books of accounts,
The LLPs can choose to keep their financial records on a cash basis as well. The LLP's registered office must maintain the books of accounts, which must include all the following information:
1. Funds received and spent
2. Assets and obligations
3. A COGS declaration
4. The finished products and inventories statement.
The LLPs must compile their financial statements within six months of the end of each fiscal year in order to submit them to the ROC.
 

What are Solvency and Statements of Accounts?

Every year, Form 8 must be submitted along with the maintained books of accounts, which detail the profits made as well as other pertinent financial information about the business.
Form 8 must be duly signed and attested by the designated partners. Additionally, it must be certified by a licenced chartered accountant, licenced company secretary, or licenced cost accountant.
A penalty of Rs. 100 per day will be assessed if the statement of accounts and solvency report are not submitted within the allotted time frame.
 

Annual Limited Liability Partnership filing

The LLPs must choose the partners who will keep accurate books of accounts and submit yearly returns to the Ministry of Corporate Affairs.
Except in cases where the LLPs' annual turnover exceeds Rs. 40 lakh or if the contribution exceeds Rs. 25 lakh, the LLPs' books of accounts do not need to be audited. As a result, the LLPs' annual filing process is less complicated. Even if the LLP has not started doing business, some annual filings are required.
 

When income tax returns are due ( as extended)

The deadline has been extended from December 31st, 2020, to January 10th, 2021, and if a tax audit is necessary for an LLP, the deadline for IT returns for LLP has been extended from January 31st, 2021, to February 15th, 2021.
The LLP must file a Nil Income Tax return with the tax authorities even if it did not conduct any activity during the current fiscal year.
 

Form LLP 8 Expires on

LLP Every year, Form 8 must be filed with ROC as an annual filing. Within 30 days of the end of the first six months of the financial year to which the statement refers, a statement of account and proof of solvency must be filed with the registrar. The LLP annual filing deadline is October 30, 2020.
The designated partners' statement regarding the LLP's solvency status is included on this form, together with details regarding the LLPs' statements of assets, liabilities, income, and spending.
 

LLP Tax Audit

LLPs must have their financial statements audited by a licenced chartered accountant if their contribution or annual turnover exceeds Rs. 25 lakh or Rs. 40 lakh, respectively, in any given fiscal year.
The LLP accounts must include a declaration from the partners stating that they accept responsibility for adhering to the rules governing accounting and the preparation of financial statements in order to qualify for audit exemption.
 

Accounting

Every LLP must keep records and provide financial statements at the conclusion of each fiscal year. Our Compliance Manager will assist your LLP with account maintenance and will create your company's financial statement at the conclusion of the fiscal year.
 

Filing of Form 11

Based on the data you supply, we will create and submit Form 11 for your LLP. We must have the amount each partner made the prior year in order to submit Form 11.
 

Filing a Form 8

On the basis of the information you supply, we will create and submit Form 8 for your LLP. We will be in charge of preparing the company's accounting and financial accounts in order to file Form 8.
 

Income Tax Return

A LLP must file an income tax return regardless of income, profit, or loss. As a result, even an LLP with no transactions must file an income tax return each year. If no tax audit is required, the LLP income tax return is due on July 31. The LLP income tax return will be submitted on September 30th if a tax audit is necessary.
 

FAQ

If you don't see an answer to your question, you can send us an email from our contact form.

A LLP should record the LLP yearly return in Form 11, the fiscal summary of the records and dissolvability, and the income tax return.

The LLP Form 8 or the explanation of record and the dissolvability is to be documented consistently by all the LLPs that are enlisted in India. It is recorded with the MCA irrespective of the turnover.

The Partners need to conform to the yearly return recording with the MCA, documenting the assertion of records.

There are many honors for the LLPs when contrasted with different organizations there are exclusions from keeping up with the minutes' books, legal register, yearly regular gathering as well as adaptable rates.

The Board meeting is led by the Board of Directors, here no BOD is associated with the LLPs rather the assigned accomplices maintain the entire business and are likewise liable for the consistence

The Board meeting is led by the Board of Directors, here no BOD is associated with the LLPs rather the assigned accomplices maintain the entire business and are likewise liable for the consistence

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Annual Compliance - LLP in City