LLP Company Annual Accounts, Return, Tax

1. Compliance Requirements for LLP Company

The most important compliance requirements are listed as below:

  • Maintain Proper Books of Accounts
  • Get your OPC accounts Audited by Chartered Accountant – Statutory Audit if annual turnover exceeds Rs. 40 lakh or contribution exceeds Rs. 25 lakh
  • File OPC Income Tax Return – Form ITR 5
  • Get OPC Tax Audit done by Chartered Accountant,  if turnover exceeds 50 lakhs for services and 2 crores for other business
  • Deduct TDS under various categories, if applicable -  Get TAN, Deposit TDS monthly, File Quarterly Returns, Issue TDS Certificates where required
  • Charge Service Tax (if turnover exceeds 9 lakhs annual) – Register, Prepare Deposit tax, File half yearly/annual returns
  • VAT (if applicable and if turnover exceeds 19 lakhs annually)
  • Enroll for GST if applicable
  • File GST Returns after implementation
  • Payroll TDS (if salary more than Rs. 2,50,000/- p.a.)
  • Payroll Form 16 (annual)
  • Payroll Professional Tax (differs for each state) (none for Delhi) -Registration, Deduction, Deposit, Return

2. Annual ROC Compliance for LLP Company

A LLP Company has to file annual returns with the Registrar of Companies (ROC) listed as below:

  • Form 8 (Statement of Account & Solvency) – on or before 30th October
  • Form 11 (Annual Return of Limited Liability Partnership – LLP) – on or before 30th May

3. LLP Company Taxation

LLP Company is taxed as a Partnership Firm. For AY 2017-18, tax rate for LLP Company is 30%.There is a surcharge of 7% or 12% (depending on turnover) on the tax amount. Further, there is an education cess and secondary and higher education cess of 3% on tax and surcharge amount. Tax payable by LLP cannot be less than 18.5 per cent (increased by Surcharge, EC and SHEC) of “adjusted total income” (Alternate Minimum Tax).

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For a detailed advice, you can contact info@onlineitreturn.com or visit https://onlineitreturn.com.  OnlineITreturn.com is an online portal for Income Tax and ROC Compliance including Registration and Annual Filings for Limited companies like OPC, Private Limited, LLP.  All taxation and audit matters are handled by Chartered Accountants.

 

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