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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This article is brought to you by onlineITreturn.com

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.

 

File Income Tax Return by 5 Aug 2016-AY 2016-17

The last date for filing online income tax return is extended to 5th August for Assessment Year 2016-17. Tax returns for Financial Year 2015-16 (assessment year 2016-17) were originally to be filed by 31 July.

For the state of Jammu and Kashmir, the deadline is extended to 31 August in view of the ongoing turmoil in the state.

For assessees across India liable to file online IT return by 31 July, the deadline is now extended to 5 August. For assessees in J&K the deadline is extended to 31 August.

 

 

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This article is brought to you by onlineITreturn.com

For a detailed advice, you can contact info@onlineitreturn.com or visit www.onlineitreturn.com.  OnlineITreturn.com is an online portal for e filing your income tax return and advise, consultancy on taxation matters including Service Tax, Company Formation, ROC Compliance.  All taxation matters are handled by Chartered Accountants…