Income Tax Return Filing for LLP
- Filing ITR
- Filing Forms
- Flexible and Simple online Process
- Consultancy from Experts
- On time compliances
- Get your registration in 3-4 days
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Introduction
LLP and Partnership Firm are both the types of business formations through which Partnership business can be done.
LLP is a newly established concept introduced in India by Limited Liability Partnership Act, 2008.
Under the partnership, each partner owns a share of the business. This is a business structure which is less expensive and it is even more customizable than a corporation while Limited Liability Partnership has the advantages of both Partnership and LLP as it has the limited liability of the Partners.
Advantages Of Income Tax Filing For LLP
ITR FORM
- Partnership firms
- Artificial Juridical Person (AJP)
- Business trust and investment fund.
- AOPs (Association of persons)
- Estate of deceased
- BOIs (Body of Individuals)
- Estate of insolvent
Documents Required
- Pan Card and Aadhaar card of the partners
- Pan card of firm
- Books of Accounts | Financial Statement (Profit or loss Statement and Balance sheet)
Procedure For Income Tax Filing For LLP
1. Complete the Questionnaire
2. Review of the documents
3. Filing of Income Tax Return
4. Acknowledgement
Additional Information
Mandatory Compliances for an LLP
Registered LLPs with the Ministry of Corporate Affairs (MCA) needs to file the following mandatory compliance requirements :
- Filing of Annual Return – LLP Form-11
- Filing Statement of Account & Solvency – LLP Form-8
(Statement of Statement of the Accounts/Financial Statements) - Filing of Income Tax Returns
Filing LLP Annual Return
Annual Return or Form 11 is a summary of an LLP’s Partners and indication of change in the management.
Every LLP is required to file Annual Return in Form 11 to the Registrar within 60 days of closer of financial year i.e. has to be filed on or before 30th May every year.
Filing of Statement of Account & Solvency
(Filing of Annual Accounts/ Statement of Accounts/ Financial Statements/ P&L & Balance Sheet)
- LLP must maintain proper books of account. The accounts may be on cash basis or accrual basis.
- Statement of Solvency (Accounts) needs to be prepared every year ending on 31st March.
- LLP Form – 8 should be filed with the Registrar of Companies on or before 30th October every year.
- It should be noted that LLPs / FLLPs whose annual turnover exceeds Rs. 40 lakh or partner’s obligation of contribution exceeds Rs. 25 lakh are required to get their accounts audited by auditor of the LLP/ FLLP mandatorily.
FAQ's On ITR Filing For LLP
Yes, an existing partnership firm can be converted into LLP by complying with the Provisions of clause 58 and Schedule II of the LLP Act.
ROC – Filings: Form 17 needs to be filed along with Form 2 for such conversion and incorporation of LLP.
No, only private / unlisted public company can be converted into LLP.
it is not mandatory to file the charge details with the office of Registrar but the stakeholders can voluntarily file the same.
ROC – Filing: The charge details i.e. creation, modification or satisfaction of charge, can be filed through Appendix to e-Form 8 (Interim).
Yes, any existing private company or existing unlisted public company can be converted into LLP by complying with the Provisions of clause 58 and Schedule III and IV of the LLP Act.
ROC- Filings: Form 18 needs to be filed with the registrar along with Form 2 for such conversion.
Every LLP has to maintain uniform financial year (April to March) ending on 31st March of a year