LLP Annual Filing

LLP or the Limited Partnership is a hybrid combination of a limited and partnership company. Minimum two partners are required to incorporate an LLP there is no such upper limit.

Limited Liability Partnerships are required to file the annual returns within 60 days from the end of the close of the financial year and account statement and solvency within 30 days from the end of six months of the closure of the financial year.

The financial year for the LLPs starts from the 1st of April to the 31st of March. The annual return for the LLPs is due on May 30th while the statement of accounts and solvency is due on the 30th of October of each financial year.

Besides the MCA annual return filing, the limited liability partnerships must also mandatorily file the income tax return every year.

IndiaFilings provides a comprehensive LLP compliance service that includes annual filing and LLP income tax return filing at a very affordable price point.

1. LLP Incorporation Documents
2. LLP Agreement
3. Details of changes in LLP (If any)
4. Amended LLP Agreement (If any)
5. Bank Statement of LLP for the period and details of transactions
6. Details of cash Transactions (if any)
7. Details of Previous Profit and Loss Account and Balance Sheet (if any)
8. Latest Address / ID of Designated Partners
9. Valid Digital Signature of Designated partners
10. Valid Email ID and Phone number of Designated partners
11. OTP for Email / Phone validation

Income Tax Rate for LLP

The income tax rate applicable for LLPs registered in India is 30% of the total income. Besides the income tax, a surcharge is levied on the income of the tax payable at the rate of 12% when the total income is exceeding Rs.1 crore.

Health & Education Cess

Health and Education cess of 4% is applicable on the amount of income tax and the applicable surcharge.

Minimum Alternate Tax (MAT) for LLP

Similar to income tax applicable for a company, LLP is also subject to minimum alternate tax. A minimum alternate tax of 18.5% of adjusted total income is applicable for LLP. Hence, income tax payable by LLP cannot be less than 18.5 percent (increased by income tax surcharge, education cess, and secondary and higher education cess).

LLPs Involved in International Transaction

LLPs that entered into an international transaction with associated enterprises or undertook certain Specified Domestic Transactions are required to file Form 3CEB. Form 3CEB must be certified by a Chartered Accountant. LLPs required to file Form 3CEB have 3oth November as the deadline for LLP tax filing.