Mandatory Annual Filings LLP

LLPs are typically required to file an annual Statement of Account & Solvency and an Income Tax Return to comply with mandatory annual filings.

    Overview About Service

    LLP (Limited Liability Partnership) is a special fusion of a partnership and a limited company. There is no maximum number of partners; however, there are minimum requirements of two partners.

    LLPs are required to submit their annual returns, account statements, and solvency reports within 30 days of the end of the first six months following the end of the financial year, and within 60 days of the end of the financial year.

    LLPs have a fiscal year that runs from April 1 through March 31. The statement of accounts and solvency are due on October 30 of each fiscal year, whereas the annual return is due on May 30.

    For LLPs registered in India, the income tax rate is 30% of the total income. When the total income reaches Rs. 1 crore, an additional 12% surcharge is applied to the income tax that must be paid.

    A 4% Health and Education Cess is also added to the appropriate surcharge and income tax amounts.

    LLPs are liable to Minimum Alternate Tax (MAT), just like corporations are. LLPs must pay an alternate tax at a minimum rate of 18.5% of their adjusted gross income. Because of the income tax surcharge, education cess, and secondary and higher education cess, the income tax that must be paid by an LLP cannot be less than 18.5%.

    LLPs must file Form 3CEB if they engage in certain domestic transactions or overseas transactions with related enterprises. An accountant who is chartered must certify this form. For these LLPs, the Form 3CEB submission deadline is November 30.

    LLP tax filing Procedure

    File Income Tax Return

    LLPs must file their income tax return using Form ITR 5. This form can be filed online through the income tax website using the digital signature of the designated partner.

    Print and Send ITR-V

    After filing the LLP tax return, the taxpayer should print two copies of Form ITR-V. One copy, signed by the assessee, should be sent by ordinary post to Post Bag No. 1, Electronic City Office, Bengaluru–560100 (Karnataka). The other copy can be retained by the assessee for record-keeping.

    LLP Tax Payment

    Payment Methods:

    There are two ways to pay LLP taxes: physically through designated institutions or electronically.

    Challan ITNS 280

    To pay tax at designated banks, Challan ITNS 280 must be used with the tax payment details provided accordingly.

    LLP Annual Filings Costs
    LLP Annual Filing

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      Annual Filings LLP FAQ'S
      What are the mandatory annual filings for LLPs, and how can FilingMan assist in this process?
      Mandatory annual filings for LLPs usually include the filing of a Statement of Account & Solvency (Form 8) and an Income Tax Return. FilingMan's expert team ensures accurate and timely submission of these documents, guiding LLPs through the process to maintain compliance and avoid penalties.
      When are the deadlines for annual filings, and how does FilingMan help ensure timely submission?
      Annual filing deadlines vary by jurisdiction and can be complex to track. FilingMan's professionals are well-versed in these deadlines and proactively manage the timeline, assisting LLPs in meeting their obligations promptly and avoiding potential late filing repercussions.
      What information is required for the Statement of Account & Solvency, and how does FilingMan handle this data?
      The Statement of Account & Solvency requires LLPs to provide details about the financial status of the business, including assets, liabilities, and solvency. FilingMan meticulously compiles and reviews this information, ensuring accurate representation and proper submission of the statement.
      How does FilingMan support LLPs in preparing and filing the Income Tax Return?
      FilingMan's adept tax professionals gather relevant financial data, prepare the Income Tax Return, and ensure it aligns with the Statement of Account & Solvency. By leveraging their expertise, FilingMan maximizes deductions, credits, and exemptions, optimizing the LLP's tax liability while adhering to legal requirements.
      Why should LLPs choose FilingMan for their mandatory annual filings?
      FilingMan streamlines the complex process of mandatory annual filings for LLPs, allowing business owners to focus on core operations. Their specialized knowledge, attention to detail, and commitment to compliance minimize the risk of errors, ensuring LLPs meet their obligations efficiently while benefitting from accurate financial reporting.