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Compliance Fact Sheet

  • Limited Liability Partnership (LLP)has to maintain their books of accounts and file Income Tax Return with the Income Tax Department every year.

  • If the contribution exceeds Rs. 25 lakhs or turnover exceeds Rs. 40 lakhs, LLP has to get its books of accounts audited by a Chartered Accountant under the LLP Act,2009.

  • If turnover of a Limited Liability Partnership (LLP) exceeds prescribed limits ( Rs. 1 crores presently ), the books of accounts have to be audited by Chartered Accountant. This type of audit is called Tax Audit.

  • A Chartered Accountant has to issue a report in forms prescribed by Income Tax Department and upload the same to the Income Tax website.

  • If a Limited Liability Partnership (LLP)is making any payment which attracts provisions of TDS, it has to deduct tax and deposit it with Government. The TDS returns are to be filed on a quarterly basis.

  • Further a Limited Liability Partnership (LLP) may need to file Service Tax Return, VAT-CST Return, PF/ESIC Return depending upon the nature of business and turnover.

  • Every year, the LLP has to file Form 8 and Form 11 with MCA online.