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ITR Filing for LLP Company In India

5,000+ ITR Filing for LLP Company since 2011

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ITR Filing for LLP Company- Overview

A limited liability partnership (LLP) is created in accordance with the Limited Liability Partnership Act of 2008. The individuals who are associated with it as its partners are not considered to be a part of it legally. The liability of the partners in an LLP is limited to the investment they have made in the LLP; the LLP is responsible for all of its assets. Because the partners’ liabilities are limited to their agreed-upon participation in the LLP, the LLP’s organisational form contains aspects of both a corporation structure and a partnership company structure. Additionally, a partner is not personally liable for any fraudulent acts.

Benefits of Filing Income Tax Return of an LLP

LLPs Have Lower Tax Rates: When compared to corporations, LLPs are charged less tax. It is one of their major tax advantages. LLPs are required to pay a flat 30% tax on their profits and are exempt from the surcharge and cess that apply to private limited companies.

Numerous Tax Deductions are Available: LLPs can cut their tax burden and lower their taxable income. Other expenses incurred while conducting the business can also be claimed as operating expenses. This involves rent, salaries, utilities and other options.

LLPs can Claim Depreciation for Fixed Assets: Any fixed assets owned by the LLP including buildings, machinery, and equipment which is the non cash expense can claim the depreciation while ITR filing for LLP.

Claim 100% Tax Deductions: The LLP registered and engaged under research and development activities are permitted to claim a deduction of up to 150% in their expenses. Charitable donations are also recognised under Section 80G of the Income Tax Act. This is also for the deductible. LLP’s that are startups can claim deduction of up to 100% of the profits for the first 3 years.

How to File an LLP Income Tax Return

LLP income tax return filing is usually conducted on the official website of the Income Tax department. However the process involves a lot of paperwork and legalities. Even a single error may result in non filing of ITR. Vakilsearch offers a simplified solution for LLP income tax return filing. Game of tax experts can complete the whole process in just 3 easy steps.

Step 1: Get In-touch With our Tax Experts

Our team of tax experts will provide you clear insights on the LLP income tax return filing process. You will have to submit all the required documents.

Step 2: Initiating Paperwork

We will cross verify all the documents and initiate the paperwork required for LLP ITR filing.

Step 3: ITR filing for LLP

Our tax experts will file the income tax returns for LLP on your behalf. We will provide all the required data and clarity during and post filing your Returns.

The ITR Form 5 must be used to submit the LLP Income Tax Return. Any LLP registered in India is required to submit a tax return every year. The income tax website offers a download for ITR Form 5. The process of filing an LLP’s income tax return is finished online. For income tax filing, an authorised partner’s digital signature is necessary. All of this will be communicated by our tax experts.

 

Documents Required for LLP Income Tax Filing

  • Initial costs
  • TDS on LLP payments
  • Take into account the LLP provisions of the GST (if applicable)
  • Partners’ compensation (Special Treatment).

Recent Updates on LLP ITR Filing

The Income Tax Return (ITR) and Indian Income Tax Return Acknowledgement forms have been altered by the Central Board of Direct Taxes (CBDT) for the assessment year 2023–24, which starts on April 1. There are several forms, including ITR-1 SAHAJ, ITR-2, ITR-3, ITR-4 SUGAM, ITR-5, ITR-6, ITR-V, and the Indian Income tax return acknowledgement.

ITR FormEligibility Criteria
ITR-1Residents (except not habitually residents) with income up to ₹50 lakh from salaries, one house property, other sources (such as interest), and up to ₹5000 in agricultural income. Cannot be used if tax has been withheld under Section 194N or if income tax on ESOPs is owed.
ITR-2Individuals and HUFs without company or professional profits or gains, but with capital gains or losses from the sale of assets such as equity shares, mutual funds, real estate, etc.
ITR-3Individuals and HUFs who earn a living via the successes and gains of their enterprises or professions.
ITR-4Residents with income from businesses or professions calculated under Sections 44AD, 44ADA, or 44AE, with a total income up to ₹50 lakh, and who are individuals, HUFs, or firms (other than LLP).
ITR-5Individuals who are not (i) individuals, (ii) HUFs, (iii) businesses, or (iv) anyone submitting Form ITR-7.

Timeline

Free Consultation and Documentation
  • Our Expert team resolve your queries. Our consultation is completely free.
Action Required by you
  • You Need to fill up the draft, Make Payment and Submit Documents to Khata Dekho
Action By Khata Dekho
  • Once the Documents are uploaded we’ll start the step -by-step process of Incorporation

Frequently Asked Questions (FAQs)

Every LLP is required to submit an annual income tax return. The due date for an LLP return is always July 31. Nonetheless, any LLP that is the subject of a tax examination must submit its income tax return by September 30.
The LLPs’ fiscal year runs from April 1 through March 31, however it begins on April 1. The statement of accounts and solvency is due on October 30 of each financial year, while the annual return for LLPs is due on May 30.
Every LLP must submit an Annual Report on Form 11 to the Registrar within 60 days after the end of the fiscal year, or by May 30 of each year.
Any LLP that is registered in India is required to file an annual tax return. On the income tax website, you can download ITR Form 5. An online form is used to submit the LLP’s income tax return. The income tax filing process requires a digital signature from an authorised partner.
  • A private limited company or a non-listed corporation may transfer a capital asset or intangible asset to a limited liability partnership (LLP) without it being viewed as a transfer
  • Specific rules that apply if a Private Limited Company or Nonlisted Corporation becomes an LLP.
The statement of accounts and solvency should be provided within the financial years midpoint of 30 days. The annual return has to be submitted within 60 days of the financial year’s end.

There is a ₹100 per day fine for failure to file LLP Form 8. Each LLP must submit LLP Form 11 by May 30 of each fiscal year in addition to LLP Form 8.
Note: Via Khata Dekho, you may file your LLP annual return (LLP Forms 8 and 11) and income tax return (ITR-5) at affordable pricing.

An employee must complete Form 11 PF, a self-declaration form that covers their EPF history, when they first join a company. Also, the PF account can be automatically transferred using it.
Registered users on the e-Filing portal and through accessing the offline tool can pre-fill and file ITR-4 forms. Individual taxpayers, HUFs, and firms (other than LLPs) can use this service to submit their ITR-4 tax returns online through the e-Filing portal.

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