Income Tax filing for LLP

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    Income Tax filing for LLP

    Under the law, LLPs are mandated to file their Annual return within 60 days after a Financial Year ends. Thus, the due date for LLPs to file their Annual return is 31st March. Apart from annual return, LLPs need to file a statement of Accountancy and Solvency within seven months after the ending of a Financial Year.

    Return filing for LLP

    Under the law, LLPs are mandated to maintain their accounts. Bookkeeping for LLPs may be done under Accrual or Cash basis. These books of accounting should contain information about income, assets, expenses, liabilities, and inventories. These books have to be submitted to the ROC.

    LLP Form

    LLP form 8

    This form contains the information related to assets and liabilities of the firm along with the declaration of the state of solvency of the LLP, statement of income and expenses and account statement. It should be duly certified by a Chartered accountant or a Company secretary. This form has to be filed within seven months after the completion of a financial year.

    LLP form 11

    This form contains the detail of partners, total number of partners, summary of partners and total remuneration received by the partner. This form should be filed within 60 days after the closing of a financial year. Thus, the due date for filing LLP form 11 is 30th May. For e.g.,the due date to file LLP Form 11 for the Financial Year 2019-2020 will be 30th May 2020.

    Income Tax filing for LLP

    Audit for LLPs

    Under the law, it is mandated that any LLP, whose aggregate turnover is above 40 lakh has to get itself audited by a CA or CS if the contribution of an LLP is more than 25 lakh, then to the firm ahs to go under audit.

    The due date for filing ITR for LLP

    The due date to file the income tax return of an LLP is 31st July.

    Process of return filing for LLP

    The tax slab for an LLP firm is 30% on the aggregate profit in a financial year. Apart from this tax, a separate surcharge on Income tax at the rate of 12% is levied if the Total Income exceeds one crore. Additional Health and education surcharge is also applicable to the Income. LLPs can file their return online through FORM ITR 5 using a digital signature of the partner. The signed copy of this filed returned should be sent to the registered income tax office.


    Frequently asked questions

    ITR-11 or ITR-8 is required to file ITR for an LLP firm
    Yes, any LLP that has an aggregate turnover of more than 40 lakh has to undergo Audit.
    The due date for filing a return for an LLP firm is 31st July.
    Due date of Audit for an LLP firm is 30th September.

    Related Services

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    File your Partnership return promptly!
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