Important Statutory due dates for LLP annual filing FY 2022-23
April 19, 2020
LLP Audit
April 20, 2020
How to File Income Tax Return of LLP
As per Section 139(1) of Income Tax Act 1961 every LLP registered in India required to file income tax return. LLP partners are responsible for Annual income tax filing. Now as LLP partner you must be having questions as How to File Income Tax return of LLP ? What is procedure to File Income Tax Return of LLP ? Income Tax rate of LLP? In This article we discussing about procedure to filing income tax return.
| S.No | Income Tax | Tax Rate | Financial Year |
|---|---|---|---|
| 1. | Income Tax | 30% | FY 2019-20 |
| 2. | Surcharge if total income exceeds Rs. 1 crore | 12% | FY 2019-20 |
| 3. | Health and Education cess | 4% | FY 2019-20 |
Due Date of LLP Income Tax Return Filing
Income Tax return filing for LLP is annual compliance. LLP is separate legal entity from its partners. Partners need to file LLP annual Tax return. LLP No Audit case Income Tax Filing due date is 31 July. & LLP under Audit case tax filing due date is 30 September.
Documents Required Tax Return Filing of LLP
LLP Income tax return is summary of its financial statements. Now question comes what is LLP financial statement ? LLP’s Balance sheet , Profit and loss statement are its financial statements. For Income Tax return filing of LLP , first partners need to prepare books of accounts of LLP. LLP can maintain accounting on accrual or cash basis. Below are list of documents required for Tax return filing of LLP.
- LLLP PAN , Address Details , Date of registration
- Partner PAN , Adhar & Address , Contact details
- Purchase & Sales Book
- General Ledger
- Cash Book
- Bank Book
- Expenses Invoices , Bill , Vouchers etc.
Procedure to File Income Tax Return of LLP
ITR Form 5 is applicable for LLP Income Tax return filing. Every LLP Registered in India shall file annual tax return. ITR Form 5 can be downloaded from income tax website. Procedure to file income tax return of LLP is complete online. Authorized partner digital signature is required for Income Tax Filing. Below is procedure for LLP Tax return filing.
- Register LLP on Income Tax Site
- Prepare LLP Balance Sheet
- Prepare Profit & Loss statement
- Prepare income tax computation sheet of LLP
- Pay LLP Income Tax online
- Download Income Tax Form 5
- Fill LLP & Financial information
- Upload ITR With DSC of Partner
- E Verify Income Tax Return
LLP Financial Statement Audit
LLP Financial statements are detail summary of LLP annual transactions. On basis of books of account financial statements are prepared. Its include LLP Balance sheet , Profit & loss statement. As like Private Limited company , in case of LLP there is no specified format to prepare financial statement. If the turnover of the LLP exceeds Rs.40 Lakhs or the capital of LLP it more than Rs.25 Lakhs then as per Section 34(4) of the Act, the accounts of the LLP shall be audited by a Chartered Accountant.
LLP Shall appoint Chartered Accountant for Annual LLP Audit. Auditor shall verify books of account of LLP and issue LLP audit report.
Conclusion
LLP income tax filing is applicable irrespective of LLP annual turnover. LLP tax filing due date depends on LLP annual turnover or partners capital contribution. Procedure to file LLP tax return is online. LLP partners are responsible for prepare & filing LLP tax return. Income tax rate of LLP is applicable at 30% and surcharge & education cess applicable. Income Tax filing procedure is same in case of foreign LLP.
