Income Tax Rate for LLP FY 2019-20|AY 2019-20

Limited Liability Partnership has been introduced in India by way of Limited Liability Partnership Act, 2008. LLP is an alternative corporate business form that gives the benefits of limited liability of a company and the flexibility of a Partnership. Income Tax Rate for LLP FY 2019-20 AY 2020-19  is 30%. Under Income Tax Act 1961 separate Tax rate is given for LLP. On addition to this tax rate there is Health & Education Cess on LLP. In this article we explained Income Tax implication on LLP.

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Income Tax Rate for LLP AY 2020-21 |FY 2019-20

LLP income tax slab rate in India Is Flat XX% on Profit Earned. Apart from this Income Tax Rate there is a surcharge is levied that is called Health and education cess that is at 4 %. Each LLP registered in India operating business need to file IT return.

Income Tax Rate for LLP FY 2019-20

Taxable income	Tax Rate
LLP Earning Profit	30%
Health & Education Cess	4%
Surcharge if total income exceed Rs. 1 Cr	12%

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Health & Education Cess on LLP

Health and Education cess of 4% is applicable on the amount of income tax and the applicable surcharge.

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Minimum Alternate Tax (MAT) for LLP

As per Income Act 1961 , LLP is subject to Minimum Alternate Tax (MAT). Current rate of MAT Tax in India is 18.5% of adjusted total income. In Simple terms  Income Tax Rate for LLP under MAT is 18.5% In India. MAT is applicable to LLP.

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Important LLP Income Tax Return Filing Due Dates for FY 2018-19

Taxable income	Tax Rate
Regular LLP ( No Tax Audit )	31-Jul-19
LLP Under Tax Audit	30-Sep-19

LLP which turnover below tax audit threshold limit is required to file ITR by 31 July 2019. And LLP under tax audit need to ITR ITR by 30 Sept 2019.

 

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LLP Tax Audit Limit LLP  AY 2020-21 |FY 2019-20

Tax audit limit for LLP AY 2020-19 | FY 2019-20 is as below

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LLP under International Transactions

LLP who doing international transactions with its associated enterprises etc. are required to do Transfer pricing audit. This is International Transaction audit need to be filed online in form 3CEB and to need to certified by practicing Chartered Accountant. Its due date is 30 November 2019.

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Income Tax Filing For LLP FY 2019-20

Business ITR Form ITR 5 can be downloaded from Income tax site. One of partners Digital signature is required for LLP ITR filing. E form can be downloaded from income tax website. Content of LLP ITR

• Details of LLP ( PAN , Address etc. )
• Partners details ( PAN , Address , % of shares etc )
• Details of Profit and loss and balance sheet
• Remuneration , Interest etc paid to partners if any
• Other details

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Online Income Tax Payment for LLP AY 2020-21 |FY 2019-20

Income tax allowed to make Tax payment by online or physical mode. For Online E payment of Tax for LLP required to fill form 280 and make tax payment according using net banking.

Below are Steps

1. Visit E payment site : https://www.tin-nsdl.com/services/oltas/e-pay.html
2. Select Form 280
3. Fill Details such as PAN , Address , Year etc.
4. Select Online Banking mode
5. Make payment and save challan

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Read About LLP Annual Filing FY 2018-19

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