What are the legal and tax compliances to be followed by Limited Liability Partnership-LLP
What are the different rules, legal compliances and taxation compliances needs to be followed by a LLP?
My question is with respect to LLP Act 2008, Income Tax Act 1961 and other rules if applicable to Limited Liability Act 2008.
With respect to LLP Act and MCA compliances you need to comply with following set of requirements.
- Annual Filing in the form 11.
- Accounts filing in the form 8.
- Compulsory Audit if Capital of Partners is 2500000 or more than 2500000 or Turnover cross 40 Lakhs.
- Form 4 for partners addition and Deletion.
- Form 3 for change in agreement.
There are different forms one need to file based on the different circumstances. Above is the list of form commonly required to be filed by LLP.
With respect to Income Tax Act, rules applicable to Partnership firms are applicable to LLP also. Audit by a Chartered Accountant if turnover cross 1 crore and return filing.
However LLP cannot avail benefits of section 44AD.