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.
Individuals (Other than senior and super senior citizen)
Income Tax Net Income Range | Rate |
---|---|
Up to ₹2,50,000 | 0% |
₹2,50,000 to ₹5,00,000 | 5% |
₹5,00,000 to ₹10,00,000 | 20% |
Above ₹10,00,000 | 30% |
Income Tax Net Income Range | Rate |
---|---|
Up to ₹3,00,000 | 0% |
₹3,00,000 to ₹5,00,000 | 5% |
₹5,00,000 to ₹10,00,000 | 20% |
Above ₹10,00,000 | 30% |
Income Tax Net Income Range | Rate |
---|---|
Up to ₹5,00,000 | 0% |
₹5,00,000 to ₹10,00,000 | 20% |
Above ₹10,00,000 | 30% |
Range of Income | Rate |
---|---|
₹50 Lakhs to ₹1 Crore | 10% |
₹1 Crore to ₹2 Crores | 15% |
₹2 Crores to ₹5 Crores | 25% |
Exceeding ₹5 crores | 37% |
In order to preserve compliance and keep away from severe legal repercussions for non-compliance, a Limited Liability Partnership (LLP) needs file returns on a regular basis. A limited liability partnership must conform to a very small number of compliances annually, especially when compared to the constraints placed on private limited corporations. Yet, it seems like the fines are quite substantial. A private limited company may only be fined ₹1 lakh for noncompliance, but an LLP may be fined ₹5 lakh.
Month | Compliance |
---|---|
April | Financial year begins |
May | Last day to file Form 11 (Annual Return) |
June | Last day to file Form 8 (Statement of Account and Solvency) |
July | Last day to file income tax return for LLPs with no audit requirement |
September | Last day to file income tax return for LLPs with audit requirement |
October | Last day to file Form 10 (Annual Statement of Change) |
November | Last day to file Form 3CEB (Statement of Foreign Transactions) (if applicable) |
March | Financial year ends |