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    Published Thu, 31 Dec 2020 | Updated Thu, 18 Mar 2021 Income Tax

    A Limited Liability Partnership (LLP) is governed by the provisions of the Limited Liability Partnership Act, 2008 read with the allied Rules. However, in addition to the compliances as required under Limited Liability Partnership Act, 2008, such LLPs are also required to comply with taxation and labour laws. In this Article, we have detailed out such mandatory compliances as are applicable on a LLP:

     

    Key Points:

    A. Compliances under Limited Liability Partnership Act, 2008 read with allied Rules
    B. Compliances under FEMA Regulations
    C. Compliances under Goods and Services Tax (GST) Act, 2017
    D. Compliances under Income Tax Act, 1961
    E. Compliances under Labour Laws

    A. Compliances under Limited Liability Partnership Act, 2008 read with allied Rules

    S. No.

    Compliance

    Form

    Due-date

    Remarks

     

    Immediately after Incorporation

    1.

    Filing of LLP Agreement

    e-Form 3

    Within 30 days from incorporation

    -

          2.

    Opening of bank account

    -

    -

    Bank account shall be opened on priority and all financial transactions shall be made through this bank account only

     

    Annually

          1. 

    KYC of Designated Partners

    e-Form DIR-3 KYC

    30th September of immediate next financial year

     

           2.

    Filing of Annual Return

    e-Form 11

    30th May of the following FY

     

          3.

    Appointment of Statutory Auditors and getting the Statutory Audit done

    -

    On or before the expiry of six months from the closure of the financial year

    Required only when contribution exceeds Rs. 25,00,000 or annual turnover exceeds Rs. 40,00,000

          4.

    Filing of Financial Statements

    e-Form 8

    30th October of the following FY

    -

    B. Compliances under FEMA Regulations

    S. No.

    Compliance

    Form

    Due-date

    Remarks

     

    Immediately after Incorporation

          1. 

    Reporting of receiving of capital contribution from a Person Resident outside India

    FDI-LLP (I)

    Within 30 days from the date of receipt of amount of consideration

    To be filed on RBI SMF Portal
     

     

    Annually

    1.  

    Annual Return on Foreign Liabilities and Assets

    -

    On or before 15th July of each year

    To be filed on RBI FLAIR System
     

    Note: The aforesaid compliances under FEMA regulations shall be applicable only upon a LLP receiving any foreign direct investment.

    C. Compliances under Goods and Services Tax (GST) Act, 2017


    S. No.

    Compliance

    Form

    Due-date

    Remarks

     

    Immediately after Incorporation

    1.  

    GST Registration

     

    Within 30 days of crossing the threshold limit

    Mandatory if annual turnover exceeds specified limit.
    Currently, Rs 40 Lacs for businesses other than specified state and Rs 20 Lacs for service providers

           

    Monthly

          1.

    Reporting of Outward Supply (Turnover exceeding Rs. 1.50 Crore)

    GSTR-1

    10th of the following month

     

          2.

    Monthly summary of outwards supplies, tax credits, payment of tax, etc.

    GSTR-3B

    20th of the following month

     

          3.

    Return by an Input Service Distributor

    GSTR-6

    13th of the following month

     

          

    Quarterly

    1.  

    Reporting of Outward Supply (Turnover upto Rs. 1.50 Crore)

    GSTR-1

    Last day of the month following the quarter

     

           2.

    Tax payment by taxpayer registered under the composition levy

    CMP-08

     

    18th of the month following the quarter
     

    CMP-08 is a statement cum challan having details of outward &  inward supplies including the taxes paid etc

          

    Annually

    1.  

    Annual Return for a taxpayer registered under the composition levy

    GSTR-4

    by 30th April of subsequent year
     

    Until FY 2018-19, the due date was 18th of the month after the end of the quarter.

          2.

    Annual Return for normal tax payer

    GSTR-9

    by 31st December of subsequent year

    Optional for the registered person having turnover up to 2 Crore for FY 2017-18 and 2018-19

         3.

    Annual Return for taxpayer registered under the composition levy anytime during the year

    GSTR-9A

    by 31st December of subsequent year

    Filing for FY 2017-18 and 2018-19 is waived off.

         4.

    GST Audit by Chartered Accountant

    GSTR-9C

    by 31st December of subsequent year

    Applicable if turnover exceeds Rs. 2 crores for given financial year.
    (Turnover limit is increased to Rs. 5 Crore for FY 2018-19)

    D. Compliances under Income Tax Act, 1961

    S. No.

    Compliance

    Form

    Due-date

    Remarks

     

    Monthly

    1.  

    Monthly Deposit of TDS or TCS

    ITNS-281

    7th of the following month
    (In case of March, 30th April)

     

     

    Quarterly

          1.

    Payment of advance tax

    ITNS-280

    15th June (15% of Advance Tax), 15th September (45% of Advance Tax), 15 December (75% of Advance Tax) and 15th March (100% of Advance Tax)
    Note: Due date will be 31st March for assessee opting for presumptive taxation.

    Advance tax is required to be paid in case the estimated total tax liability is Rs. 10,000 or more
     

           2.

    Filing of TDS return

    24Q (Salary)
    26Q (Other than salary)
    27Q (Non-resident Indian)

    by 30th/31st of the month following the quarter. By 31st May for quarter ending March.

     

          3.

    Issuance of TDS Certificate

    Form 16 (Salary)
    Form 16A (other than Salary)

    by 15th of the month following the due date of filing of TDS return

     

         4.

    Filing of TCS return

    27EQ

    15th of the month following the quarter

     

           5.

    Issuance of TCS Certificate

    27D

    by 15th of the month following the due date of filing of TCS return

     

          6.

    Return by banking company/ public company/ co-operative society regarding non-deduction of tax at source

    26QAA

    31st of the month following the quarter

     

     

    Annually

         1.

    Income Tax Return

     

    By 30th September/ 30th November of the following year as applicable.
     
    From AY 2021-22
    By 31st October/30th November of following year, as applicable

    From AY 2021-22
    31st October: Assessee on whom Tax Audit is applicable, provided they have duly filed Tax Audit Report by 30th September
    30th November: Assessee who are required to furnish transfer pricing report, provided they have duly filed their Tax Audit Report and Transfer Pricing report by 31st October

           2.

    Tax Audit and filing of Tax Audit report

     

    By 30th September/ 30th November of the following year as applicable.
     
    From AY 2021-22
    By 30th September (Non transfer pricing cases)


    By 31st October (transfer pricing cases)
     
    of following year, as applicable

    To be done by a chartered accountant in practice if gross receipts exceed the following limits:
    Rs. 1 Crore: in case of business
    Rs. 50 Lacs: In case of profession
    Rs. 5 Crore (applicable from AY 2021-22): For business whose aggregate of all receipts in cash does not exceed 5% of such receipts during the previous year and aggregate of all payments in cash does not exceed 5% of such payment during the previous year

          3.

    Preparation and filing of transfer pricing study and accountant certificate, if applicable

     

    By 30th November of the following year.
     
    From AY 2021-22
    By 31st October of following year

     

     

    Others

          4.

    Furnishing of challan cum statement in respect of TDS under section 194-IA/IB

    26QB/26QC

    Within 30 days from the end of the month in which the deduction is made

     

    E. Compliances under Labour Laws

    S. No.

    Compliance

    Form

    Due-date

    Remarks

     

    Monthly

         1.

    Payment of Provident Fund (PF) contribution

    ECR

    15th of the following month

     

         2.

    Payment of Employees’ State Insurance (ESI)

    -

    15th of the following month

     

     

    Half-yearly

     

    1. 

    Return of Employees’ State Insurance (ESI)

     

    11th May (for period October to march) and 11th November (for period April to September)

     

     

    Annually

           1.

    Labour Welfare Fund

    -

    Paid on annual basis as per the due date applicable in respective states

     

           2.

    Filing of PF Return

    -

    25th April subsequent to financial year

     


    These are broad compliances which need to be ensured by any LLP registered in India. However, there may be some additional compliance required under different laws depending upon industry, nature of business and other factors. The list may not be exhaustive and subject to vary with various amendments in relevant laws, accordingly it is advisable to take professional opinion before acting upon the same.