ITR for Limited Liability Partnerships (LLP)

(ITR for Limited Liability Partnerships (LLP) Starts from Rs 3500/-Charges may vary as per work)

LLP (Limited Liability Partnership) are governed under Limited Liability Partnership Act, Introduced in India in the year 2008. LLP act allows conducting business similar to the partnership in India, but there are some differences between Partnership and LLP.

Difference between Limited Liability Partnership and Partnership

PARTICULARSLIMITED LIABILITY PARTNERSHIPPARTNERSHIP
GOVERNED BY:Limited Liability Act, 2008The Partnership Act, 1932
TIME For Incorporation7-10 days in complete process5-7 days
LIABILITYLimited, to the extent their contribution towards LLP, except in case of intentional fraud or wrongful act of omission or commission by the partner.Unlimited. Partners are severally and jointly liable for actions of other partners and the firm and liability extend to their personal assets.
TAX LIABILITY30%+ health and education cess30%+ Health and education cess
PRINCIPAL/AGENT RELATIONSHIPPartners act as agents of LLP and not of the other partners.Partners are agents of the firm and other partners.
DIRECTOR IDENTIFICATION NO./ DESIGNATED PARTNER IDENTIFICATION NO.Each Designated Partners is required to have a DPIN before being appointed as Designated Partner of LLP.The partners are not required to obtain any identification number
DIGITAL SIGNATUREAs forms are filled electronically, therefore one Designated Partner should have Digital Signatures.There is no requirement of obtaining Digital Signature
ANNUAL FILINGAnnual Statement of accounts and Solvency & Annual Return is required to be filed with Registrar of Companies every year.No return is required to be filed with Registrar of Firms
AUDIT OF ACCOUNTSAll LLP except for those having turnover less than Rs.40 Lacs or Rs.25 Lacs contribution in any financial year are required to get their accounts audited annually as per the provisions of LLP Act 2008.Partnership firms are only required to have tax audit of their accounts as per the provisions of the Income Tax Act
CREDIT WORTHINESS OF ORGANIZATIONWill enjoy Comparatively higher creditworthiness from Partnership due to Stringent regulatory framework but lesser than a company.Creditworthiness of firm depends upon goodwill and creditworthiness of its partners
NUMBER OF MEMBERSMinimum 2 partners and there is no limitation of maximum number of partners.Minimum 2 and Maximum 20
REGISTRATIONRegistration with Registrar of LLP required.Registration  is optional

ITR Form: Return is to be filed in form ITR-5, this form is meant for ITR filing of Firms, LLP’s, AOP (Association of Person), Artificial Juridical Person (AJP), Estate of deceased, Estate of insolvent, Business trust and investment fund. 

Audit

Those LLPs whose annual turnover exceeds Rs. 40 lakh or partner’s obligation of contribution exceeds Rs. 25 lakh are required to file their Income Tax. They are required to get their books audited under the Income Tax Act.

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