LLP or Limited Liability Partnership is the newest form of corporate entity formed under the Limited Liability Partnership Act, 2008. LLPs have a separate legal identity and are required to file MCA annual return (Form 8 and Form 11) and income tax return and tax audit report(if applicable) for each financial year
2019 LLP Income Tax Rate
In the year 2019, the income tax return for FY2018-19 or AY2019-20 would be filed by the LLP. The income tax rate applicable for LLP registered in India is a flat 30% on the total income for the financial year 2018-19. In addition to the income tax, a surcharge is levied on the income tax payable. In addition to income tax surcharge, cess is also applicable to the income of an LLP.
Minimum Alternate Tax (MAT) for LLP
LLP is subject to minimum alternate tax. Hence, the income tax paid by an LLP having profits cannot be less than 18.5% of the adjusted total income of the LLP. The MAT is increased by income tax surcharge and cess.
2019 Deadline for LLP Tax Filing – AY 2019-20
The deadline for LLP income tax return for an LLP is July 31st if tax audit is not required. In the year 2019, the income tax return for FY2018-19 or AY 2019-20 would be filed by the LLP. LLP whose turnover exceeded Rs. 40 Lakh or whose contribution exceeded Rs. 25 Lakh are required to get their accounts audited by a practicing Chartered Accountant. The deadline for tax filing for LLP required to obtain an audit is September 30th.
Also, LLPs that entered into an international transaction with associated enterprises are required to file Form 3CEB for Transfer Pricing Audit. Form 3CEB must be certified by a Chartered Accountant. LLPs required to file Form 3CEB have 30th November as the deadline for LLP Income tax filing and tax audit report and transfer pricing audit report.
ITR-5 LLP Income Tax Filing Form
LLPs must file an income tax return using Form ITR 5. Form ITR 5 can be filed online through the income tax website using the digital signature of the designated partner. The ITR-5 for AY 2019 -20 is reproduced below for reference:
Detailed form 5 can be downloaded here
LLP Advance Tax Payment
LLPs are required to comply with advance tax payment regulations. Hence, LLPs should have calculated their income tax liability and paid up to 100% of the advance tax payment on or before 15th March 2018. The due dates for LLP advance tax payment are as follows:
|Taxpayer Type||By 15th June||By 15th September||By 15th December||By 15th March|
|All types of taxpayers (other than those who opted for presumptive taxation scheme)||Upto 15% of advance tax||Upto 45% of advance tax||Upto 75% of advance tax||Upto 100% of advance tax|
|Taxpayers who opted for presumptive taxation scheme||NIL||NIL||NIL||Upto 100% of advance tax|
LLP tax payment can be made in physical mode through designated banks or through e-payment mode. LLPs that are required to get its accounts audited are required to pay tax through e-payment mode only.