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How to File ITR Online for LLP (Limited Liability Partnership)?

File ITR Online

Are you running an LLP and want to know about ITR Filing Online for your LLP? Don’t worry! We are here with a comprehensive guide to ITR filing for LLPs. It is crucial for the LLPs to file ITR Online. Income Tax is the direct tax that the public has paid to the government of India every year. The CBDT, i.e. Central Board of Direct Taxes, imposes Income tax on individuals as well as companies, including LLPs, i.e. Limited Liability Partnerships. Income Tax Return is a self-declaration that has been used by LLPs to report their income. If you file Income Tax Return correctly on time, it will help in maintaining the complicated finances of your LLP. You can also carry forward losses, claim tax deductions and refunds, and many more by filing ITR online.

Let’s have a look at what an LLP, i.e. Limited Liability Partnership, is-

LLP, i.e., a Limited Liability Partnership, was introduced in 2008 in India. This business structure offers the benefits of both private limited and partnership firms. All the partners of an LLP have limited liability for the contributions they make. It is a separate legal entity from its partners.

Suitable Form to file ITR Online for LLPs

Usually, ITR 5 has been used by partnership firms, LLPs, AOPs, i.e. Association of Persons, BOIs, i.e. Body of Individuals, AJP, i.e. Artificial Juridical Persons, etc. So, LLPs must have to submit Form ITR 5 to the Income Tax Department for Income Tax Return Filing. You can file this Form online on the IT Department’s e-filing portal by using the DSC, i.e., the Digital Signature Certificate of the designated partner. 

Tax Rate to File ITR Online for LLPs

An LLP, i.e., a Limited Liability Partnership, has been taxed at a fixed rate of 30% on its total income (up to an income of 1 Crore). If the total income of LLPs exceeds Rs. 1 Crore, the amount of Income Tax will be increased by a surcharge rate of 12%.

Last Date to file ITR Online for LLPs for FY 2023-24

  • If there is no need for auditing for Section 8 Company, then the ITR Filing last date will be July 31st, 2024
  • If the book of accounts of a section 8 company is required to get audited, then the Income Tax Return’s last date for ITR 5 will be October, 31st 2024.
  • The due date for LLPs to file their audit report for FY 2023-24 will be September 30, 2024

If you miss the deadline for online ITR Filing, then you have to face its consequences, including penalty & interest.

Details Include in ITR 5 to File ITR Online for LLPs

Part A: General Information

It includes basic details about the taxpayer, including name, PAN (Permanent Account Number), address, contact information, and the assessment year for which the return is being filed.

Part A-BS: Balance sheet

You have to report the financial position of LLP by using a balance sheet of 31st March of the specified AY.

Part A: Manufacturing Account

It includes details of the manufacturing account for FY 2023-24.

Part A: Trading Account

It consists of the information on trading accounts for FY 2023-24.

Part A- P&L: Profit & Loss Account

Here, you have to report about the Profit & Loss Account of your LLP for FY 2023-24.

Part A- OI: Other Information

It includes the other financial information of the taxpayer’s income

Schedules

Several schedules may be attached to the ITR-5 form that covers various aspects, including depreciation, partner’s information (for LLPs), and foreign assets and income. There are a total number of 31 schedules.

Part B-TI: Total Income Computation

In this section, you provide details of your income from various sources, including-

  • Income from Salary or Pension
  • Income from House Property
  • Income from Capital Gains
  • Income from Other Sources

Part B-TTI:  Computation of Tax Payable

In this section, you have to calculate the total tax payable as per the given information. It includes income tax, surcharge, and any relief claimed.

Tax Payments 

This section includes the following details- 

  • Details of the payment of the advance tax & self-assessment tax.
  • Details of TDS on income other than the salary (16A, 16B, 16C)
  • Details of TCS 

Steps to File ITR Online for LLPs (Limited Liability Partnership)

Income tax Return Filing for LLP includes a number of steps. It is stressful for LLPs to file their ITR. But in order to navigate the complexities of ITR Filing online, you can seek the expert guidance of ITR Filing Consultants like Legal Pillers. Here, in this section of the blog, we will tell you the step-by-step process of online ITR Filing. The procedure is as given below-

  • Step 1: Gather Necessary Documents

First of all, you have to gather all the essential financial documents, including audited financial statements, bank statements, balance sheets, profit & loss statements, receipts related to TDS, and all the other supporting documents related to the income and expenditure of the company.

  • Step 2: Select the Correct ITR

LLPs, i.e. Limited Liability Partnerships, have to file the ITR by using the Form ITR 5. Select the ITR form carefully and understand the sections related to the financial data properly. Make sure that all the information is accurate.

  • Step 3: Compute Your Tax Liability

After that, you have to calculate the total income of the company, including all the applicable exemptions and deductions. And then compute your tax liability.

  • Step 4: Prepare and Validate Your ITR

Then, you have to fill out Form ITR 5 online via the e-filing portal of the Income Tax Department. Also, validate your form to make sure that all the mandatory fields have been filled out accurately.

  • Step 5: Upload and Submit

After that, you have to upload your ITR 5 along with all the required documents. At last, submit your ITR electronically.

  • Step 6: Verification

After the successful submission, E- Verification of ITR 5 is the most crucial & essential step. Your Income Tax Return will be incomplete until you verify it. You have the option to e-verify the ITR via Aadhaar OTP, Net banking, and EVC, i.e., Electronic Verification Code, or by sending a physical copy of the ITR to CPC Bengaluru. You can also verify your ITR 5 by using a DSC, i.e., a Digital Signature Certificate. 

  • Step 7: Acknowledgement

Lastly, after the verification step is completed, you will get an acknowledgement receipt from the Income Tax Department. It would be best to keep this receipt safe for your future reference.

These are the steps included in the process of online ITR Filing. These steps are a little tricky, but you can navigate these steps easily with the help of a CA near me for ITR Filing.

Some Tips to File ITR Online for LLPs

To file an income tax return smoothly, LLPs must consider some key points. Here we will tell you about the critical considerations that you should remember while online ITR filing. Here are some tips-

  • Stay Updated: As tax laws are subject to change, so you should have to stay updated about the latest tax laws & regulations.
  • Maintain Proper Records: You should maintain all the financial records & documents appropriately throughout the year.
  • Seek Professional Help: If you find the process of filing ITR complex, it will be better to seek expert advice from professionals.

Why is Legal Pillers Best to File ITR Online for LLPs?

In today’s competitive world, there are several options available for LLP income tax return filing. Legal Pillers stands as the top choice of LLPs for fulfilling their tax compliance requirements. Our professional team will help the LLPs with online ITR Filing. here, in this section of the blog, we will discuss why Legal Pillers is best for ITR Filing for LLPs-

  • Expert Support

If you ever have questions or need assistance, LegalPillers has a team of tax professionals ready to help. Our dedicated team will make sure that you will get the support you need to file your taxes correctly for the better financial future of your LLP.

  • Time and Cost Efficient

By using LegalPillers, you’ll save both time and money. The platform simplifies the filing process, saving your precious time. Moreover, our competitive price makes sure that you will get the best service with affordable charges.

  • Comprehensive Services

LegalPillers offers more than just tax filing. We provide a range of services as per all the tax-related needs of an LLP i.e. Limited Liability Partnership, from planning and advisory services to GST registration and compliance.

  • More Convenience

Income Tax Return Filing online with LegalPillers is exceptionally convenient. You can access the platform anytime, anywhere, from any device with an internet connection, eliminating the need of personal visits to tax offices.

  • Accuracy and Compliance 

With LegalPillers, you can trust that your tax returns will be accurate and compliant with current tax laws and regulations. The platform provides thorough guidance and checks to make sure that everything is in order.

  • Secure Data Handling

Your privacy is the top priority for LegalPillers. We work with advanced encryption techniques so that your sensitive financial information will remain safe from the unauthorized access.

These are the reasons why Legal Pillers is best for filing ITR.  We have the professional ITR Filing Consultants who are always ready to help you with your tax filing needs. You can easily find us by typing “CA Near me for ITR Filing”.

Final Words

It requires the proper attention to the details in order to file Income Tax Return for LLPs. For this you must have a thorough understanding of tax regulations. You can make the filing process smooth by following the above mentioned steps carefully. To get a clear picture of ITR filing online for LLP, you can get the expert guidance of ITR Filing Consultants like Legal Pillers. Legal Pillers have a dedicated team of professionals that possess the knowledge of tax law & regulations related to LLPs i.e. Limited Liability Partnerships. We will help you throughout the process of Income Tax Return Filing. You will find us on Google by typing “CA Near Me for ITR Filing”. So, what are you waiting for? Choose Legal Pillers as your trusted partner and fulfill the tax obligations of your LLP.

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