LLP Compliance as per Limited Liability Partnership Act 2008
Compliances |
Due Date |
Penalty |
Filing of Annual return with
Govt. authorities(Form LLP-11) |
On or before 30th May after financial
year closing |
Rs.100. Per day from
the date of default till
the date of actual
filing. |
Filing of Accounts with
Government authorties
(Form LLP-8) |
On or before 30th October after financial
year closing |
Compliances for Limited Liability Partnerships as per Income tax Act 1961
I. Filing of return of Income
Compliances |
Due Date |
Penalty/Consequences |
Filing of Income tax return (For
LLPs for which Audit is not
applicable) |
On or before 31st July after
financial year closing |
Loss cannot be carried
forward and in case of tax
payable Interest and
penalty are applicable.
Interest under 234A, 234B &
234C @ 1% per month for
each section and Penalty of
5,000/- (even if tax payable is
Nil) |
Filing of Income tax return
(For LLPs for which Audit is
applicable) |
On or before 30th
September after financial year
closing (Applicable only in case
turn over
exceeds 40 lakhs or
contribution exceeds 25 lakhs) |
II. Deduction of tax at source
Compliances |
Due Date |
Penalty/Consequences |
Deduction of tax on Salaries and
other vendor payments if
exceeds limit specified under
Income Tax Act,1961 |
Payment – 7th of succeeding
month. |
Interest at rate of 1.5% per
month on amount of tax till
the date of actual payment |
Returns – Quarterly returns.
Apr – June (31st July 2018),
July – Sep (31st October 2018),
Oct – Dec (31st January 2019),
Jan – Feb` (31st May 2019)
|
Rs.200 per day from the date
of default to the date of filing
of return.
Maximum penalty is limited to
amount of tax deducted. |
III. Advance tax
Quarterly deposit of Advance tax based on estimated total taxable income.
Advance tax to be deposited |
Due Date |
Consequenses |
15% of total estimated tax |
15th of June 2018 |
Interest under section 234B &
234C as follows:234B – 1% per month or part
of month from April of next
year till the date of payment.234C – 1% per month or part
of month on short fall of
advance tax for 3 months |
45% of total estimated tax |
15th of September 2018 |
75% of total estimated tax |
15th of December 2018 |
100% of total estimated tax |
15th of March 2019 |
Labour Law Compliances and registration matters(Depends up on the industry in which you are engaged)
I. Professional tax
Requirements |
Penalty/Consequences |
Registration:
Employer/owner of the business has to take registration within
30 days from commencement of profession or trade.There are
two types of registration.
“E.C. : Enrollment Certificate” other than a person earning
salary
“R.C. : Registration Certificate” For every employer
Time limit for payment of PT:
Within 20 days from end of the month in which PT is deducted
Post registration compliances:
“Employees who are not covered”
Employees whose salary or wage (gross) for a month is less
than Rs.15,000/
“Additional fee for branch”
Every branch of a firm, company, corporation or other
corporate body, any society, club or association is
treated as a separate person for the purpose of tax liability.
“Payment of PT by professionals and establishments”
other than employees, all other class of persons such as
professionals, companies, and societies shall pay tax once in
a year on or before 30th of April of respective year
|
Penalties under the Act includes (a)
Rs.1000 for non-registration in case
of employer and Rs.500 in case of
others (b) Rs.250 for non-filing of
returns and (c) for non-payment of
tax by enrolled person and
registered employer with interest at
rate of 1.25% per month and Penalty
not exceeding 50% of the taxamount
due.Delay in obtaining Professional
Tax RegistrationRs. 5/- per dayNon/late payment of profession tax10% of the amount of tax.Late filing of returnsRs. 250 per return |
Compliances for Limited Liability Partnerships under GST
I. Registration
Required to be registered if taxable turnover of goods or services or both exceed 20 lakhs.However, following
are liable to register irrespective of turnover.
i. Making interstate taxable supplies (Not applicable for service providers)
ii. Every electronic commerce operator
iii. Persons who make taxable supply of goods or services or both on behalf of other taxable persons
whether as an agent or otherwise
II. Returns
a) Aggregate turnover is less than or equal to 1.5 Crore
Return |
Due Date |
Consequenses |
GSTR – 1 |
Apr – June 31st July 2018
July – Sep 31st October 2018
Oct – Dec 31st January 2019
Jan – Mar 30th June 2019 |
In case of NIL returns
Rs.20 / day
Others
Rs.50 /day |
GSTR – 3B |
20th of succeeding month |
b) Aggregate turnover is less than or equal to 1.5 Crore
Return |
Due Date |
Consequenses |
GSTR – 1 |
10th of succeeding month |
In case of NIL returns
Rs.20 / day
Others
Rs.50 /day |
GSTR – 3B |
20th of succeeding month |
*Due dates of GST returns are based on law as on 01-04-2018
II. Karnataka Shops & Establishment License
Requirements |
Penalty/Consequences |
Registration:
Anyone having a shop or commercial establishment in karnataka has to
take a registration, within 30 days from commencement of work/services
Post registration compliances:
A certificate issued by the labour inspector should be disclosed in the office
premises.Govt. has prescribed certain registers to be maintained for leave,
employee list, attendance list etc. Such registers are to be maitained and
every year annual return to be submitted within 31st January of subsequent
year
|
Labour inspector may
visit your office and issue
the notices for
non-registration. penalty
can vary from Rs.1000 to
Rs.2000. |
III. Employee’s State Insurance (ESI)
Requirements |
Penalty/Consequences |
Registration:
All establishments employing over 10 employees at any point of the year Rs.5000/-
has to get registered under ESI Act, provided the salary payable to at least
one employee is less than Rs.21,000.Time Limit:
Within 15 days from the date of its applicabilityContribution:
Employees contribution 1.75% of wages
Employer’s contribution 4.75% of wages.Post registration compliance:
Filing of ESI returns – Half yearlyPayment:
Payment on or benefit 15th of every succeeding month |
Penalty under ESI Act of
Rs.5000/- |
IV. Employee’s Provident Fund (EPF)
Requirements |
Penalty/Consequences |
Registration:
Any organization having 20 or more permanent (on-roll)
employees, should register with the EPFO
EPF Rate
Employer – 12% of the basic salary limited to Rs.1800 and
1.16% admin charges
Employee – 12% or such higher amount as desired by
employeeDue date after EPF Payment:15th of succeeding month |
Penalty Provision in respect of delay
in payment of P.F. dues
Delay in deposit of P.F. dues attracts
penal damages. Damages are levied
at the following Flat Rates :
I. For 0 — 2 months delay
– @5 % p.a.
II. For 2 — 4 months delay
– @10 % p.a.
III. For 4 — 6 months delay
– @15 % p.a.
IV. For delay above 6 months
– @25 % p.a. (subject to a
maximum of 100%) |
Note: In addition to above Penalty provision imprisonment Provisions will be applicable in case of
non-fulfillment of above Acts.
V. Importer/Exporter Code (IEC) Registration
Every Importer and Exporter.
legalsyne is not responsible for any failure on your part to meet various regulatory requirements within the time
frame mentioned under any Acts/rules unless separate service agreements are entered between us for the same. The
above list of enactments or contained in any documents dispatched along with are indicative only and do not form the
entire list of enactments that your organization need to follow. You are advised to take professional advice before
acting on any of the recommendation that is contained in this letter or any other document dispatched along with or
e-mail body.If you have not found what you are looking for or need additional assistance please contact us
at info@legalsyne.com (9742308021).
Disclaimer : Post incorporation services may have separate service agreements and unless specifically
stated otherwise, any new services shall be subject to acceptances of general terms and conditions
related to those services.