Even if there is no business in an LLP, or the LLP is running in losses, or even when there is no bank account of the LLP, these compliances will have to be met.
Dear Readers,
We are pleased to present ‘TransPrice Times’ for the first fortnight of June, 2015.
As a focus point, we provide an insight into recent clarifications made on Advance Pricing Agreements (APA) Rollback rules and its implications.
Further, we also aim to shed light on significant case laws pronounced to equip you with latest happenings in India.
We hope you find this newsletter useful.
Happy reading !!!
Adopt cashless processing- Payroll Processing and Statutory RemittancesGreytip Software
This webinar talks about cashless payroll processing https://www.greythr.com/complete-guide-payroll/ and statutory remittances using greytHR payroll software https://www.greythr.com/payroll-software/.
Setting Up A Foreign Limited Liability Partnership (Foreign LLP)B.H. Loh & Associates
etting up a foreign limited liability partnership (Foreign LLP) as simple as a local limited liability partnership (Local LLP). One of the criteria of LLP is simple to manage and protection to the partner. Therefore, LLP become wider and wiser choice to those who want to manage their business efficiently and effectively.
What is your choice of business vehicle?
ICA provide vocational training courses under skill development initative on prescribed by DGET, GOVT.OF INDIA. This training is fully equipped to provide the candidates with the opportunity to develop through understandings of the taxation for individuals, companies, partnerships and other structures in India.
Dear Readers,
We are pleased to present ‘TransPrice Times’ for the first fortnight of June, 2015.
As a focus point, we provide an insight into recent clarifications made on Advance Pricing Agreements (APA) Rollback rules and its implications.
Further, we also aim to shed light on significant case laws pronounced to equip you with latest happenings in India.
We hope you find this newsletter useful.
Happy reading !!!
Adopt cashless processing- Payroll Processing and Statutory RemittancesGreytip Software
This webinar talks about cashless payroll processing https://www.greythr.com/complete-guide-payroll/ and statutory remittances using greytHR payroll software https://www.greythr.com/payroll-software/.
Setting Up A Foreign Limited Liability Partnership (Foreign LLP)B.H. Loh & Associates
etting up a foreign limited liability partnership (Foreign LLP) as simple as a local limited liability partnership (Local LLP). One of the criteria of LLP is simple to manage and protection to the partner. Therefore, LLP become wider and wiser choice to those who want to manage their business efficiently and effectively.
What is your choice of business vehicle?
ICA provide vocational training courses under skill development initative on prescribed by DGET, GOVT.OF INDIA. This training is fully equipped to provide the candidates with the opportunity to develop through understandings of the taxation for individuals, companies, partnerships and other structures in India.
This presentation is aimed to give you an insight on how you can obtain a lower withholding tax certificate in India. It further emphasizes in detail the criteria for the provision of the certificate, the important documentation required for the same and the practical implications which the certificate carries.
To put things in context, a lower withholding tax certificate helps companies plan their project finances and working capitals better because high tax costs that arise during the execution of those projects and delayed reimbursements from the tax department tend to disrupt the project’s financial plan.
The Financial Accounting Standards Board has issued Accounting Standards Update No. 2016-
02, Leases (Topic 842), an Amendment of the FASB Accounting Standards Codification, which outlines changes in the way that lessors are required to report certain monies collected for leased assets. These new lease accounting standards – known as ASC 842 – will go into effect for public companies January 2019 and for private companies and not-for-profits January 2020.
These changes affect the several aspects of lease accounting documentation,Learn What This Means for Your Business
This presentation will guide you about various Income Tax Forms to be used with its due dates under Indian Income Tax. Also explains the various terms assigned to those returns & their time limits.
Vat return review and refund application in uaeFiyona Nourin
HLB HAMT provides return review services in UAE as a part of Tax Agent services or consultants services where filing of accurate return on timely basis will be ensured.
HLB HAMT has a dedicated desk comprising of experienced tax consultants, for assisting new and existing registrants to fulfil UAE VAT administrative formalities related to VAT Registration, Deregistration and Group Amendments in UAE.
TAX AUDIT REPORT U/s 44AB of Income Tax Act, 1961Admin SBS
Tax audit is applicable to every person i.e. i.e. individual, HUF, Company, Partnership firm,
AOP/BOI, Local authority, Co-operative society/Trust, AJP based on the below mentioned
The proof of investment (POI) feature allows employees to update the proof of investments done and makes the process of verifying proofs streamlined and smooth.
This presentation is aimed to give you an insight on how you can obtain a lower withholding tax certificate in India. It further emphasizes in detail the criteria for the provision of the certificate, the important documentation required for the same and the practical implications which the certificate carries.
To put things in context, a lower withholding tax certificate helps companies plan their project finances and working capitals better because high tax costs that arise during the execution of those projects and delayed reimbursements from the tax department tend to disrupt the project’s financial plan.
The Financial Accounting Standards Board has issued Accounting Standards Update No. 2016-
02, Leases (Topic 842), an Amendment of the FASB Accounting Standards Codification, which outlines changes in the way that lessors are required to report certain monies collected for leased assets. These new lease accounting standards – known as ASC 842 – will go into effect for public companies January 2019 and for private companies and not-for-profits January 2020.
These changes affect the several aspects of lease accounting documentation,Learn What This Means for Your Business
This presentation will guide you about various Income Tax Forms to be used with its due dates under Indian Income Tax. Also explains the various terms assigned to those returns & their time limits.
Vat return review and refund application in uaeFiyona Nourin
HLB HAMT provides return review services in UAE as a part of Tax Agent services or consultants services where filing of accurate return on timely basis will be ensured.
HLB HAMT has a dedicated desk comprising of experienced tax consultants, for assisting new and existing registrants to fulfil UAE VAT administrative formalities related to VAT Registration, Deregistration and Group Amendments in UAE.
TAX AUDIT REPORT U/s 44AB of Income Tax Act, 1961Admin SBS
Tax audit is applicable to every person i.e. i.e. individual, HUF, Company, Partnership firm,
AOP/BOI, Local authority, Co-operative society/Trust, AJP based on the below mentioned
The proof of investment (POI) feature allows employees to update the proof of investments done and makes the process of verifying proofs streamlined and smooth.
XBRL OUTSOURCING SERVICES FORM 23AC/23ACA/COST AUDIT IN XBRL FORMATE CONVERSI...anish singh
We understand that as per this circular filing in the XBRL taxanomy has become applicable to your company. We offer XBRL Filing as an Outsourcing solution for you.
To gain knowledge on various reports and forms prescribed by RBI for transactions undertaken under the ambit of FEMA. In this Webinar we shall look into various reports and forms which are to be submitted by or through Authorised persons/ dealers in specific cases like Foreign investment, Overseas Direct Investment, External Commercial Borrowings.
Budget 2016 was recently announced by the Finance Minister of India. This Presentation unravels the Transfer Pricing and International Tax proposals of the Budget 2016.
LLP Compliance Calendar by PCS Lalit RajputLalit Rajput
This article covers the Mandatory Compliances to be followed by an LLP under Registrar of Companies (ROC), Ministry of Corporate Affairs (MCA), mentioned under LLP Act, 2008 and Income Tax Act, 1961 including Tax audit provisions. Some key points are also given regarding LLP at the end.
Companies Act 2013 AOC 4 - Presented to Institute of Company Secretaries Of ...SAS Partners
Definition of Financial Statement
Definition of financial year.
Books of Accounts etc., to be kept by the company.
Financial Statement
Central Government to prescribe Accounting Standards
Financial Statement, Board’s report, etc.,
Corporate Social Responsibility
Right of members to copies of financial statements.
Copy of financial statement to filed with the Registrar
Powers of the Board.
Compounding of offence – u/s 92 (5), Not yet enforced
Section 621A of the Companies Act, 1956.
Punishment for fraud
Punishment for false statement.
Inactive and Dormant Company
How to File LLP Annual Return in India as per the LLP Act.pdfMyEfilings
Form 11 refers to the Annual Return of a Limited Liability Partnership (LLP) in India. The LLP Form 11 is filed by LLPs to provide information about the LLP’s business activities, financials, and partners.
What are the mandatory ROC annual compliances for a company or an LLP? Which forms are filed by a company or an LLP to the ROC annually? What are the consequences of non-filing of ROC forms?
A Limited Liability Partnership have to file annual return to the registrar of companies in Form No 11 before 30th May and Financial Accounts in Form No 8 before 30th October. Income tax Return of LLP need to be filed before 31st July
A successful business runs with proper Statutory Compliance Management, “Compliance” means 'action to complying with the law' and “annual” means 'a year'. Annual Compliance means covering all the legal requirements for whole the year to avoid legal penalties. Legal responsibilities which have to be fulfilled after incorporation of the company are annual compliance. Get Complete Information about Annual Compliances and Audits and the Process.
Similar to Mandatory Annual Compliances by Limited Liability Partnerships (LLPs) (20)
Textile Chemical Brochure - Tradeasia (1).pdfjeffmilton96
Explore Tradeasia’s brochure for eco-friendly textile chemicals. Enhance your textile production with high-quality, sustainable solutions for superior fabric quality.
How to Build a Diversified Investment Portfolio.pdfTrims Creators
Building a diversified investment portfolio is a fundamental strategy to manage risk and optimize returns. For both novice and experienced investors, diversification offers a pathway to a more stable and resilient financial future. Here’s an in-depth guide on how to create and maintain a well-diversified investment portfolio.
Best Crypto Marketing Ideas to Lead Your Project to SuccessIntelisync
In this comprehensive slideshow presentation, we delve into the intricacies of crypto marketing, offering invaluable insights and strategies to propel your project to success in the dynamic cryptocurrency landscape. From understanding market trends to building a robust brand identity, engaging with influencers, and analyzing performance metrics, we cover all aspects essential for effective marketing in the crypto space.
Also Intelisync, our cutting-edge service designed to streamline and optimize your marketing efforts, leveraging data-driven insights and innovative strategies to drive growth and visibility for your project.
With a data-driven approach, transparent communication, and a commitment to excellence, InteliSync is your trusted partner for driving meaningful impact in the fast-paced world of Web3. Contact us today to learn more and embark on a journey to crypto marketing mastery!
Ready to elevate your Web3 project to new heights? Contact InteliSync now and unleash the full potential of your crypto venture!
What You're Going to Learn
- How These 4 Leaks Force You To Work Longer And Harder in order to grow your income… improve just one of these and the impact could be life changing.
- How to SHUT DOWN the revolving door of Income Stagnation… you know, where new sales come into your magazine while at the same time existing sponsors exit.
- How to transform your magazine business by fixing the 4 “DON’Ts”...
#1 LEADS Don’t Book
#2 PROSPECTS Don’t Show
#3 PROSPECTS Don’t Buy
#4 CLIENTS Don’t Stay
- How to identify which leak to fix first so you get the biggest bang for your income.
- Get actionable strategies you can use right away to improve your bookings, sales and retention.
Salma Karina Hayat is Conscious Digital Transformation Leader at Kudos | Empowering SMEs via CRM & Digital Automation | Award-Winning Entrepreneur & Philanthropist | Education & Homelessness Advocate
When listening about building new Ventures, Marketplaces ideas are something very frequent. On this session we will discuss reasons why you should stay away from it :P , by sharing real stories and misconceptions around them. If you still insist to go for it however, you will at least get an idea of the important and critical strategies to optimize for success like Product, Business Development & Marketing, Operations :)
Reflect Festival Limassol May 2024.
Michael Economou is an Entrepreneur, with Business & Technology foundations and a passion for Innovation. He is working with his team to launch a new venture – Exyde, an AI powered booking platform for Activities & Experiences, aspiring to revolutionize the way we travel and experience the world. Michael has extensive entrepreneurial experience as the co-founder of Ideas2life, AtYourService as well as Foody, an online delivery platform and one of the most prominent ventures in Cyprus’ digital landscape, acquired by Delivery Hero group in 2019. This journey & experience marks a vast expertise in building and scaling marketplaces, enhancing everyday life through technology and making meaningful impact on local communities, which is what Michael and his team are pursuing doing once more with Exyde www.goExyde.com
2. 1. Preparation of Financial Statements
2. Income Tax Return Filing
3. RoC compliances- Filing of Form 11 & Form 8
4. Annual Statutory Audit
3. Preparation of Financial Statements
Requirement:
Following shall be prepared and
filed by every LLP annually:
Statement of Accounts &
Solvency (Balance Sheet & P/L) –
showing financial results of
operations
Annual Returns of the LLP -
showing structure and composition
of the LLP
Penalty:
fine which shall not be less than
twenty-five thousand rupees but
which may extend to five lakh rupees
and every designated partner of such
limited liability partnership shall be
punishable with fine which shall not
be less than ten thousand rupees but
which may extend to one lakh rupees
4. Income Tax Return Filing
Requirement:
LLP is required to file return in following
modes:
a) Electronically under digital signature; or
b) Transmitting the data in the return
electronically under electronic verification
code; or
c) Transmitting the data in the return
electronically and thereafter submitting the
verification of the return in Form ITR-V.
However, it is mandatory for LLP to file return
of income electronically under digital
signature if its accounts are required to be
audited under Section 44AB.
Penalty:
As of today, IT Officer may, on
levy a penalty of Rs. 5000 u/s
271F for late filing of ITR
As per amended laws, penalty
of up to Rs. 10000 may be
required to be shelled out. A two-
level penalty in this regard: A fee
of Rs5, 000 shall be payable, if the
return is furnished after the due
date but on or before December
31 of the assessment year and a
fee of Rs10, 000 shall be payable
in any other case.
5. RoC Compliances – Form 8 & 11
Requirement:
Following shall be prepared and
filed by every LLP annually:
Statement of Accounts &
Solvency (Balance Sheet & P/L) –
showing financial results of
operations – Form 8
Annual Returns of the LLP -
showing structure and composition
of the LLP – Form 11
Penalty:
A penalty of Rs. 100 per day per form
is to be paid by the defaulting LLP.
6. Annual Statutory Audit
Requirement:
LLPs whose:
Contribution exceeds Rs. 25 lakhs; or
Turnover exceeds Rs. 40 lakhs
Are required to get their annual accounts
audited by any Chartered Accountant in
practice.
Penalty:
fine which shall not be less than
twenty-five thousand rupees but
which may extend to five lakh
rupees and every designated
partner of such limited liability
partnership shall be punishable
with fine which shall not be less
than ten thousand rupees but
which may extend to one lakh
rupees
7. Irrespective of whether an LLP
incurs losses or whether an LLP
has business done business are
not, these compliances have to
be met.