Income Tax Returns for Partnership Firm / LLP – legato corporate consultants LLP

Income Tax Returns

for Partnership Firm / LLP

Every Partnership Firm and Limited Liability Partnership (LLP) is compulsorily required to file Income Tax Returns every year. Income Tax Return Filing is mandatory even in case of no business activity. The due date to file Income Tax Returns of a Partnership Firm and an LLP who are not covered under Income Tax audit is 31 st July. If the audit becomes applicable then the due date is 30th September.

It is advisable to file Income Tax Returns within the due date to avoid late filing fees and penalties. If you want to carry forward your losses it is necessary to file the Income Tax within the due date. Income Tax Return for a particular assessment year cannot be filed after the end of the assessment year. The partners of the Partnership firm / LLP are separately required to file their personal Income Tax Returns.

Legato corporates consultants LLP provide the most reasonable and competent services for Income Tax Returns of a Partnership firm and an LLP.

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Benefits of filing for IT returns

Loans

For the purpose of the term loan, working capital loan, etc. banks and other financial institutions require copies of ITR filing.

Avoid late Filing Fees

Income Tax Returns shall be filed within the due date to avoid late filing fees and penalties.

Abidance of the Law

It is always advisable and beneficial to be in compliance with the law. Income Tax Department gets to know about your Income and Tax liability once you file your ITR.

Procedure of IT filing

Information collection

The first step is the collection of all the necessary information you will need to file your ITR.

Tax Computation

After the information is collected, we will compute your total taxable income and tax liability.

Review

We shall send the draft computation for your review.

Return filing

Your
return is filed.

FAQ'S

Who needs to register for GST?

Any supplier of goods is required to apply for GST registration provided he/she has an annual turnover of Rs. 40 lakh (For special category states, it is Rs. 20 lakhs). However, under certain specific conditions, a taxable person becomes liable to pay a GST even if the income is below the mentioned limit. People offering services must also get a GST registration, once the income exceeds Rs.20 lakhs (For special category states, it is Rs. 10 lakhs).

What are the GST rates?

GST structure is divided into 4 tiers. The rates are 5%, 12%, 18%, and 28%. A few products like luxury and demerit products also attract an additional cess.

Are there any GST exempt products?

GST is not applicable to alcohol for human consumption and specified petroleum products.

Is GST applicable to stock transfers?

Yes. Integrated GST (IGST) governed by the central government is applicable to stock transfers.

GST can be levied on the transaction of securities?

No. Purchase and sale of securities continue to be governed by Securities Transaction Tax

What is HSN Code and SAC Code?

Harmonized System of Nomenclature (HSN) code is used for the classification of goods. In the invoices, the taxpayers with a turnover between Rs. 1.5 crores and Rs. 5 crores use a 2-digit code. Taxpayers with a turnover above Rs. 5 crores, use a 4-digit code. Those with a turnover below Rs. 1.5 crores, do not need to use any HSN Code. Further, the services are categorized in the Services Accounting Code (SAC).

For how long is the GST Registration Number valid?

A GST certificate is provided for a lifetime of the business enterprise except if suspended canceled, surrendered, or revoked. However, certificates issued to a non-resident taxable person or casual taxable person have a validity period determined by the authorities.

What are taxable transactions under the GST Act?

The delivery of products and/or services, which includes all transactions like sale, barter, transfer, exchange, rental, lease, license, or disposal made or agreed to be made, for the consideration of taxable products or services, are considered as taxable transactions as per the GST Act.

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