A surcharge shall extend the measure of income-tax at the rate of 12% of such tax, wherever total income exceeds Rs. 1 crore rupees. Mostly, the surcharge shall be subjected to marginal relief. It is where revenue exceeds Ra. 1 crore rupees, the total cost payable as income-tax. The tax does not pass the total amount payable as income-tax on total revenue of Rs. 1 crore rupees by higher than the amount of income that exceeds Rs. 1 crore rupees.
Health And Education Blueprint:
The amount of income-tax and the mentioned surcharge, should be further increased by health and education cess measured at the rate of 4% of those income-tax and surcharge.
Alternative Merest Tax:
Tax due by LLP cannot be less than 18.5% (raised by Surcharge and HEC) of "adjusted total income" as per 'section 115JC'.
Form 11 is a Yearly return that is to be filled by all LLPs irrespective of turnover throughout the year. Even when an LLP does not convey out any services or business during the business year, Form 11 needs to be filed. Apart from Essential data about Name, Address of LLP, details of Partners/ Designated Partners, other information that need to be submitted are:
LLP Form 11 Due Date For Annual Return Filing
The Due Date For IT Returns: 31.07.2020 / 30.09.2020
The last date for filing income tax returns for LLPs, which does not require Tax Audit July 31, 2020, and if Tax Audit is then needed due to date for IT Returns for LLP would be September 30, 2020.
LLP form 8 Due date- 30.10.2020
Late Fees For Form LLP 8 And LLP 11 Filing
If there is a noticeable delay in filing Form 8 and 11 of LLP, a penalty of Rs. 100 per day per form is payable from the due date of filing return till the actual date return is filed.
What is the method of review of documents that are filled with ROC?
The First has to login to the Mca portal. Proper fees have to be paid and then following documents of LLP will be available for inspection:-
What is "Statement of Accounts and Solvency"?
Every LLP has to file LLP Form 8 annually, known as "Statement of Accounts and Solvency" which contains the information relates with financials of LLP like asset-liability etc.