LLP ITR Filing
LLP ITR Filing
Limited Liability Partnerships must file ITR-5 annually. LLPs are taxed at a flat rate of 30% (plus surcharge and cess). Tax audit under Section 44AB is mandatory if turnover exceeds ₹1 crore (business) or ₹50 lakh (profession), or if presumptive taxation is opted out. Partners’ remuneration and interest on capital are deductible subject to prescribed limits.
Important Points:
- ITR-5 for LLPs
- Tax rate: 30% + applicable surcharge and cess
- Tax audit mandatory if turnover exceeds prescribed limits
- Due date: July 31 (non-audit) or October 31 (audit cases)
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