Limited Liability Partnerships in Bihar need to file the annual return within 60 days from the end of the financial year and an account solvency statement has to be filed within 30 days from the end of six months of the closure of the financial year. The financial year of the LLP starts from the 1st of April to the 31st of March. The annual returns of the LLP are due on May 30th while the statement of accounts and solvency is due on the 30th of October of every financial year. Along with the MCA annual return filing in Bihar, the LLPs are also required to file the income tax return every year.
Tax rates for LLP annual filing in Bihar
The tax rates Applicable for the LLPs registered in India are 30% of the total income. If the total income is exceeding Rs.1 crore a surcharge is also levied on the income at the rate of 12%.
Health and Education Cess
Health and Education cess of 4% is applicable on the amount of tax and the surcharge that is applicable.
Minimum Alternate Tax (MAT) for LLP
Limited Liability Partnerships are also subject to the minimum alternate tax which is 18.5% of the total income applicable for the LLP. Hence, the income tax payable by the LLP cannot be less than 18.5%
LLPs Involved in International Transaction
LLPs that are involved in an international transaction with the associated enterprises or have undertaken specified domestic transactions are required to file Form 3CEB. Form 3CEB is to be certified by a Chartered Accountant. The LLPs are required to file Form 3CEB by the 30th of November.
Necessary Compliance to be maintained while LLP annual filing in Bihar
LLP Account maintenance
A Limited Liability Partnership is required to maintain proper bank accounts on a cash basis or accrual basis. The LLPs have an option of maintaining the books of accounts on a cash basis as well. The books of accounts have to be maintained at the registered office of the LLP and need to have information on:
Money received and spent
Assets and the liabilities
Statement of COGS
Inventories and finished good statements
By the end of each financial year, the Limited Liability Partnerships are required to prepare the financial statements within 6 months for filing with the ROC.
What are the statements of Accounts and Solvency?
The registered LLPs are required to maintain the books of accounts and fill the data regarding the profits that have been incurred and other financial data relevant to the business and submit it with Form 8 every year.
This Form 8 has to be attested by the designated partner by duly signing it. It is also necessary to get it certified by a practicing Chartered Accountant or Company secretary.
Filing to file the statement of accounts and solvency reports might lead to a penalty of Rs.100 per day.
IndiaFilings has over 1 lakh customers and we have completed over 7 lakh services through our platform. At IndiaFilings, we take pride in the services delivered by us and guarantee your satisfaction with our services and support. We constantly improve and strive to deliver the best accounting, financial or secretarial services through the internet.
One Person Company | Nidhi Company | Company Registration | Tax Notice | Indian Subsidiary | HSN Code | Section 8 Company | Trademark Search | USA Company Registration | FSSAI Registration | Import Export Code | ESI Registration | Proprietorship | GST Return Filing | Patta Chitta | PF Registration | Payroll | Business Tax Return Filing | PF Return Filing | Eway Bill | GST Registration | TDS Filing | Udyam Registration | Trademark Registration | Startup India Registration | Professional Tax | Personal Tax Filing | Check Company or LLP name Availability
Partnership | Limited Liability Partnership | Digital Signature | Copyright Registration | Unified Portal | PAN Card Download | Nadakacheri | Flipkart Seller | Caste Certificate | IAY | EPFO Passbook | Domicile Certificate | Udyog Aadhaar | PF Withdrawal | Karnataka One | Encumbrance Certificate | Bonafide Certificate | Instant PAN Card | E PAN Card | Income Certificate | Marriage Certificate | Passport Renewal | Nivesh Mitra | MSME Registration | Experience Certificate | Trademark Status | Trade License | Domicile | eMitra | UAN | PICME | Resignation Letter Format | Ration Card | TNREGINET | RAJSSP | LLP Compliance | Form 16 | Police Clearance Certificate | OBC Certificate | Jamabandi | Mee Bhoomi | SC Certificate | UAN Login | eAadhaar Download | Linking Aadhaar To Bank Accounts | mAadhaar | Aadhaar Enrollment Centre | UAN Passbook | Amazon How to Sell | PAN Card Apply | EPFO Unified Portal
We are available