Auditing of llp

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I am one of the partners of an LLP.
 
Our turnover is Rs.27 lakhs
we incured a loss of Rs.23 thousands.
Our capital contribution is Rs. 4 laksh.
We need to file for refund of TDS deducted by our customers which is approx 1,23,000.
 
Need help with the following queries
 
1. Is auditing required for filing with LLP system ?
2. Is auditing required for income tax filing ?
3. What is the procedure of filing for LLP Form and details to submit ?
4. What is the procedure of filing income tax, Form and details to submit?
 
Regards,
kumar
Replies (7)

1. Yes, statutory audit is compulsary.

2. No, as yurnover doesnt exceed 60 lacs, Tax audit is not required.

4. Form ITR 5 is to be filled online or offline. There are no documents to be attached with the form.

I am sorry, I don't know the difference between tax audit and statutary audit. plz help 

Statutory audit is done for complaince of ROC matters and tax audit is done for compliance of Income Tax matters.

One more question, in our agreement we decided working partner will get Rs.1,00,000/- as salary per month. We did paid the same to the working partner every month. Out LLP is now under loss.  

 I found this web page https://www.llponline.in/tax_llp.php mentioning that the remuneration can not be more than 60% of the profit.

Is the salary paid to the partner for his work part of remuneration ?

Thanks in advance

Yes salary paid to partners for work is a part of remuneration.
The details regarding salary in the attached document are absolutely correct.
In case you wish to give higher remuneration to partners, you can do so, but for the purpose of calculating profit of the firm, the remuneration paid by you above the maximum permissible remuneration as per Income Tax Act, will be dissallowed as expendituer of the firm. & you be taxed on such higher remuneration in the firm, while the same will remain exempt in the hands of partners...

Thank you for the answer,

We have deducted TDS for the employee. and we have submitted the report as per the TDS requirement.

How do we handle the same?

 

The employee u r talking abt are partners or other ?
In case of partners, no tds is required to be deducted.
In case of other employees if there is any mistake in filing return of tds, you always have an option of filling a correction return.


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