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Annual Filings for Limited Liability Partnership (LLP)

Limited Liability Partnership (LLP) is a separate legal entity and Separate from Its partners, LLP is governed by LLP Act, 2008, LLP Rules, and in accordance with LLP agreement, LLP act and rules provides for the Annual Returns that are required to be filed by LLP (LLP Annual Filing) to Registrar of Companies by every LLP. beside compliances of LLP Act and rules LLP is required to file its Income tax return and Tax Audit report if required, and designated partners of LLP is required to complete there annual DIN KYC every year, all this comes under LLP Annual Filing, below we have discussed main LLP annual filing that is required to be done by every LLP:

LLP Annual Filing

LLP Annual Filings Calendar

LLP Filing

  • LLP Form 11
  • LLP Form 8
  • DIR-3 KYC
  • Income Tax Return
  • GST Return
  • TDS Return

Due Date

  • 30th May
  • 30th October
  • 30th June
  • 30th July (Non-Audit)
  • Every month /Qtr ( For GST Registered)
  • Every Qtr ( if TDS deducted)

LLP Form 11 ROC LLP Filing

LLP Form 11 is required to be filed by every LLP, Even if LLP has not carried out any business activity LLP Form 11 is mandatorily required to be filed. LLP Form 11 is also known as LLP Annual Return and it contains information about the ownership structure of LLP like Capital Contributed by each designated partner or partner, who are the partners of LLP as on the financial year ending date for which Form 11 is required to be filed.

Mandatory Attachment of Form 11 – In Form 11 a document in respect of Designated partners and partners is required to be attached which contains details in which the designated partner of LLP is the Director or Partner.

LLP Form 8 ROC LLP Filing

LLP Form 8 is required to be filed by every LLP, LLP Form 8 is filed with respect to Statement of Accounts and solvency, In general, this form is required to be filed for filing LLP Annual Accounts to ROC. So before Filing this form LLP is required to be prepare and finalize its books of accounts, otherwise, it is not possible to file this form. LLP Audit is also done under this where Auditor is required to Digitally signed this form, in case LLP is required to get its accounts audited, Presently Limit for LLP Audit is Rs. 40 Lakh for turnover and Rs. 25 Lakh for Capital Contribution, if either exceeds this limit LLP is required to get its accounts audited.

DIR-3 KYC for Designated Partners of LLP (LLP Annual Filing)

DIR-3 KYC is mandatory for every designated partner of LLP, non-filing will lead to a fee of Rs. 5000 for activation of DIN of designated partner. The due date for filing DIR-3 KYC is 30th September.

Income Tax Return of LLP (LLP Annual Filing)

Every LLP whose accounts are not required to be audited is required to file its Income Tax return on or before 31st July. For Audited LLP the due date is 30th September.

GST Return of LLP (LLP Annual Filing)

If LLP has GST Registration, then LLP is required to file Applicable GST returns like GSTR3B, GSTR1, GSTR9, and other applicable returns on a monthly, quarterly or yearly basis as and when applicable.

TDS Return of LLP

If LLP has made payments that are required to pay after deduction of Tax at source, The TDS amount is required to be deposited before the 7th of next month and is required to file a Quarterly TDS return.

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Reduced Late Fee for LLP’s

Today we will discuss the recent Amendment made by MCA regarding fees payable by LLP, there was long-standing demand for the reduced filing fees for LLPs, In the ease of doing initiatives of the government of India, the new Reduced Late Fee for LLP will come out to be a game-changer for Small LLP.

Reduced Late Fee ( New Rules)

  • Completely Removed Rs. 100 Per Day Late Filing Fee and Introduced Rs. 10 ( for Small LLP’s ) Rs. 20 ( others) per day after a delay of 300 Days.
  • Per day Late only for Form 8 and Form 11
  • 2, 4, 6, 10, 15, 25 Time’s of Normal Filing Fee Applicable based of Number of Days Dealy for Small LLP’s
  • Small LLP Concept Introduced
  • Up to 50 times of Normal Fee applicable to other than Small LLP’s based on Number of Days dealy

Higer Late Fee ( Old Rules)

  • Rs. 100 Per Day applicable to all types of LLP’s
  • No Upper Limit ( Dealy of 100 Days costs Rs. 100*100= 10000/- )
  • All LLP forms are included in Rs. 100-day system.

A delay of 100 days for Small LLP having a Capital of Rs.1 Lakh will cost Rs. 50*10 = 500 Plus Rs. 50 = Total Rs. 550, resulting in savings of Rs. 9450

The new amended rules will be applicable from the 01st day of April 2022.

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Tax on Cryptocurrency as Virtual Digital Assets

In the Union Budget for FY 22-23, the government of India announced provisions related to Taxation of Cryptocurrency as Virtual Digital Assets, earlier to this there was no provisions for taxation of Cryptocurrency and as General practice, most the Taxpayers are declaring their income either as Trading business or if brought as an investment perspective than as Capital Assets, Short Term or Long Term Capital Gain provisions are been followed by many Industry Experts. In this article, we will discuss provisions related to the Taxation of Crypto as Digital Virtual Digital Assets.

Meaning of Virtual Digital Assets

“Virtual Digital Asset” Means––

(A) Any Information Or Code Or Number Or Token (Not Being Indian Currency Or Foreign Currency), Generated Through Cryptographic Means Or Otherwise, By Whatever Name Called, Providing A Digital Representation Of Value Exchanged With Or Without Consideration, With The Promise Or Representation Of Having Inherent Value, Or Functions As A Store Of Value Or A Unit Of Account Including Its Use In Any Financial Transaction Or Investment, But Not Limited To Investment Scheme; And Can Be Transferred, Stored Or Traded Electronically;

 (B) A Non-Fungible Token Or Any Other Token Of Similar Nature, By Whatever Name Called;

(C) Any Other Digital Asset, As The Central Government May, By Notification In The Official Gazette Specify: Provided That The Central Government May, By Notification In The Official Gazette, Exclude Any Digital Asset From The Definition Of Virtual Digital Asset Subject To Such Conditions As May Be Specified Therein

Digital Virtual Assets

Tax on Crypto as Virtual Digital Assets

For Taxation of Virtual Digital Assets new Section 115BBH has been inserted in Income Tax Act

Where the total income of an assessee includes any income from the transfer of any virtual digital
asset, the income-tax payable shall be the aggregate of

(a) the amount of income-tax calculated on the income from transfer of such virtual digital asset at the rate of thirty per cent and

(b) the amount of income-tax with which the assessee would have been chargeable had the total income of the assessee been reduced by the income referred to in clause (a).

From the above, it is clear that the minimum tax rate shall be thirty percent on any income received from Transfer of Virtual Digital Assets if your rate of tax is below thirty percent or if your rate of tax is more than thirty percent than the higher rate of tax applicable will be the rate of Tax on transfer of Virtual Digital Assets.

Deduction allowed while Calculating Income of Virtual Digital Asset

While calculating income from Virtual Digital Assets deduction in respect to Cost of Acquisition will be allowed and no other deduction will be allowed. Also, Set-off of any loss will not be allowed while calculating income from Virtual Digital Assets.

TDS on payment on Transfer of Virtual Digital Assets

A New Section 194S has been inserted in Income-tax Act for Provisions related to TDS on Virtual Digital Assets

Any person responsible for paying to a resident any sum by way of consideration for transfer of a virtual digital asset shall, at the time of credit of such sum to the account of the resident or at the time of payment of such sum by any mode, whichever is earlier, deduct an amount equal to one percent. of such sum as income-tax thereon

Further, if there is an exchange of one Virtual Digital Assets for another than the person responsible for paying such consideration shall, before releasing the consideration, ensure that tax has been paid in respect of such consideration for the transfer of virtual digital assets.

Non Applicability of TDS on specified person

TDS on Crypto is not applicable if the value or aggregate value of such consideration does not exceed fifty thousand rupees and ten thousand rupees for other than specified persons during the financial year.

“specified person” means a person,–– (a) being an individual or a Hindu undivided family, whose total sales, gross receipts or turnover from the business carried on by him or profession exercised by him does not exceed one crore rupees in case of business or fifty lakh rupees in case of the profession, during the financial year immediately preceding the financial year in which such virtual digital asset is transferred; (b) being an individual or a Hindu undivided family, not having any income under the head “Profits and gains of business or profession”

TDS provisions will be applicable from 01st July 2022.

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How to File Appeal Against Rejection of GST Registration

In this article, we will discuss the main requirement for filing for appeal against the Rejection of GST Registration, GST Amendment, Cancellation of Registration, etc., Any GST taxpayer may file an appeal if he is not satisfied with the order passed by the designated officer. Appeal for an order against registration application is required to be filed in Form GST APL-01

Appeal Against Rejection of GST Registration

Which type of Registration Rejection orders for which appeal can be filed

  • Order of Rejection of Application for Registration for all Taxpayers
  • Order of Rejection of Application for Amendment for all Taxpayers
  • Order of Rejection of Application for Cancellation for all Taxpayers
  • Order of Rejection of Application for Revocation of Cancellation
  • Order for rejection of reply to show cause notice issued in Form GST CMP-05
  • Order for Cancellation of Registration
  • Order of Cancellation of Registration as Tax Deductor at source or Tax Collector at source
  • Order for cancellation of provisional registration
  • Order of rejection of enrolment as GST Practitioner

Form in which appeal is required to be filed for GST Registration Rejection

Form GST APL -01 is required to be filed online and The appellant is required to submit a physical copy of supporting documents along with the appeal application, duly signed and verified to the office of the appellate authority within 7 days of filing an appeal on the GST Portal. Upon receipt of complete documents, the final acknowledgment will be issued to him.

Time Period in which Appeal Against Rejection of GST Registration Can be filed with Appealte Authority

Any taxpayer or an unregistered person aggrieved by any decision or order passed against him (with respect to Registration, amendment or cancellation etc.) by an adjudicating authority, may appeal to the Appellate Authority, within three months from the date on which the said decision or order is communicated to such person.

The appellate authority may condone delay for a period of a maximum of 1 month if he is satisfied that the taxpayer was prevented by sufficient cause from presenting the appeal within the aforesaid period of three months and allow it to be presented within a further period of one month.

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How to Start Kids Clothing Store Business

In this article, we will discuss starting kids clothing store business, Kids Clothing market is a never-ending growth market with certain challenges, if you are planning to venture into a new venture in the clothing segment, a kids clothing store can be amazing business to start with.

What type of store to choose

Under Kids Clothing store there are two types of models that generally work in the market, first one is a franchise-based business model and the other is an own-brand business model, both business models have their own pros and cons and we need to understand carefully before starting out.

Franchise Business Model

Under the Franchise Business model, store will be operated under your name and the brand name will be of reputed kids clothing brand, You will have to sign the franchise agreement, where all terms and conditions regarding the business will be mentioned, in most of the franchise agreements there are two costs associated with, one is initial franchise fee and other is % of sales from the store. For Example, you are taking a franchisee of a reputed kids brand in your area, you pay an initial franchise fee of Rs. 5 Lakh and then 5 % of sales turnover every month.

Own Brand Business Model

Under own brand business model, the business owner himself owns the brand and all advertisement and marketing costs, if you are planning to start a Kids Clothing store under your own brand name, you need to have your own brand, that you have to search, you will also need to register your brand under trademark laws so that no one other than you can use the brand without your permission.

Once you decide which Business model you choose for your Kids Clothing store business, you need to go for some legal registration for your business

kids clothing store

Choosing Business Entity for Legal Registration for Kids Clothing Store

As per your requirements, you can register any of the above-mentioned entities for your kid’s clothing store, you can link on the link given for each business, and read about which business structure suits your requirements. if you are still confused then you can connect with us by submitting your request.

Obtain GST Registration

In most cases, you will need to obtain GST registration for your business, you can check out GST Registration requirements from here.

How to apply for GST Registration

Find Suppliers for your Kids Clothing Store

You will need goods suppliers you can supply you goods with high quality and best pricing, Ensure to have good margin on products sales. You can find suppliers on websites like Indiamart.

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What is PE Ratio (Price to Earnings ratio)

Hello, in this article we will discuss the Price to Earnings ratio, PE ratio, PE Ratio is most commonly used in the valuation of companies’ share price as to whether Companies Share Price is undervalued or overvalued.

PE Ratio

What is PE Ratio

PE Ratio is arrived at by dividing companies Market Price by Earning Per Share.

PE Ratio = Market Price of Stock /Earning Per Share

i.e Market Price of Stock is Rs. 70, Earning Per Share = Rs. 8 per share

PE Ratio will be = 70/8 = 8.75

This means that Companies stock is currently trading at 8.75 times of Current share price.

In the current market scenario, it is seen that companies growing at High Growth rates are seen with High PE.

PE ratio is also known as earnings multiple or price multiple.

How to find Companies Price to Earnings Ratio

Finding Companies PE Ratio is much simpler as a lot is Online Tools are available to track financial Data for listed entities. one such online Tool is Tickertape.

loading widget to trade RELIANCE

From the Above Price Quote of Reliance Industries Limited, you can See Companies PE. at the Time of Writing this post RIL PE is at 33.89 , which means that RIL stock is trading at 33.89 times its Earnings.

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How to Get PostPe Limit

PostPe is a Buy Now Pay Later credit limit product from Fintech company BharatPe, Through Postpe Limit anyone can get Free Interest free Credit for 30 days or up to date of the due date. Postpe provides a credit limit within 5 minutes and you can get an instant credit facility, through which you can make online payments, Scan QR Code of any Bharatpe Marchant and pay them.

How to Apply for PostPe Limit

To get the Postpe limit you are required to download the App free from play store

Download Postpe App

Postpe Credit Limit

How to Get PostPe Limit 1

Get Limit from Rs. 5000 to 10 Lakh Instantly

  • Get Money within 5 minutes
  • Interest Free Limit

Signup with Mobile Number

Now signup to Postpe with Mobile Number you wish to register your postpe account

Enter Your PAN Number

in the Next Step you are required to enter your PAN Number, You must ensure that you must have the existing credit score to get a higher Postpe Limit.

Enter your Aadhar Number

In the next step, you are required to enter Aadhar Number, once you enter Aadhar Number, you are required to Authorize Aadhar information via Digilocker.

Upload your Selfie

Now you are required to Upload your Selfie in the next step

Instant Credit Approval

Postpe limit

Once you Upload the Selfie, on the next screen you will get an Instant Credit approval Limit, which you can use anytime Now.

What is Buy Now Pay Later

In Buy Now Pay Later product you can buy products and services by making online payments now and paying them as per terms of credit Services. If your credit service provider gives you a credit limit for 30 days and provides a due date. you will need to make payment by such due date or convert the purchases into EMI and then pay with a certain fixed interest rate. PostPe Limit is also a Buy Now Pay Later Product.

Slice Card – Postpe Alternative

If you are not getting approval Postpe Limit approval, you can try slice card as well, It works great as well.

Slice Card

slice card

Credit card Alternative

  • Pay in Two Installments with zero Interest
  • Higher Credit Limit
  • 1% Cash back on every online Spend
  • Brand Payment Instant Cashbacks
  • Direct Bank Transfer as Loan
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LLP Form 8 Filing Date Extended to 30th December 2021

MCA Relaxes Levy of Additional Fee in case of delay in Filing of LLP Form 8 (the Statement Account and Solvency) by LLP for the financial year 2020-21.

MCA issued a Circular, in which MCA announced a relaxation on additional fees in filing Form 8 by LLP up to 30th December 2021. Due to the difficulty faced by LLPs as a result of the COVID-19 epidemic, MCA has received a request for an extension of the deadline for completing the Statement of Account and Solvency without paying additional expenses.

LLP Form 8

The MCA has decided to allow LLPs to file Form 8 (the Statement of Account and Solvency) for the Financial Year 2020-2021 without paying additional fees until December 30, 2021, as part of the government’s ongoing efforts to promote ease of living and compliance for Micro, Medium and Small Enterprises doing business through the vehicle of LLP

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What is Equity Share

If you are into investing world, Finance or Owns a Company , you must hered about the equity Shares, in most party of world also called as comman stock, In this article we will discuss about what is Equity Share in Detail.

equity share

What is Equity Share

Equity Share is type of ownership instrument in body corporate – company, It provide holders ownership right and directly represent capital of company. Companies are owned by shares called Equity and provides voting rights to holders of equity in the process of decision making, while most of decisions are made by Board of Directors of Company , the Holders of equity shares are the one who appoints board of directors of their company at general Meeting.

Equity shares are liablity of the Company and are required to be paid back to the holders in case of winding up of the company , if there exists surplus cash that can be distributed once every other liabliity sets off.

For Publicly listed companies equity shares are listed for trading and anyone can buy and sell anytime of excanges.

For private limited companies , these shares are brought and sold through private agreements.

Companies distrubute profits to equity shareholders by way of dividend and valuation of shares majorly for listed shares depends on stock prices.

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List of Information and Documents required for Startup Registration

If you are planning to register your company as startup in India, you need to provide information and documents for your startup at statupindia.gov.in once you signup for registration. Startup recognisation provides benefits to entities, including benifits for IP registrations etc.

Documents required for Startup Registration

Following information and documents required for Startup India registration :

  1. Name of Company
  2. Name of Startup
  3. Website address of Company
  4. Name , age qualification of Directors and Promoter / Authorized Representative
  5. Current Number of Employees including Founders
  6. Trademark or other IP details
  7. Is the startup creating an innovative product / service / process or improving an existing product / service / process ?
  8. Is the startup creating a scalable business model with high potential of employment generation or wealth creation ?
  9. Brief note supporting the options chosen above for innovation, improvement and scalability
  10. Has your startup received any funding?
  11. Any awards/recognition received by the entity , if yes , provide document in support
  12. What is the problem the startup is solving ? 150 to 200 words  minimum
  13. How does your startup propose to solve this problem? 150 to 200 words minimum
  14. What is the uniqueness of your solution ? 150 to 200 words minimum
    15.How does your startup generate revenue? 150 to 200 words minimum
  15. App Link /Pitch Deck etc if any
  16. COI , MOA and AOA of Company
  17. PAN of Company