What Is an LLP (Limited Liability Partnership) and How Does It Work?

Aug 14, 2025
Private Limited Company vs. Limited Liability Partnerships

In today’s dynamic business landscape, the Limited Liability Partnership (LLP) has emerged as a compelling choice for entrepreneurs, startups, and professional service providers. Offering the legal strengths of a company alongside the flexible governance of a partnership, LLPs are gaining remarkable popularity across India.

  • In the financial year 2023-24 alone, the number of LLP registrations soared by a striking 39%, reaching 58,990—a clear reflection of growing confidence in this structure.
  • The upward momentum continued into 2025, with May witnessing a 37% year-on-year jump in new LLP incorporations—outpacing the 29% growth seen in company registrations

These figures underscore a powerful trend: LLPs are fast becoming the go-to vehicle for professionals and small businesses seeking liability protection, compliance ease, and operational flexibility.

Table of Contents

What is LLP?

An LLP or Limited Liability Partnership is a business structure where business partners share limited liability, meaning their personal assets are protected in case the business incurs debts or liabilities.

LLPs are commonly used by professionals like lawyers, accountants, and consultants but are increasingly popular among small and medium-sized enterprises (SMEs).

An LLP is an ideal structure for businesses seeking operational flexibility, protection for partners' personal assets, and minimal compliance requirements. It is particularly attractive for professionals and small enterprises looking for a formal and efficient business framework.

This business structure also allows businesses to make use of the benefits of economies of scale, since LLPs can pool resources, expertise, and capital from multiple partners. By sharing operational responsibilities and costs, LLPs can reduce per-unit expenses, streamline processes, and negotiate better terms with suppliers.

This collaborative approach enables businesses to grow efficiently, expand their market presence, and achieve cost advantages typically associated with larger organizations.

How an LLP (Limited Liability Partnership) Works?

1. Hybrid Business Structure

A Limited Liability Partnership (LLP) is a flexible business structure that operates with a mix of partnership and corporate elements.

2. Limited Liability Advantage

The main advantage of an LLP is that it provides limited liability to its partners. This means that, unlike a general partnership, your personal assets (such as your home or car) are typically protected in case of legal action.

3. Lawsuit and Liability Rules

In an LLP, if the business faces a lawsuit, the partnership itself becomes the primary target, not the personal property of the individual partners. However, if a partner personally engages in wrongdoing (e.g., fraud), they could still be held liable for their actions.

4. Example: Meena and Shalini’s Case

  • Starting Out: Consider a scenario where two professionals, Meena and Shalini, decide to start a business offering consulting services in India. They have a shared interest in providing management consulting to small and medium enterprises (SMEs). Initially, they start with a mutual agreement and an informal arrangement.
  • Formalizing the Structure: However, as the business grows, they realize the need to formalize the structure to protect themselves from legal and financial risks. Meena and Shalini choose to form an LLP (Limited Liability Partnership) to safeguard their personal assets from any potential legal liabilities that may arise in the course of business. They register the LLP with the Ministry of Corporate Affairs (MCA) in India, creating an LLP agreement that outlines their responsibilities, profit-sharing ratios, and other operational details.
  • Facing a Legal Dispute: A few months later, the consulting firm faces a legal dispute due to an issue with one of their clients. The client sues the LLP for professional negligence, claiming that the advice given led to a loss in business.
  • Outcome of the Lawsuit: Since Meena and Shalini have formed an LLP, their personal assets—such as their homes, personal savings, or vehicles—are protected. The lawsuit can only target the assets of the LLP itself, not their personal belongings. However, if it is proven that either Meena or Shalini acted negligently or fraudulently in a personal capacity, that partner could still be held accountable for their individual actions.

LP (Limited Partnership) vs General Partnership

An LP (Limited Partnership) and a General Partnership are both business structures involving two or more partners, but they differ in terms of liability and management roles.

Limited Partnership (LP)

  • In an LP, there are two types of partners: general partners and limited partners.
  • General partners have full control over the management of the business and bear unlimited liability, meaning they are personally responsible for the business's debts and obligations.
  • Limited partners, on the other hand, contribute capital but do not participate in day-to-day management. Their liability is limited to the amount they invest in the business, protecting their personal assets beyond that contribution.

General Partnership

  • In a General Partnership, all partners share equal responsibility for managing the business and have unlimited liability.
  • This means they are personally liable for the debts and obligations of the business.
  • There is no distinction between the roles of partners—each partner participates in both the management and the liabilities of the business.

Key Difference

The key difference between the two is the level of liability protection and management involvement.

  • An LP offers limited liability to some partners (limited partners).
  • A General Partnership places full responsibility on all partners, making it a riskier option for individuals seeking protection from personal liability.

Related Read: What is the Difference Between LLP and Partnership?

LLP vs LLC

Ownership and structure

LLP refers to Limited Liability Partnership, where two or more partners collaborate to run the business. The partners can be individuals or corporate entities, and the number of partners can vary.

In an LLP, all partners share the management responsibilities and decision-making processes, unless the partnership agreement specifies otherwise. Partners have limited liability, meaning their personal assets are protected from business debts or legal claims.

LLC refers to a Limited Liability Company, which is a separate legal entity that can have one or more owners, known as members. The ownership can be divided among individual or corporate members, and the structure is more flexible than a corporation.

LLCs can be managed either by members (member-managed) or by designated managers (manager-managed). The members are not personally liable for the company’s debts or liabilities, providing them with protection similar to that of an LLP.

Liability protection

Partners in an LLP enjoy limited liability, meaning they are not personally liable for the debts or obligations of the business beyond their contribution to the partnership. However, if a partner engages in fraudulent or wrongful activities, they could still be personally liable for their actions.

LLC members also have limited liability, meaning they are generally not personally responsible for the company’s debts or liabilities. The LLC itself is a separate legal entity, so any financial obligations fall on the company, not the individual members. Similar to an LLP, members are protected unless they personally guarantee a debt or engage in illegal activities.

Decision making and management

In an LLP, all partners typically have a say in the management and operation of the business, unless otherwise specified in the LLP agreement. It is a more flexible structure in terms of decision-making since there is no requirement for a formal management team.

LLCs can be either member-managed or manager-managed. In a member-managed LLC, all members participate in managing the business, while in a manager-managed LLC, the members appoint managers to run the operations. This offers more structure compared to an LLP, especially for larger businesses.

Ownership transfer

Ownership in an LLP is typically not as easily transferable as in an LLC. Partners usually need to approve the admission of new partners or the transfer of ownership. This limits the liquidity and transferability of ownership interests.

Ownership in an LLC can be transferred more easily than in an LLP, depending on the terms of the operating agreement. LLCs can issue membership interests that can be bought or sold, making it easier to bring in new investors or transfer ownership.

LLP vs LP

An LP refers to a Limited Partnership, which is different from an LLP.

An LLP (Limited Liability Partnership) and an LP (Limited Partnership) are both business structures that involve multiple partners but differ in terms of liability and management.

In an LLP, all partners share equal responsibility for managing the business and enjoy limited liability, meaning their personal assets are protected from business debts. However, all partners are involved in decision-making unless specified otherwise in the agreement.

In contrast, an LPconsists of general partners and limited partners. General partners manage the business and have unlimited liability, while limited partners are only liable up to the amount of their investment and do not participate in the day-to-day operations.

The key difference lies in the roles and liabilities of the partners. In an LLP, all partners have equal liability protection and management control, whereas, in an LP, the general partners hold the management responsibility and are personally liable, while limited partners have liability protection but no management involvement.

The choice between the two structures depends on the desired level of involvement in business operations and the type of liability protection needed.

What are the advantages of LLP?

Wondering why you should choose LLP over other business registrations? Have a look:

  • Easy & quick to build: Building an LLP is a simple process. It does not have complicated steps and requirements and neither does it take months of waiting time. The minimum amount of fees for incorporating an LLP is INR 500 and the maximum that can be spent is INR 5,600
  • Continuity in succession: The life of the LLP is not affected by the death or retirement of any of the partners. If one of the partners withdraws because of any reasons, it does not mean that the LLP gets wound up. An LLP can only be shut down on the basis of the provisions of the Limited Liability Protection Act  of 2008
  • Limited liability: All the partners of the LLP have limited liability, which means that the partners are not liable to pay the debts of the company from their personal assets. No partner is responsible for any other partner’s misbehaviour or misconduct
  • Streamlines management: All the major decisions and management activities in an LLP are taken care of by the board of directors hence the shareholders receive very less power in making decisions
  • Hassle-free transfers: There are no restrictions on joining and leaving an LLP. One can easily admit as a partner and transfer the ownership to others
  • Taxation benefits: An LLP is exempt from various taxes such as dividend distribution tax and minimum alternative tax. Also, the rate of tax is less when compared to other business types
  • No compulsory audit requirements: There is no mandatory audit requirement for an LLP until the company exceeds the annual turnover of INR 40 lakhs

What are the disadvantages of LLP?

  • Not covered in all States: In India, there are certain variations in tax benefits from State to State. There are also cases when States restrict the formation of LLP. This is one of the major disadvantages of an LLP
  • Less credibility: An LLP has many benefits but the fact is that people do not consider LLPs to be a credible business. People still trust companies or partnerships over LLPs
  • Differences amongst partners: Since each partner is responsible for their own part, there are cases when partners do not consult each other before proceeding with a decision or agreement
  • Transfer of interest: Though interest and ownership can be transferred, it usually is a long procedure. Various formalities are required to comply with the provisions of the Limited Liability Partnership Act

Related Read: LLP Advantages and Disadvantages

Documentation requirements for registering an LLP (2025)

Before you start with the procedure of registering an LLP or make changes in an existing LLP, have a look at the list of documents you might need:

  • Form 7 is required to obtain a Designated Partner Identification Number (DIN) while registering your LLP. It may be sought from the MCA website. Along with the duly completed form, a registration fee of INR 100 must also be paid
  • Form 1/ RUN-LLP is required to register a name for the LLP and reserve it. It may be used to christen an LLP or to alter the present name. The fee for submitting this form is Rs 10,000
  • A request must also be filed by the partners for their DSC to be registered if it hasn’t already been done before
  • Form 2/FiLLiP is required for incorporating a registered LLP. This form must be sent to and acknowledged by the concerned State’s Registrar
  • An LLP agreement must be made, which outlines the duties of each partner involved. This requires the filling and submitting of Form 3
  • In the case of changing, altering, adding or removing partners, the partners must submit Form 4
  • Form 11 must be used to file the IT returns of the LLP
  • If the office address of the LLP is to be changed, then Form 15 must be filed

How to form a Limited Liability Proprietorship

As mentioned earlier, forming an LLP is easy and quick. Before you get started, obtain a DSC or Digital Signature Certificate as the following steps will require it. File for one if you don’t already have one. Further, here are the steps involved in forming an LLP. You can visit mca.gov.in and follow the steps listed below:

  1. Issue a Designated Partner Identification Number for yourself, which serves as an ID card
  2. File Form 7 and pay the required fees
  3. Register a name for your LLP using Form 1 and pay Rs 200
  4. Incorporate the LLP via Form 2. The LLP agreement must also be made at this stage
  5. File the LLP Agreement as per Section 2(o) of the LLP Act, 2008 using Form 3

With the above-mentioned steps, you are all set to start an LLP of your own.

Frequently Asked Questions

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Private Limited Company
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1,499 + Govt. Fee
BEST SUITED FOR
  • Service-based businesses
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  • Businesses seeking investment through equity-based funding


Limited Liability Partnership
(LLP)

1,499 + Govt. Fee
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  • Professional services 
  • Firms seeking any capital contribution from Partners
  • Firms sharing resources with limited liability 

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(OPC)

1,499 + Govt. Fee
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1,499 + Govt. Fee
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  • Businesses looking to issue shares
  • Businesses seeking investment through equity-based funding


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1,499 + Govt. Fee
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Private Limited Company
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1,499 + Govt. Fee
BEST SUITED FOR
  • Service-based businesses
  • Businesses looking to issue shares
  • Businesses seeking investment through equity-based funding


Limited Liability Partnership
(LLP)

1,499 + Govt. Fee
BEST SUITED FOR
  • Professional services 
  • Firms seeking any capital contribution from Partners
  • Firms sharing resources with limited liability 

Frequently Asked Questions

What should an LLP agreement include?

Typical clauses cover the registered office, business nature, rights and duties of partners, contributions and profit-sharing, voting rights, process for adding or removing partners, transfers, and dispute resolution mechanisms.

Who can become a partner, and what are the rules around it?

  • A minimum of two partners is required. If the number drops below two for over six months, the remaining partner can be held personally liable.
  • Partners can be individuals or corporations. Foreign partners must adhere to FDI norms and make contributions through approved banking channels at fair market value.
  • What are the compliance obligations for LLPs?

    Every LLP must file:

    • Form 8 (Statement of Account & Solvency), and
    • Form 11 (Annual Return)
      within 60 days from the end of the financial year (by May 30th for FY ending March 31).

    How is an LLP taxed?

    LLPs are taxed at a flat rate of 30% (plus surcharge and cess). They are exempt from dividend distribution tax, and partners are taxed individually when profits are distributed.

    Can existing businesses convert to an LLP?

    Yes, existing structures like private companies or partnership firms can convert to an LLP by following specific processes laid out in the LLP Act.

    Swagatika Mohapatra

    Swagatika Mohapatra is a storyteller & content strategist. She currently leads content and community at Razorpay Rize, a founder-first initiative that supports early-stage & growth-stage startups in India across tech, D2C, and global export categories.

    Over the last 4+ years, she’s built a stronghold in content strategy, UX writing, and startup storytelling. At Rize, she’s the mind behind everything from founder playbooks and company registration explainers to deep-dive blogs on brand-building, metrics, and product-market fit.

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    Certificate of Commencement of Business: A Complete Guide

    Certificate of Commencement of Business: A Complete Guide

    Starting a business in India involves more than just registering a company name and opening a bank account. One of the most important legal steps for companies with share capital is obtaining a Certificate of Commencement of Business, as mandated by the Companies Act, 2013.

    This certificate ensures that the company has met all preliminary legal requirements and is authorised to begin operations. It also helps maintain transparency, prevent fraudulent incorporations, and validate a company’s legal status in the eyes of regulators and stakeholders.

    In this blog, we’ll walk you through everything you need to know about the Certificate of Commencement of Business- including its definition, significance, legal background, eligibility, documents required, filing procedure, and the consequences of non-compliance.

    Table of Contents

    What is a Certificate of Commencement of Business?

    The Certificate of Commencement of Business is a mandatory legal document that certain companies in India must obtain before they start their business activities. It is issued by the Registrar of Companies (ROC) under the Companies Act of 2013, and applies specifically to public and private companies limited by shares.

    Beyond legal compliance, this certificate also plays a big role in establishing trust. It shows investors, banks, and stakeholders that your company has met all foundational requirements and is operating within the bounds of the law. It also helps prevent fraudulent incorporations by ensuring that companies follow due process from the start.

    Significance of Commencement of Business Certificate

    The Certificate of Commencement of Business serves multiple purposes:

    • Legal Authorisation: It acts as formal approval for a company to start its operations.
    • Regulatory Compliance: Ensures adherence to the provisions of the Companies Act of 2013.
    • Prevention of Fraud: Minimises the risk of shell companies or fraudulent incorporations.
    • Credibility: Enhances trust with investors, financial institutions, and stakeholders.
    • Access to Funds: Allows the company to exercise borrowing powers and raise capital legally.

    Commencement of Business under Companies Act 2013 – Old Act and Procedure

    Under the Companies Act, 2013, companies with share capital cannot begin operations immediately after incorporation. While companies without share capital may commence business right after receiving the Certificate of Incorporation, those with share capital must secure a Certificate of Commencement of Business as per Section 11 of the Act and Rule 24 of the Companies (Incorporation) Rules, 2014.

    This requirement is applicable to all newly formed public and private companies with share capital, highlighting the importance of meeting initial capital commitments and completing registration protocols before beginning operations or seeking external financing.

    Position Under Erstwhile Companies Act, 1956

    Previously, the Companies Act of 1956 governed the commencement of business for companies in India. Under this law, only public companies with share capital were required to obtain a Certificate of Commencement of Business. Private companies, on the other hand, were exempt and could begin operations immediately after incorporation.

    The 2013 Act introduced more stringent rules, bringing private companies with share capital under the same requirements to enhance transparency and accountability.

    Certificate of Commencement of Business Under Companies Act 2013

    To obtain this certificate under the current law, companies must meet two critical requirements:

    1. Declaration by a Director: The director must declare that every subscriber to the memorandum has paid for the shares they subscribed to.
    2. Registered Office Verification: The company must file verification of its registered office with the ROC.

    Only after fulfilling these conditions can the company apply for the certificate and begin lawful operations.

    Eligibility Criteria for Commencement of Business Certificate

    The Certificate of Commencement of Business (COB) is mandatory for the following categories of companies:

    • Companies Incorporated on or after November 2, 2018: Any company registered after this date is required to obtain the COB Certificate within 180 days from the date of incorporation.
    • Companies with Share Capital: Regardless of industry or business type, all companies with share capital must apply for and secure the COB Certificate before starting operations.

    Which Company is Not Required to File a Certificate of Commencement of Business?

    The following categories of companies are exempt from filing for the Certificate of Commencement of Business. These include:

    • Companies Incorporated Before November 2, 2018: This exemption applies to companies that were established prior to the implementation of the Companies (Amendment) Ordinance, 2018, specifically before November 2, 2018.
    • Companies Registered After November 2, 2018, Without Share Capital: Companies that were incorporated after November 2, 2018, but do not have a share capital structure, meaning they haven’t issued any shares, are also exempt from obtaining the COB Certificate.

    Documents Required to Obtain Commencement of Business Certificate in India

    To apply for the Certificate of Commencement of Business, companies must submit the following documents:

    • Form INC-20A: A declaration filed by a director.
    • Board Resolution: Approving the commencement of business.
    • Proof of Capital Subscription: Evidence that all subscribers have paid their share value.
    • Registered Office Proof: Utility bill or rental agreement confirming office address.
    • Certificate of Incorporation: Issued by the ROC.

    Application Process for Commencement of Business Certificate

    Here’s a detailed walkthrough:

    1. Log in to the MCA Portal
      Visit the official website of the Ministry of Corporate Affairs (MCA). Log into the MCA portal using your registered credentials (User ID and Password). If you are not registered yet, you must create an account first.
    2. Navigate to the e-Filing Section
      After logging in, go to the 'MCA Services' tab and select the 'e-Filing' option. This section contains all the necessary forms and submission options for company-related filings.
    3. Download and Fill out Form INC-20A
      Locate and download Form INC-20A- the specific form used for the Declaration of Commencement of Business. Carefully fill in all the required details, such as company information, paid-up share capital details, and confirmation of compliance with registration requirements.
    4. Select the Correct Corporate Identification Number (CIN)
      Enter and double-check the Corporate Identification Number (CIN) of your company. This number uniquely identifies your company and ensures the form is linked to the right entity.
    5. Attach the Required Documents
      Upload the necessary supporting documents, which typically include:
      • The director’s declaration that the subscribers have paid all share capital
      • Proof of registered office verification (such as a utility bill, rent agreement, or ownership document)
    6. Select the Correct Corporate Identification Number (CIN)
      Enter and double-check the Corporate Identification Number (CIN) of your company. This number uniquely identifies your company and ensures the form is linked to the right entity.
    7. Submit the Form and Pay the Prescribed Fee
      Once the form and attachments are ready, submit them through the portal. Pay the applicable government fee based on your company's authorised share capital. The payment can usually be made online through various options available on the MCA portal.
    8. Receive the Service Request Number (SRN)
      After successful submission, the system will generate a Service Request Number (SRN). Save this number carefully, it will help you track the status of your application and any future correspondence regarding your Certificate of Commencement of Business.

    Time Limit for Filing the Declaration of Commencement of Business

    As per Section 11 of the Companies Act, 2013, the declaration must be filed within 180 days from the date of incorporation. Failure to do so can lead to:

    • Penalties for the company and its officers.
    • Potential strike-off from the ROC register

    Form INC-20A

    Form INC-20A is the declaration form filed to confirm the commencement of business. It must be signed by a director and certified by a professional (CA/CS/CWA). The form includes:

    • Company details
    • Paid-up capital confirmation
    • Registered office address verification

    Fee For Filing Form 20A and Receiving Commencement of Business Certificate

    The fee for filing Form INC-20A depends on the company's authorised share capital:

    Up to ₹1,00,000 ₹200
    ₹1,00,001 to ₹4,99,999 ₹300
    ₹5,00,000 to ₹24,99,999 ₹400
    ₹25,00,000 to ₹99,99,999 ₹500
    ₹1 crore and above ₹600

    Consequences of Not Filing Certificate of Commencement of Business

    Failing to file Form INC-20A within the 180-day window leads to:

    • Penalty of ₹50,000 for the company.
    • ₹1,000 per day penalty for each defaulting officer, up to ₹1 lakh.
    • ROC may strike off the company’s name if it remains inactive under Section 11(3).

    Conclusion

    Obtaining the Certificate of Commencement of Business is a critical step that validates your company's readiness to operate in India’s regulatory landscape. For public and private companies with share capital, understanding and complying with this requirement ensures legal clarity, business credibility, and uninterrupted growth. By following the correct process, submitting the necessary documents, and meeting deadlines, companies can avoid heavy penalties and begin their entrepreneurial journey on the right foot.

    Frequently Asked Questions

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    Register your business

    Private Limited Company
    (Pvt. Ltd.)

    1,499 + Govt. Fee
    BEST SUITED FOR
    • Service-based businesses
    • Businesses looking to issue shares
    • Businesses seeking investment through equity-based funding


    Limited Liability Partnership
    (LLP)

    1,499 + Govt. Fee
    BEST SUITED FOR
    • Professional services 
    • Firms seeking any capital contribution from Partners
    • Firms sharing resources with limited liability 

    One Person Company
    (OPC)

    1,499 + Govt. Fee
    BEST SUITED FOR
    • Freelancers, Small-scale businesses
    • Businesses looking for minimal compliance
    • Businesses looking for single-ownership

    Private Limited Company
    (Pvt. Ltd.)

    1,499 + Govt. Fee
    BEST SUITED FOR
    • Service-based businesses
    • Businesses looking to issue shares
    • Businesses seeking investment through equity-based funding


    One Person Company
    (OPC)

    1,499 + Govt. Fee
    BEST SUITED FOR
    • Freelancers, Small-scale businesses
    • Businesses looking for minimal compliance
    • Businesses looking for single-ownership

    Private Limited Company
    (Pvt. Ltd.)

    1,499 + Govt. Fee
    BEST SUITED FOR
    • Service-based businesses
    • Businesses looking to issue shares
    • Businesses seeking investment through equity-based funding


    Limited Liability Partnership
    (LLP)

    1,499 + Govt. Fee
    BEST SUITED FOR
    • Professional services 
    • Firms seeking any capital contribution from Partners
    • Firms sharing resources with limited liability 

    Frequently Asked Questions

    Which Company Needs a Certificate of Commencement of Business?

    All companies incorporated after November 2, 2018, are required to obtain a Certificate of Commencement of Business.

    How to Download Certificate of Commencement of Business?

    You can download the Certificate of Commencement of Business after your application (Form INC-20A) is approved.Here’s how:

    1. Login to the Ministry of Corporate Affairs (MCA) portal.
    2. Go to the MCA Services section.
    3. Click on View Public Documents.
    4. Enter your company’s CIN (Corporate Identification Number).
    5. Look for the approved Form INC-20A and download the certificate attached to the filing.

    What is the Difference Between Incorporation and Commencement Certificate?

    • Certificate of Incorporation: This is issued when a company is legally created. It proves the company exists as a legal entity under the Companies Act.
    • Certificate of Commencement of Business:
      This is issued after the company fulfills specific post-incorporation requirements (like depositing the minimum share capital and verifying the registered office). It authorises the company to start business operations and borrow money.

    Why is a Commencement Certificate Required?

    A Commencement Certificate is important because:

    • It ensures the company has met its initial legal and financial commitments.
    • It prevents fraudulent incorporations by making sure real business intent is established.
    • It validates the company’s status with regulators, banks, investors, and other stakeholders.
    • Without it, a company cannot legally start business activities or raise funds, and risks penalties or even strike-off by the Registrar of Companies (ROC).

    Mukesh Goyal

    Mukesh Goyal is a startup enthusiast and problem-solver, currently leading the Rize Company Registration Charter at Razorpay, where he’s helping simplify the way early-stage founders start and scale their businesses. With a deep understanding of the regulatory and operational hurdles that startups face, Mukesh is at the forefront of building founder-first experiences within India’s growing startup ecosystem.

    An alumnus of FMS Delhi, Mukesh cracked CAT 2016 with a perfect 100 percentile- a milestone that opened new doors and laid the foundation for a career rooted in impact, scale, and community.

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    Private Limited Company Tax Rate: Latest PVT LTD Tax Rate Explained

    Private Limited Company Tax Rate: Latest PVT LTD Tax Rate Explained

    Private limited companies in India are subject to various taxes, with the primary one being the corporate income tax. Understanding the tax rates and compliances is crucial for entrepreneurs and business owners to manage their finances effectively. In this article, we will delve into the intricacies of the private limited company tax rate, along with other key aspects of taxation for these entities.

    Table of Contents

    Budget 2024 Latest Update on Corporate Tax Rate

    Finance Minister Nirmala Sitharaman has proposed a reduction in the corporate tax rate for foreign companies, bringing it down from 40% to 35% in the 2024 budget.

    Subdivisions of Direct Taxes

    Direct taxes in India are categorized as follows:

    1. Personal Income Tax
      • Paid by individual taxpayers based on their income.
      • Taxed according to predefined slabs at different rates.
    2. Corporate Income Tax (CIT)
      • Paid by domestic and foreign companies on their income earned in India.
      • The CIT is levied at rates specified by the Income Tax Act, subject to annual revisions in the Union Budget.

    What is Pvt. Ltd. Tax Rate?

    The Pvt. Ltd. tax rate refers to the corporate income tax rate applicable to private limited companies in India. Under the Income Tax Act, 1961, domestic companies are generally taxed at 30% on their total taxable income, with variations based on turnover and certain conditions.

    For companies with a turnover of less than ₹400 crore, the tax rates are as follows:

    • Turnover up to ₹1 crore: Taxed at 25%.
    • Turnover between ₹1 crore and ₹10 crore: Taxed at 25% on profits exceeding ₹25 lakh, plus an additional ₹25 lakh.
    • Turnover above ₹10 crore: Taxed at 30%.

    A 4% Health and Education Cess is levied on the total tax payable.

    Companies may also opt for a reduced tax rate of 22% under Section 115BAA, provided they forgo certain exemptions and deductions. This option also includes the surcharge and 4% cess.

    Additionally, new manufacturing companies incorporated after October 1, 2019, can avail a 15% tax rate (plus surcharge and cess) under Section 115BAB, subject to specific conditions.

    Corporate Income Tax Rate for AY 2022-23

    The Corporate Income Tax Rate for the Assessment Year 2022-23 varies based on the company's turnover and the applicability of surcharge and cess. Here's a table summarising the effective tax rates:

    For Companies with Turnover Above ₹400 Crore

    Income Slab Tax Rate
    Up to ₹1 Crore 30%
    Above ₹1 Crore but up to ₹10 Crore ₹3,00,000 + 30%
    Above ₹10 Crore ₹3,00,00,000 + 30%

    For Companies with Turnover Below ₹400 Crore

    Net Income Slab (Gross Taxable Income – Deductions) Tax Rate Rebate u/s 87A (FY 2021-22)
    Up to ₹1 Crore 25% Nil
    Above ₹1 Crore but up to ₹10 Crore ₹25,00,000 + 25% Nil
    Above ₹10 Crore ₹2,50,00,000 + 25% Nil

    Key Budget 2022 Updates

    1. No Changes in Tax Rates: The corporate tax structure remained unchanged.

    2. Updated Surcharge Cap for Cooperatives: Surcharge capped at 7% for cooperatives with income between ₹1 crore and ₹10 crore.

    3. Set-Off for Losses in Case of Start-ups: Extended incorporation date for start-ups to claim tax holiday under Section 80-IAC to 31 March 2023.

    {{pvt-cta}}

    Income Tax Rate for Domestic Manufacturing Companies for AY 2022-23

    New manufacturing companies incorporated in India on or after October 1, 2019, and commencing production before March 31, 2023, can avail a concessional tax rate for private limited companies of 15% under Section 115BAB. However, this is subject to certain conditions, such as:

    • The company should be engaged in the business of manufacture or production of any article or thing
    • It should not be formed by splitting up or reconstruction of an existing business
    • It should not use any plant or machinery previously used in India (with certain exceptions)
    • The option to avail Section 115BAB must be exercised in the first year of operation

    The applicable tax rates for domestic manufacturing companies for the assessment year 2022–23 are outlined below:

    Category Conditions Tax Rate Surcharge Health and Education Cess
    Certain Domestic Manufacturing Companies Opted for Section 115BA (effective from AY 2017-18) 25% Not Applicable Not Applicable
    All Existing Domestic Companies Opted for Section 115BAA, regardless of incorporation date or activity type 22% 10% of taxable income if net income exceeds ₹1 crore 4% of Income Tax plus Surcharge
    New Manufacturing Domestic Companies Opted for Section 115BAB 15% 10% of taxable income if net income exceeds ₹1 crore 4% of Income Tax plus Surcharge

    Education Cess for Companies

    Private limited companies are required to pay an education cess at the rate of 4% on the total income tax, including the applicable surcharge. Below is a detailed explanation of the corporate income tax rates for FY 2021–22 or AY 2022–23:

    For companies with a turnover of up to ₹400 crore:

    • Income up to ₹1 crore is taxed at 25%.
    • Income exceeding ₹1 crore but up to ₹10 crore is taxed at 25% plus ₹25,00,000. A 7% surcharge applies.
    • Income above ₹10 crore is taxed at 25% plus ₹2,50,00,000, with a 12% surcharge.

    For companies with a turnover exceeding ₹400 crore:

    • Income up to ₹1 crore is taxed at 30%.
    • Income exceeding ₹1 crore but up to ₹10 crore is taxed at 30% plus ₹3,00,000. A 7% surcharge applies.
    • Income above ₹10 crore is taxed at 30% plus ₹3,00,00,000, with a 12% surcharge.

    The education cess of 4% is uniformly applicable to the total tax payable, including any surcharge, regardless of turnover.

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    Income Tax Rate for Foreign Company

    Foreign companies, i.e., those incorporated outside India but earning income from Indian sources, are taxed at a basic rate of 40% (plus applicable surcharge and cess). The surcharge is levied at 2% on income between ₹1 crore to ₹10 crores and 5% on income exceeding ₹10 crores.

    It is important to note that foreign companies can avail beneficial provisions under the Double Taxation Avoidance Agreement (DTAA) between India and their country of residence to minimize their tax liability.

    Minimum Alternate Tax for Company

    The Minimum Alternate Tax (MAT) provisions apply to companies whose tax payable under the normal provisions of the Income Tax Act is less than 15% of their book profits. In such cases, MAT is levied at 15% (plus applicable surcharge and cess) of the book profits.

    However, MAT is not applicable to companies opting for the concessional tax regimes under Section 115BAA and Section 115BAB. Further, the credit for MAT paid is allowed to be carried forward for 15 years to be set off against future tax liabilities.

    H2 - How to Calculate Total Income for a Company?

    To arrive at the taxable income for a private limited company, the following steps are involved:

    Steps Particulars
    Step 1 Compute the net profit as per the profit and loss account
    Step 2 Add income tax paid or provided
    Step 3 Add depreciation charged in the books of accounts
    Step 4 Add disallowed expenditures or expenses
    Step 5 Subtract depreciation allowable under the Income Tax Act
    Step 6 Subtract income exempt under the Income Tax Act
    Step 7 Subtract deductions allowable under Chapter VI-A
    Step 8 The result is the total taxable income

    The Corporate Income Tax Rate is then applied to this taxable income to determine the tax liability of the private limited company.

    Returns Applicable for Domestic Company for AY 2022-23

    Private limited companies are required to file their income tax returns annually. For the assessment year 2022-23, the following returns are applicable:

    1. ITR-6: This return is applicable for companies other than those claiming exemption under Section 11 (income from property held for charitable or religious purposes).

    2. ITR-7: This return is applicable for companies claiming exemption under Section 11.

    The due date for filing the return is 31st October of the assessment year. However, for companies required to furnish a report in Form No. 3CEB under Section 92E (relating to international transactions), the due date is 30th November of the assessment year. Companies must also ensure timely compliance with advance tax payments, TDS/TCS obligations, and tax audit requirements (if applicable) to avoid penal consequences.

    Domestic Company Tax Slab for AY 2024-25

    For the Assessment Year (AY) 2024–25, the income tax rates for domestic companies depend on their turnover or gross receipts during the financial year (FY) 2020–21, as well as the tax provisions they choose to apply under specific sections of the Income Tax Act. The applicable rates are as follows:

    • If the total turnover or gross receipts during FY 2020–21 do not exceed ₹400 crores:
      • Tax rate: 25%
    • If the company opts for Section 115BA:
      • Tax rate: 25%
    • If the company opts for Section 115BAA:
      • Tax rate: 22%
    • If the company opts for Section 115BAB:
      • Tax rate: 15%
    • For any other domestic company:
      • Tax rate: 30%

    These rates are exclusive of surcharge and cess, which will be applied additionally based on the applicable income slabs.

    Frequently Asked Questions

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    Frequently Asked Questions

    How much tax does a private limited company pay?

    The tax liability of a private limited company depends on various factors such as its residential status, income sources, turnover, etc. Domestic companies are taxed at a basic rate of 30% (with concessional rates of 25%, 22%, or 15% available subject to conditions) plus applicable surcharge and cess. Foreign companies are taxed at 40% (plus surcharge and cess) on their India-sourced income.

    How can I avoid tax in a PVT Ltd company?

    While tax planning is permissible, tax avoidance or evasion is illegal. Private limited companies can legitimately minimise their tax outgo by availing deductions, exemptions, and incentives provided under the Income Tax Act. For instance, companies can claim expenditures incurred wholly for business purposes, deductions for hiring new employees (Section 80JJAA), or for undertaking in-house R&D (Section 35(2AB)). Startups can avail a 100% tax holiday for three consecutive years out of their first ten years of operation.

    What is 25% tax on a company?

    Domestic companies with an annual turnover of up to ₹400 crores in the financial year 2021-22 are eligible for a concessional corporate tax rate of 25% (plus applicable surcharge and cess). This reduced rate aims to provide relief to smaller companies and promote their growth.

    What are the tax benefits of Pvt Ltd?

    Private limited companies can avail of several tax benefits under the Income Tax Act:

    • Expenditure incurred wholly for business purposes is tax-deductible

    • Deductions available for hiring new employees (Section 80JJAA), inter-corporate dividends (Section 80M), in-house R&D (Section 35(2AB)), etc.

    • 100% profit-linked deductions for specified businesses like startups, affordable housing, agricultural extension, etc.

    • Carry forward of business losses for eight years and unabsorbed depreciation indefinitely

    • Deductions for CSR expenditure incurred on eligible activities

    Partnership Firm Tax Rate and Tax Return Filing Explained

    Partnership Firm Tax Rate and Tax Return Filing Explained

    A partnership firm is a business structure where two or more individuals come together to form a business entity. Each individual in the firm is referred to as a "partner." There are two types of partnership firms: registered and unregistered. A registered partnership firm obtains a registration certificate from the Registrar of Companies, while an unregistered firm does not have one.

    Partnership firm e-filing involves submitting tax returns electronically using the Income Tax Department portal. In this article, we will focus on taxation for partnership firms, including partnership firm tax rate, deductions, ITR filing requirements, and the e-filing process. Whether you're a new partnership firm or an established one, this article will provide you with the essential information to navigate the partnership firm tax rate landscape with ease.

    Table of Contents

    Partnership Firm Tax Rate Explained

    The income tax on partnership firms in India is levied at a flat rate of 30% on the total income earned by the firm. This rate applies irrespective of the quantum of income generated. Additionally, a surcharge of 12% is applicable if the total income exceeds ₹1 crore, effectively increasing the tax rate to 33.6%. Furthermore, a health and education cess of 4% is levied on the income tax (including surcharge, if applicable).

    It's important to note that there is no basic exemption limit for partnership firms, unlike individual taxpayers. Moreover, partnership firms are not subject to Minimum Alternate Tax (MAT), which is applicable to companies.

    Let's compare the tax rates for partnership firms with other business structures:

    • LLP Registration: Limited Liability Partnerships (LLPs) have the same base tax rate of 30% as partnership firms. However, the surcharge for LLPs kicks in only when the total income exceeds ₹1 crore, at a rate of 12%.
    • Companies: Companies have a flat base tax rate of 30% (25% for those with a turnover of up to ₹400 crore). However, companies are also subject to MAT.
    • Individuals: The peak tax rate for individuals earning over ₹15 lakhs annually is 30%, which is the same as the flat rate for partnership firms.

    Here's a simple partnership firm income tax calculation example to illustrate:

    • Total income of partnership firm: ₹10,00,000
    • Base tax rate: 30%
    • Tax amount: ₹3,00,000 (30% of ₹10,00,000)
    • Education cess: ₹36,000 (12% of ₹3,00,000)
    • Health cess: ₹12,000 (4% of ₹3,00,000)
    • Total tax payable: ₹3,48,000 (₹3,00,000 + ₹36,000 + ₹12,000)

    It's important to note that the share of profit received by partners from the firm is exempt from tax and excluded from their total income. However, partners have to pay tax on remuneration and interest income received from the firm.

    Tax Deductions Allowed for Partnership Firms

    Understanding deductions is crucial for reducing income tax liability for partnership firms. Deductions are allowed for specific firm expenses, such as:

    • Remuneration (salaries, bonuses, or commissions) paid to partners, subject to limits
    • Interest paid to partners on capital, subject to a maximum rate of 12% p.a.

    For remuneration, the allowable deduction limit is:

    Book Profit Deduction Limit
    On first ₹3,00,000 90% of book profit or ₹1,50,000 (whichever is higher)
    On balance book profit 60%

    Any remuneration or interest paid to partners in excess of these limits is not tax-deductible for the firm. It's important to note that tax deductions will not apply to payments made to partners that are not in accordance with the partnership deed or for transactions made before the partnership deed is executed.

    How to File Your Tax Return for a Partnership Firm Online?

    A partnership firm must file its income tax return using Form ITR-5 on the Income Tax Department’s e-filing portal. Here’s a step-by-step guide:

    1. Access the Income Tax Department's e-filing portal

    • Visit www.incometax.gov.in and log in using the firm’s PAN and password.

    2. Gather Required Financial Information

    • Keep financial records ready, including:
      • Profit & Loss Account
      • Balance Sheet
      • Tax computation statements
      • GST and TDS details (if applicable)

    3. Fill and Submit Form ITR-5

    • Select Form ITR-5 under the “Income Tax Return” section.
    • Enter income details, deductions, and tax payments.
    • Cross-check the information before submitting, as no attachments are required.

    4. Verify the Return

    Verification is mandatory and can be done using:

    • Digital Signature Certificate (DSC) – Class 3: Required for all partners if the firm is subject to audit.
    • Electronic Verification Code (EVC): OTP-based verification via Aadhaar, net banking, or Demat account.

    5. Audit Applicability

    • If the firm’s turnover exceeds ₹1 crore (₹50 lakh for professional firms), a tax audit is mandatory.
    • The audit report must be e-filed before submitting ITR-5, and DSC is required.

    6. Submission and Record-Keeping

    • Once submitted, download and keep the ITR-V acknowledgment for records.
    • Maintain supporting documents, including books of accounts, tax payments, and financial statements, for future reference.

    Following this process will ensure smooth filing of your itr for partnership firm.

    What are the Deadlines for Filing a Partnership Firm Tax Return?

    The income tax return filing deadlines for partnership firms in India are based on audit requirements:

    • Firms not requiring an audit must file returns by 31st July
    • Firms requiring an audit must file by 31st October
      If the partnership firm fails to file the return by the due date, the following consequences may arise:
      • A late filing fee of ₹5,000 is applicable if the return is filed after the due date but before December 31st.
      • The late filing fee increases to ₹10,000 if the return is filed after December 31st.
      • Interest under Section 234A will be levied for the delay in filing the return.
      • Penalties under Section 271F may be imposed for non-filing of the return.

    It's crucial to meet these deadlines to ensure compliance and avoid penalties. Keep in mind that deadlines may change, so it's advisable to check the official website or consult Razorpay for updates and timely filing.

    Common Errors While Filing Tax Returns & How to Avoid Them

    Some common mistakes made while filing partnership firm tax returns include:

    1. Not obtaining a Digital Signature Certificate (DSC) for e-filing
    2. Missing the filing deadline
    3. Incorrect or incomplete details of partners
    4. Mismatch in income and expenditure as per books vs. ITR
    5. Not reporting all income sources
    6. Errors in deductions and exemptions claimed
    7. Improper verification

    To avoid these errors:

    • Ensure all partners obtain a valid DSC well in advance
    • Ensure you file your return by the applicable due date to avoid penalties.
    • Maintain accurate books of accounts and reconcile with ITR figures
    • Report all income from business, investments, capital gains, etc.
    • Claim only allowable deductions and exemptions as per limits
    • Cross-check all details before submitting the return
    • Ensure that all partners participate in the verification process using DSC or EVC.

    Conclusion

    Understanding the partnership firm tax rate and the filing process is essential for every partnership firm in India. E-filing tax returns for a partnership firm ensures a quick, efficient, and hassle-free process. Understanding firm types, taxation rules, eligible deductions, and filing procedures helps in accurate reporting and compliance. By staying informed about the applicable tax rates, deductions, and deadlines, you can ensure timely compliance and avoid penalties. Remember to maintain accurate records, file your ITR for partnership firm using ITR-5, and verify the return with the participation of all partners. With this comprehensive guide, you are now equipped with the knowledge to navigate the partnership firm income tax landscape confidently.

    Frequently Asked Questions

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    Frequently Asked Questions

    How to file an income tax return for a partnership firm?

    Partnership firms must file their income tax return using Form ITR-5. The return has to be filed electronically using a Digital Signature Certificate (DSC). Detailed income and expense statements, along with partner details, have to be provided in the return.

    Can we file ITR-5 for a partnership firm?

    Yes, ITR-5 is the designated form for filing income tax returns for partnership firms. It is specifically designed to capture the income details and tax computation of firms.

    Is ITR-4 applicable for partnership firms?

    No, ITR-4 is not applicable for partnership firms. ITR-4 is meant for individuals and Hindu Undivided Families (HUFs) having income from business or profession. Partnership firms must use ITR-5 for filing their tax returns.

    Can a partnership firm file ITR-3?

    No, a partnership firm cannot file ITR-3. ITR-3 is applicable for individuals and HUFs having income from business or profession. Partnership firms must file their return using ITR-5 only.

    How much TDS is deducted on a partnership firm?

    TDS (Tax Deducted at Source) rates for partnership firms are as follows:

    1. 10% on interest paid by banks and co-operative societies
    2. 10% on rental income exceeding ₹2,40,000 per annum
    3. 2% on payments to contractors exceeding ₹30,000 (1% if the contractor is an individual or HUF)
    4. 10% on commission or brokerage exceeding ₹15,000 per annum

    Is partnership firm taxable income?

    Yes, the income of a partnership firm is taxable. The firm is taxed as a separate entity at a flat base rate of 30% plus applicable cess. The share of profit received by partners is exempt, but they have to pay tax on remuneration and interest received from the firm.

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