IEC Verification Online: How to Verify Import Export Code on ICEGATE
IEC Verification: How to Check Import Export Code (IEC) Status on ICEGATE If you're engaged in import or export activities in India, possessing a valid Import Export Code (IEC) is mandatory. Issued by the Directorate General of Foreign Trade (DGFT), this code facilitates global trade by identifying your business with Indian Customs. However, once issued or modified, it’s important to ensure that your IEC is correctly reflected in the ICEGATE (Indian Customs EDI Gateway) system. This verification helps prevent [...]
How to Check Annual Filing Status on MCA Portal | Step-by-Step Guide
How to Check Annual Filing Status on MCA Portal In India, all companies and LLPs are required to file annual returns and financial statements with the Ministry of Corporate Affairs (MCA). Whether you're a business owner, investor, professional, or a curious individual, it's important to know how to check annual filing status to ensure compliance or verify a company's regulatory standing. This guide simplifies the process of checking the annual filing status of any entity registered with the MCA. [...]
LLP Closure Procedure in India – A Step-by-Step Guide
LLP Closure Procedure in India – A Step-by-Step Guide A Limited Liability Partnership (LLP) is a flexible business structure that combines the benefits of a partnership with the advantages of limited liability. However, when an LLP becomes inactive, non-operational, or financially unviable, it's important to formally close it in compliance with legal requirements. Failure to do so may lead to hefty penalties, late fees, and continuous compliance obligations. This article explains the LLP closure procedure in India, including strike-off [...]
Audit Requirements for LLP in India – A Complete Guide
Audit Requirements for LLP in India – A Complete Compliance Guide Limited Liability Partnerships (LLPs) offer the benefits of limited liability with minimal compliance compared to private limited companies. However, audit requirements for LLP still apply in specific cases, primarily based on turnover and capital contribution thresholds. This article outlines the mandatory audit provisions under the LLP Act, 2008, and the Income Tax Act, 1961, helping partners, accountants, and business owners stay compliant with Indian statutory norms. When is [...]
Partner Remuneration Calculator: Limits, TDS Rules & Interest
Partner Remuneration Calculator: Limits, TDS Rules & Interest on Loans Explained When structuring compensation in a Limited Liability Partnership (LLP) or traditional partnership firm, partners may receive remuneration, capital interest, loan interest, and profit share. However, to claim these amounts as allowable business deductions under the Income Tax Act, specific conditions must be met. This article serves as a complete guide on how to use a Partner Remuneration Calculator effectively—covering the latest tax limits, TDS provisions, and the treatment [...]
LLP Annual Compliance in India: A Complete Guide for 2025
LLP Annual Compliance in India: A Complete Guide for 2025 A Limited Liability Partnership (LLP) combines the operational flexibility of a partnership with the legal identity and limited liability of a company. While it enjoys reduced compliance compared to private limited companies, LLPs are still subject to a set of annual compliance obligations under the Limited Liability Partnership Act, 2008 and Income Tax Act, 1961. Non-compliance can result in significant financial penalties and legal complications. This article provides a [...]
