1. Responsible for the doing of all acts, matters and things as are required to be done by the LLP in respect of compliance of the provisions of this Act including filing of any document, return, statement and the like report pursuant to the provisions of this Act and as may be specified in the limited liability partnership agreement; and
2. Liable to all penalties imposed on the LLP for any contravention of those provisions.
Minimum of two partners are required to form an LLP. There is no maximum limit on number of partners
Cash is fluctuating. From where cash came and gone that no one knows. But if transaction took place though bank the details of the same remains for long time. Many taxpayer for evading taxes incur transactions in cash and later on get involved in tax laws. Due to which more taxes and penalty have to be paid. Therefore maximum transactions should be made through bank and should avoid transactions in cash. Businessman says “Aaj Nagad Kal Udhar” but if more transactions are incurred in cash then problems will have to be faced.
If individual or HUF wealth taxpayer have cash exceeding Rs. 50,000 then it will be taxable under wealth tax
According to section 269 SS and 269 T of the Income Tax Act the taxpayer cannot accept or repay the loan in cash exceeding Rs. 20,000/-. If the taxpayer has accepted or repaid loan in cash exceeding 20,000/- then the auditor has to report the same in tax audit report. If it comes to the notice of Income Tax officer then he may levy penalty. If loan acceptor or donor both are farmers and their receipts are not taxable according to Income tax Act then above provision is not applicable to them. If the loan accepted is more than Rs. 20,000/- then repayment cannot be made in cash.