Annual Compliances For LLP

Form 11 to be filed by 30 May
2500
Form 8 to be filed by 30 October
5000
Form 8 form 11 and ITR
10000

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Documents Required for Annual Compliances For LLP

  • 1     Bank Statements from 1 April to 31 March for all bank accounts in the name of LLP
  • 2     Credit Card Statements if Expenses are incurred by Partners on behalf on LLP
  • 3     Invoices of Purchases and Sales during the year
  • 4     Invoices of expenses incurred during the year
  • 5     Copy of VAT or Service Tax returns filed
  • 6     Copy of TDS Challans Deposited
  • 7     Copy of TDS Returns filed
Process Involved 20%

Step 1

Documentation

Step 2

Form 11

Step 3

Finalization of Balance Sheet

Step 4

Income Tax return

Step 5

Tax Audit

Step 6

Form 8

Required documents are provided by client

Form 11 is prepared and filed with mca before 30 May

Balance Sheet and Profit and Loss is finalized based on data provided

Income Tax return is prepared and filed with Income tax Department

Tax Audit is done for those where turnover exceed 50 lakhs and 2 Crores (Charges Extra)

Form 8 of LLP is Prepared and filed with ROC before 30 October

Annual Compliance for LLP Limited Liability Partnership

All the Limited Liability Partnership’s (LLP) Registered under the LLP Act 2008 are required to file the following returns mandatorily whether the LLP do business or not.

A. FILING WITH REGISTRAR OF LLP

1. Filing of Annual Return

An LLP is required to file the Annual Return with the Registrar of LLP (Form 11) within 60 days of closure of its financial year. An LLP has to close its financial year on every 31st March. So, the Annual Return is to be filed on or before 30th May every year.

2. Filing of Annual Accounts

Every LLP has to maintain books of accounts as per double entry system of accounting and prepare a Statement of Accounts and Solvency (Accounts) every year ending on 31st March. LLP has to file such Accounts to the Registrar of LLP (Form 8) within 30 days from the end of 6 months of such financial year. So, the filing of Accounts is to be filed on or before 30th October every year.

In case of an LLP whose annual turnover exceeds Rs.40 lakhs or whose contribution exceeds Rs.25 lakhs, shall be required to get its accounts audited by a Chartered Accountant.

B. INCOME TAX

As per Income Tax Act, LLP has to close its financial year as on 31st March every year and has to file the returns with Income Tax Department.

In case of LLP whose annual turnover is more than Rs.100 Lakhs, the accounts have to be audited as required under Income Tax Act as well.

A LLP have to file its Income tax Returns on or before the due dates as follows:

LLP whose accounts are not required to be audited under any Law

31st July of every year

LLP whose accounts are subject to Audit under any Law

30th September of every year or such other date as may be notified by the Income Tax authorities.

 

Procedure For Annual Compalince fulfilment

  • Maintain Proper Books of Accounts.
  • Prepare and File Balance Sheet
  • If your turnover is More than 40 Lakhs, get your accounts certified my CA
  • File Form 8 and Form 11 with ROC
  • File Income Tax Returns with Income Tax Department

NEED FOR ANNUAL COMPLAINCE

  • Late filing or non-filing of LLP Annual Return or Statement of Accounts and Solvency before the due date will attract a penalty of Rs. 100 for each day of default.
  • Further, the LLP cannot be wound-up or closed without filing of the return and the penalty doesn't have a ceiling.
  • Therefore, it is best to file the Annual Return and Statement of Accounts & Solvency of a LLP in time to avoid heavy penalty.

 

FAQ

A person may cease to be a partner in accordance with the agreement or in the absence of agreement, by giving 30 days notice to the other partners. A person shall also cease to be a partner of a limited liability partnership- (a) on his death or dissolution of the limited liability partnership; or (b) if he is declared to be of unsound mind by a competent court; or (c) if he has applied to be adjudged as an insolvent or declared as an insolvent. Notice is required to be given to ROC when a person becomes or ceases to be partner or for any change in partners. .
An LLP shall be under obligation to maintain annual accounts reflecting true and fair view of its state of affairs. A “Statement of Accounts and Solvency” in prescribed form shall be filed by every LLP with the Registrar every year. .
Audit of LLPs shall be mandatory. However a more simplified compliance regime for small LLPs is being proposed by exempting such LLPs from the requirement of audit by exemption through notification by the Central Government. .
Every LLP would be required to file with ROC, every year, an Annual Return, contents of which would be prescribed under rules. .

 

Persons, who subscribed to the “Incorporation Document” at the time of incorporation of LLP, shall be partners of LLP. Subsequent to incorporation, new partners can be admitted in the LLP as per conditions and requirements of LLP Agreement. .
Every partner shall inform the LLP of any change in his name or address within a period of fifteen days of such change. The LLP, in turn, would be under obligation to file such details with the Registrar within thirty days of such change. .
The following documents/information will be available for inspection by any person:- · Incorporation document, · Names of partners and changes, if any, made therein, · Statement of Account and Solvency · Annual Return The manner and fees for such inspection shall be prescribed in the rules..
Provisions of clauses 60 to 62 of the Act provide for the manner in which compromises or arrangements including mergers and amalgamations involving LLPs shall be allowed. .
It is proposed to provide the provisions and procedures required to be complied with when the affairs of an LLP are to be wound-up and dissolved, by enabling the Central Government to make rules under the LLP Act, 2008..