Filing of Annual Return (Form 11): Annual Return or Form 11 is a Summary of all the Designated Partners like whether there are any changes in the management of the LLP or not. Every LLP is required to file Annual Return in Form 11 to the Registrar within 60 days from the closure of financial year i.e. Annual Returns have to be filed on or before 30th May every year. Filing of Statement of Accounts (Form-8): Every LLP is required to prepare and close its accounts until the 31st March every year. From 8 is to be filed by at least two Designated Partners with the Registrar within 30 days after completion of six months of Financial Year. Accordingly, 30th October is the last date for filing annual accounts every year.
LLP Annual Return
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LLPs are obligated to submit annual returns to the ROC and ITR to the tax department. It’s crucial to file mandatory Form 11 and Form 8 to avoid stringent penalties. Setindiabiz provides cost-effective and punctual LLP annual compliance filing services.
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Introduction
What are Annual Filings? (Overview)
LLP or the Limited Partnership is a hybrid combination of a limited and partnership company. Minimum two partners are required to incorporate an LLP there is no such upper limit.
Limited Liability Partnerships are required to file the annual returns within 60 days from the end of the close of the financial year and account statement and solvency within 30 days from the end of six months of the closure of the financial year.
The financial year for the LLPs starts from the 1st of April to the 31st of March. The annual return for the LLPs is due on May 30th while the statement of accounts and solvency is due on the 30th of October of each financial year.
Besides the MCA annual return filing, the limited liability partnerships must also mandatorily file the income tax return every year.
India Filings provides a comprehensive LLP compliance service that includes annual filing and LLP income tax return filing at a very affordable price point.
Benefits
Benefits of LLP Annual Filing Compliances
Better Credibility
Annual compliance provides for higher credibility to the organization for loan approvals or any other similar requirements.
Record of Financial Worth
Annual compliance filings by LLP’s provide records to other companies regarding their financial worth, which may result in new and interested investors.
Stays Active and No Penalties
With regular filings, LLPs are not declared as defunct, and stays active. Also, annual compliance filings are mandatory and hence involve penalties (additional fees) to LLPs, when they default on filings.
Conversion or Closure
Regular annual compliance filings facilitate easier conversion of Limited Liability Partnerships into other types of companies, as well as quicker resolutions in case of dissolution of partnerships.
Process
LLP Annual Filing Compliances In Easy Steps
Document Checklist
Documents Required for LLP Annual Filing Compliance
Form 8 LLP
You must file the Form 8 inside 30 days from the completion of 6 months after a financial year ends. Two designated partners can sign this form digitally. Also, a company secretary/chartered accountant/cost accountant must certify the same. There are 2 parts in a Form 8 - Part A - The solvency statement Part B - Statement of expenditure & income, statement of accounts. For not filing the Form 8 on time, a penalty of Rs 100 per day will be imposed.
Form 11 LLP
This form contains details such as the total number of designated partners, details of partners along with details of body corporates as partners, contributions received by the partners and summary of all partners. All LLPs must file the Form 11 within 60 days after the end of the financial year, along with the fee prescribed. Therefore, the LLPs should file their Form 11 by 30th May every year. An LLP will not be allowed to close or wind up till it files all its annual returns. Therefore, all LLPs must file their annual returns on time, to avoid penalties.
Faq
Frequently Asked Questions (FAQ)
Limited liability partnership is a partnership with limited liability. Every LLP which is registered with the Ministry of Corporate Affairs have to file the Annual Returns and Statement of Accounts every year and that is annual filing for LLP.
Yes, every LLP has to mandatorily file Annual Returns and financial statements with the Ministry even if they are not doing any business. It is a compulsory requirement of law that even NIL returns should be filed.
Audit under LLP Act: Only those LLP whose annual turnover exceeds Rs. 40 lakhs or whose contribution exceeds Rs. 25 lakhs are required to get their accounts audited.
Income Tax Return: Every LLP has to file Income Tax Returns every year. The last date for filing of return for LLP is 31st July every year. However, any LLP under tax audit is required to file its Income tax return by 30th September. LLP Audit requirements: Every LLP whose turnover exceeds INR 2 Cr. in case of a business or INR 50 Lakh in case of a profession, is required to get its books of accounts tax audited under section 44AB of the Income-tax Act. Such audit will have to be completed and filed by 30th September.
An LLP is supposed to file the LLP annual return in Form 11, the financial statement of the accounts and solvency, and the income tax return.
The LLP Form 8 or the statement of account and the solvency is to be filed every year by all the LLPs that are registered in India. It is filed with the MCA irrespective of the turnover.
The Partners need to comply with the annual return filing with the MCA, filing the statement of accounts.
There are many privileges for the LLPs as compared to other companies there are exemptions from maintaining the minutes' books, statutory register, annual general meeting as well as flexible rates.
The Board meeting is conducted by the Board of Directors, here no BOD is involved in the LLPs instead the designated partners run the whole business and are also responsible for the compliance.
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