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LLP ANNUAL COMPLIANCE

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WHAT YOU GET

  • LLP’s Filed Income Tax Return
  • LLP’s Filed Annual Return Forms
  • LLP’s Income Tax Return Acknowledgment and Computation

DOCUMENTS REQUIRED

  • Bank Statement Of Previous Financial Year of the LLP’s Current Bank Account
  • Copy of LLP’s Agreement, PAN & COI.
  • Director’s PAN card and Aadhar Card
  • DSC of the Designated Partners.

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Description

What is Annual Compliance?

Limited Liability Partnerships also famously known as LLPs are required to file its Annual Return within 60 days from the end of close of financial year i.e. till 30th May and Statement of Account & Solvency within 30 days i.e. 30th October from end of six months of close of financial year. A delay to file any of the above attracts a penalty of Rs 100/- per day till the Annual Return and Statement of Account & Solvency are filed. The LLPs are required to file the necessary returns with the Income Tax Department and Registrar of Companies irrespective of its status i.e. whether it is earning a profit or incurring losses or it is inoperative.

Every Limited Liability Partnership (LLP) registered in India is required to file its Annual Return and Financial Statements with the Ministry of Corporate Affairs. Even if the LLP has not commenced the business or has not done a single transaction still it is required to complete its Annual Filing. The Annual Return of the LLP is required to be submitted in Form 11 within 60 days of the end of the relevant financial year. Whereas, the LLP is required to file its Financial Statements in Form 8 by 30th October every year. If the LLP is incorporated on or after 1st of October it is not mandatory for it to file its Annual return or Financial Statements with the Registrar of Companies for that particular financial year. However, the LLP will be still liable to file its Income tax return and the Annual filing shall be done from next financial year. If a LLP has a turnover of more than five crore rupees in a financial year or contribution is more than fifty lakh rupees, the annual return must be certified by a Company Secretary in Practice. Further, Limited Liability Partnerships (LLPs) are not required to audit their books of account except where their annual turnover is more than forty lakh rupees or if the contribution is more than twenty five lakh rupees

PENALTY FOR NON FILING?

If the Annual Filing is not done or is not completed by the due dates, then a penalty of Rs 100 per day is levied till the date of filing. Further, a Limited Liability Partnership (LLP) cannot be closed or wind up unless all the filings are completed. For a Limited Liability Partnership (LLP), the returns should be filed periodically for maintaining compliance and escape heavy penalty for non-compliance. Hence, non-compliance may lead to unlimited statutory liability.

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