Every Limited Liability Partnerships (LLPs) is must required to file its annual return within 60 days from the end of close of the financial year and Statement of Account & Solvency within 30 days from the end of six months of the close of financial year. It must be required even if LLP does not do any business, it has to follow with a statutory requirement such as Annual Return, Income tax return, Profit and loss Account, Balance Sheet, every year. Unlike LLP Companies are required to maintain their financial year, as 1st April to 31st March.
Therefore, LLP Annual Filing is due on 30th May and the Statement of Account & Solvency is due on 30th October of each financial year. In addition to the MCA annual return, LLPs must have to file an Income Tax Return every year. If the annual turnover exceeds Rs. 40 lakhs or if the contribution exceeds Rs. 25 lakhs then, LLP are not required to audit their accounts.
FILINGBUZZ CONSULTANTS PRIVATE LIMITED offers a comprehensive LLP compliance service which includes LLP Annual Filing and LLP Income Tax Return Filing at a very reasonable price.
Statements of Accounts and Solvency
All recruited LLP are needed to have their own books accounts in place and fill in all the data with respect to the profit made, and other financial data in regards to its business, and submit it in Form 8, Annually. And Form 8 must be attested by the signatures of the designated partners and also be certified by a practicing chartered accountant or a practicing cost accountant or a practicing company secretary. If you failing to file, the statement of accounts & solvency report within the specified due date then you will lead to a fine of INR 100 per day.
Filing Annual Return
Form 11 or Annual Returns are considered as the summary of management affairs of LLP, like numbers of partners along with their names and any changes in the management of the LLP Moreover. Every LLP needed to file Annual Return in Form 11 to the Registrar within 60 days from the closure of financial statement for the current financial year and it has to be filed by 30th May every year.
Income Tax Returns
This is not compliance exclusive to LLPs, but any business (or individual), though all LLPs must also file income tax returns. The last date for filing income tax returns for LLPs is September 30, every year. Even if the LLP has not done any business for the current financial year, they are required to file a Nil Income Tax returns with the authorities.
- List of Partners withholdings
- Last years tax return (if applicable)
- LLP Partnership Deed
- DSC of any one partner (Compulsorily Required)
- Bank statement of LLP from 01/04/18 to 31/03/19
- Details of any transaction like sale, purchase, expenses, etc. (If applicable)
Procedure for LLP Annual filing Registration
- Fill the required details in our simple questionnaire form and submit the required documents.
- Submit all the required information & documents.
- Prepared and verified all the required documents, returns and forms.
- We File various forms & returns required with the ROC and update all your records.
- Once the return is filed, we will send you the documents and return your DSCs.
Last Date of LLP Annual Filings
- Due Date of Form 11 is 30th may and late filing fees are Rs.100/- per day
- Due Date of Form 8 is 30th October and late filing fees are Rs.100/- per day.
Important Points on LLP Annual Compliance
If you are thinking about the Filings of annual return and Financial Statements under LLP Act,Filing of ITR under Income Tax Return to yourself then we suggest you must hire a legal professional because during the filings you need an attestation from the professionals and it is not easy to file and save your taxes because it is a need preparation and planning.
if your LLP is not doing the business and even till the date you are not opened a current bank account then also must file the NIL Returns else liability and penalties will arise and in the future, you can not close your LLP easily.
Income Tax Return Filing | LLP Annual Filing | Company Annual Filing | Accounting & Bookkeeping Services
The accounts and solvency is the mandatory document for the filing of return.
Annual return of an LLP is due before May 30th of each financial year. The Annual return of an LLP is due within 60 days of close of financial year.
If the annual return is not filed or delay due to some reason then the companies (LLPs) has to pay the penalty of Rs.100 per day as default.
There are two form required to be fill
1) Form-11 for Annual filing of LLP.
2) Form-8 for Accounts & statement.
The Designated Partners of the LLP are liable to annual.
Return status shows on the Master Data of the Company on the Ministry of Corporate Affairs(MCA) website.