LLP Annual Filing Compliance
——————————————————
Price starts from: ₹ 6500/-*
1. Inc. Govt fees upto 1 lakh capital
2. Annual Return
3. Filing of Financials
4. KYC of Two (2) Designated Partners
5. Income Tax (IT) Return
6. Maintenance of Proper Book of Accounts
7. Filing of Tax Audit (If Applicable)
LLP Annual Filing Compliance
LLP Annual Filing is a crucial process that every Limited Liability Partnership (LLP) must undertake under the rules and regulations of the Limited Liability. In India, it is mandatory to comply with the necessary regulations for your business entity in case if it is Limited Liability Partnership (LLP).
A LLP must be well-prepared and keep track of important dates to ensure that all required compliances are met during a given financial year. LLPs must maintain their financial year from 1st April to 31st March. Every LLP has to maintain uniform financial year ending on 31st March of a year.
Late filing fees for filing:
If an LLP fails to file its annual filing forms within the prescribed time, it will be liable to pay a penalty of Rs. 100 per day per form. The penalty will be applicable from the due date of filing the return till the actual return is filed.
Every Limited Liability Partnership (LLP) must file an annual report. The Limited Liability Partnership Act requires these obligations. LLPs must file their annual forms and documents with MCA by the due date specified in the Act. Failure to comply with compliance may result in a hefty penalty, as well as fees on LLP and Partners.
Annual Audit
Limited Liability Partnerships (LLP) are not required to audit their books of accounts unless their annual turnover exceeds Rs.40 lakhs or their contribution exceeds Rs.25 lakh. As a result, if an LLP meets the aforementioned criteria, it is not required to have its books of accounts audited, simplifying the annual filing process.
List of Compliance filing
An LLP must file following compliance within due date.
1. Maintenance of Proper Book of Accounts
2. Annual Return
3. Statement of Accounts and Solvency
4. Income Tax Return
5. KYC of each partner
6. Filing of Tax Audit (If Applicable)
Due Dates for LLP Annual Filing
✑ Annual Return: The ‘Annual Return’ is required to be filed within 60 days of close of the financial year so due date is 30th May for every financial year. Form 11 shall be filed with due date as per rules and regulation of the Limited Liability Partnership Act.
✑ Statement of Accounts & Solvency: Statement of Accounts & Solvency’ shall be filed within 30 days from the end of six months of the financial year to which it relates so due date will be 30th October. Form 8 shall be filed with due date as per rules and regulation of the Limited Liability Partnership Act
A NIL return must be filed even if there are no changes or no business conducted by a LLP as it is a mandatory requirement of the Limited Liability Partnership Act.
✑ Income Tax (IT) Return: Income Tax return filing is mandatory to file with Government same with respect to Individual and Private Limited. LLPs must file Income Tax Returns before the due date.
Due date for filing Income tax return is 31st July
LLPs must file Nil Income Tax Returns even if they did not conduct any business activities during the financial year.
Advantages of LLP Annual Filing
✑ Increased Credibility: Annual compliance increases the organization’s credibility, which aids in loan approvals and meeting various requirements.
✑ Financial Track Record: These filings establish a financial track record for LLPs, attracting potential investors and partners.
✑ Maintains Active Status and Avoids Penalties: Consistent compliance keeps LLPs from being declared inactive, avoiding penalties and additional fees.
✑ Conversion and Closure: Regular filings make it easier to convert LLPs into other business structures and to dissolve partnerships.
✑ Business Continuity: LLP Annual Compliance ensures that financial statements are prepared and filed on time. As a result, it provides a clear picture of financial performance, allowing the business to grow at a faster rate.
It is difficult for business owners to keep track of annual compliance deadlines. So it is always preferable to seek professional assistance and understand the legal requirements in order to ensure timely compliance and avoid penalties or fines.
For smooth and error less annual filing Compliance within due date, Anuvartana Services LLP is best place for it.
For more information or assistance in best Annual Filing services in Pune, you can connect our experience experts for a free consultation on 8975973470 or anuvartanaservices@gmail.com
Annual return of any LLP shall be mandatorily filed with Ministry of Corporate Affairs (MCA)
There are 2 (two) forms shall be filed with Ministry of Corporate Affairs (MCA). Form 11 for Annual return and Form 8 for Statement of Accounts & Solvency shall be filed
Due dates are different for each form. Form 11 shall be filed within 60 days of close of the financial year so due date is 30th May for every financial year. Form 8 shall be filed shall be filed within 30 days from the end of six months of the financial year