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LLP Annual Compliances
LLP Compliance India
- LLP Annual ROC and Tax Compliances
- Work handled by professionals
- Completely online process
- Get your LLP Compliances done at affordable cost
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LLP Compliance India
LLP is a separate legal entity scenario provides partners with advantage of partnership deed along with the company benefits into one set form. But just like a company registered under the Companies Act 2013, a LLP has also to certain compliances. LLP act, 2008 governs the LLP Compliance India and are done as per the prescribed due dates under the act and the rules made hereunder.
Certain annual compliances of LLP such as statement of accounts and solvency under form 8, annual return in form 11, DIR 3 KYC forms of designated partners and ITR are required are filed in every financial year irrespective of the business operations of the LLP, though the LLP has been granted a exemption of audit below turnover 40 lacs.
ROC compliances of LLP are less as compared to a company but incur penalty of straight away Rs 100 per day on account of delay in filing in its respective LLP compliance due date. Non filing may not only lead to penalties but also make ROC to make your LLP status dormant.
At Unilex Consultants we provide you a hassle LLP Compliance in India process which would be dealt by our professionals within a short time frame. Our team takes care of the documentation and aids in provide you the realistic estimation of LLP compliance cost.
Documentation for filing Annual Compliances of LLP
DSC of Partners
DIN of Partners
PAN of LLP
Bank statement of LLP
Various LLP Compliances
1. Statements of Accounts and Solvency in form 8
2. Filing annual return in form 11
3. Partner’s verification in DIR 3KYC
4. Income tax return in ITR 5
Process of Compliances of LLP
- Step-1: Gathering documents
- Step-2: Preparing annual reports
- Step-3: Preparing financials
- Step-4: Filing compliances
Annual Compliances of LLP
Filing Annual Accounts:
- Every LLP is required to maintain the Books of Accounts as per Double Entry System.
- It also has to prepare a Statement of Solvency (Accounts) every year ending on 31st March.
- LLP are required to file such Accounts in Form 8 to the Registrar within 30days from the end of 6months of such financial year.
- The accounts are to be filed on or before 30th October every year.
Filing of annual return
- Every LLP is required to file Annual Return in Form 11 to the Registrar of Companies (ROC) within 60 days from the closure of financial year.
- An LLP has to close its financial year on 31st March every year.
- The Annual Returns has to be filed on or before 30th May every year.
Filing of income tax return
- Every LLP is required to close its financial year on 31st March every year.
- As per the Income Tax Act with the Income Tax Department.
- The LLP whose annual turnover exceeds Rs. 60 lakhs, are required to get their accounts audited under the Income Tax Act provision.
Penalty for not doing ROC compliances of LLP
Annual Compliances of LLP are mandatory to be done every financial and non payment of which may lead to per day penalty of Rs 50 Rs upto 15 days for small LLP.
Unique Features of Annual Compliances of LLP
Filing Annual Accounts : Every LLP is required to maintain the Books of Accounts as per Double Entry System. • It also has to prepare a Statement of Solvency (Accounts) every year ending on 31st March. • LLP are required to file such Accounts in Form 8 to the Registrar within 30days from the end of 6months of such financial year. • The accounts are to be filed on or before 30th October every year.
Filing of Annual Return :Every LLP is required to file Annual Return in Form 11 to the Registrar of Companies (ROC) within 60 days from the closure of financial year. • An LLP has to close its financial year on 31st March every year. • the Annual Returns has to be filed on or before 30th May every year.
Audit : The LLP whose annual turnover exceeds Rs. 40 lakhs. • Or whose contribution exceeds Rs. 25 lakhs. • They are required to get their accounts audited by a qualified Chartered Accountant.
Need For Annual Compliance of LLP : 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.
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
The following documents/information will be available for inspection by any person: • Incorporation document • Names of partners and changes (if any) • Statement of Account and Solvency • Annual Return
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.
No, there is no compulsion on board meeting or annual general meeting of the partners.
Form 8 should be filed within 30 days from the conclusion of six months after the financial year ends.
Form 8 can be digitally signed by two designated partners of the LLP and must be certified by a company secretary, chartered accountant, or cost accountant.
Late filing of Form 8 can result in penalties of INR 100 per day of delay.
A tax audit is mandatory for LLPs with an annual turnover exceeding Rs. 40 lakhs or contributions surpassing Rs. 25 lakhs, subject to certain conditions.
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