File LLP Annual Returns
Senixa Legal helps you to file an LLP Annual Return without any delay. Prices starting from INR 1499/- only.
Step 1
Fill a simple checklist and submit documents.
What are LLP Annual Filing Compliances?
In comparison to private limited companies, Limited liability partnerships (LLPs) are mandatory to meet fewer criteria for compliance on filing annual returns. LLPs needs to provide information related to the statement of accounts, and returns, on an annual basis. Penalties, however, are huge for failure to comply. Entities that don’t provide the requisite information are fined heavily, with penalties that can go up to Rs. 5 lakhs.
Significant Update-File your LLP yearly filings with no late expenses LLP Settlement Scheme, 2020. Prior to the Due date for the finish of the LLP Settlement Scheme 2020 was 30th September 2020, wherein the defaulting LLPs which have not recorded different structures with ROC, are permitted to document the equivalent with no late documenting expenses or punishments. Presently the MCA has broadened the due date for the finish of the plan “LLP Settlement Scheme, 2020” (CFSS 2020) till 31st December 2020. That implies all the LLPs can record their forthcoming Annual documenting structures with ROC till 31st December 2020 with no late recording expenses or punishments.
LLP structure 11, Form 8, and Income expense form are primary compliances.
Benefits of Filing Annual Compliances for LLPs:
- Higher Credibility
- Record of Financial Worth
- Stays Active and No Penalties
- Conversion or Closure
Checklist items for Filing of Annual Compliance:
- Annual returns need to be filed with the Registrar of Companies.
- Annual returns to be filed as per the prescribed format of LLP Form 11.
- This is required to be filed within 60 days from the close of the financial year, or the 30th of May of each year.
- The LLP annual compliance has to be met by each and every registered LLP even if there is no business activity. In fact, it has to be met even if the LLP has been closed down and whether or not a business bank account exists.
Documents Required Filing of Annual Compliance:
LLP Annual Filing Forms:
Form 11: Form 11 is an announcement of yearly returns. Each LLP is needed to document Annual Return in Form 11 to the Registrar within 60 days from the conclusion of the monetary year, for example, Yearly Returns must be recorded before 30th May each year.
Form 8: Form 8 is an announcement of records. Each LLP is needed to get ready and close its records until the 31st of March each year. From 8 is to be documented by at any rate two Designated Partners with the Registrar inside 30 days after fulfillment of a half year of Financial Year for example 30th October consistently.
Late filing of such form involve punishments of Rs. 100/ – every day of default.
LLP Annual Filing-Process Flow
FAQs On LLP Annual Filing
What is LLP Annual Filing?
A limited liability partnership is a partnership with limited liability. Every LLP which is registered with the Ministry of Corporate Affairs has to file the Annual Returns and Statement of Accounts every year and that is an annual filing for LLP.
What are the mandatory compliances of LLP?
There are mainly 3 compliances which are mandatory for every LLP to comply for any financial year.
a) Annual Return for LLP (Form 11)
b) Financial Statements of the LLP (Form 8)
c) Income Tax Returns Filings.
What if I have not undertaken any business during the year? Do I still need to file returns?
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.
What is the Audit Requirement for LLP?
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.
What is the due date for filing of Statement of Accounts and LLP return filing?
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 the 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 of 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.
What is the Income Tax Compliance of LLP??
Income Tax Return: Every LLP has to file Income Tax Returns every year. The last date for filing of returns 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 an audit will have to be completed and filed by 30th September.
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