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Annual Compliance of LLP
The first thought which come in mind when we hear the word compliance is burden but in case of LLP it is not. The main feature why LLP attract individual is its less compliance as compare to any kind of companies
All LLPs registered with the Ministry of Corporate Affairs need to file Annual Returns and Statement of Accounts for every Financial Year. It is mandatory for a LLP to file a return irrespective of whether it has done any business. There are three mandatory compliance requirements to be followed by LLPs. Filing of Annual Return Filing of Statement of the Accounts or Financial Statements Filing of Income Tax Returns –
Compliance’s Mandatory for 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 Returns
- 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. 60lakhs, are required to get their accounts audited under the Income Tax Act provision.
- 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.
|Annual Compliances of Limited Liability Partnership (LLP) @Just Rs 7,999/- (All inclusive)|
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Frequently Asked Questions
Whether every LLP would be required to maintain and file accounts?
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.
Which documents will be available for public inspection in the office of Registrar?
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
The manner and fees for such inspection shall be prescribed in the rules.
Whether audit of all LLPs would be mandatory?
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.
Whether any Annual Return would be required to be filed by an LLP?
Every LLP would be required to file with ROC, every year, an Annual Return, contents of which would be prescribed under rules.
Is it compulsory to hold a board meeting or annual general meeting?
No, there is no compulsion on board meeting or annual general meeting of the partners.