LIMITED LIABILITY PARTNERSHIP
Annual Compliance of LLP
The Annual Compliances LLP has to meet even if there is no business activity. It is also not relevant whether you have any business bank account. Even if you want to close your LLP, the compliances have to be duly met. Basic annual compliances are something that your business simply cannot afford to miss.
Filing of Annual Accounts – Every LLP is required to maintain the Books of Accounts as per Double Entry System. It has to prepare a Statement of Solvency (Accounts) every year ending on 31st March. If there are no transactions, then venture formation and allied expenses are to be booked. These expenses can be a part of LLP losses and these can be carried forward and set off in subsequent years.
LLP are required to file such Accounts in Form 8 to the Registrar. This form has to be filed within 30days from the end of 6months of such financial year. The accounts are to be filed on or before 30th October every year.
Moreover, the LLP whose annual turnover exceeds Rs. 40 lakhs or whose contribution exceeds Rs. 25 lakhs are required to get their accounts audited.Filing of Annual Return – Every LLP is required to file Annual Return in Form 11 to the Registrar of Companies (ROC). It has to be filed within 60 days from the closure of financial year. An LLP has to close its financial year on 31st March every year. So, 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 and is also required to file their returns 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.
Due dates for an LLP to file their Income Tax Returns are as follows:
LLP whose accounts are not required to be audited under any law– 31st July every year
LLP whose accounts are subject to audit under any law– 30th September every year or such other dates as notified by the Income Tax authorities.
Required Documents:(All copies of documents should be self-attested by the customer)
- Annual Return filings
- Submit statement of the Accounts or you can say Financial Statements of the LLP