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Annual Compliances of Limited Liability Partnership (LLP)

Registered LLPs with the Ministry of Corporate Affairs (MCA) needs to file the following mandatory compliancSe requirements :

I. Filing of Annual Return – LLP Form-11

II. Filing Statement of Account & Solvency – LLP Form-8
(Statement of Statement of the Accounts/Financial Statements)

Brief Overview of the Mandatory LLP Compliances:

1. Filing LLP Annual Return

Annual Return or Form 11 is a summary of an LLP’s Partners and indication of change in the management.Every LLP is required to file Annual Return in Form 11 to the Registrar within 60 days of closer of financial year i.e. has to be filed on or before 30th May every year.

2. Filing of Statement of Account & Solvency

(Filing of Annual Accounts/ Statement of Accounts/ Financial Statements/ P&L & Balance Sheet)

a) LLP must maintain proper books of account. The accounts may be on cash basis or accrual basis.

b) Statement of Solvency (Accounts) needs to be prepared every year ending on 31st March.

c) LLP Form – 8 should be filed with the Registrar of Companies on or before 30th October every year.

d) It should be noted that LLPs / FLLPs whose annual turnover exceeds Rs. 40 lakh or partner’s obligation of contribution exceeds Rs. 25 lakh are required to get their accounts audited by auditor of the LLP/ FLLP mandatorily.

3. Filing of Income Tax Return

LLP can file its return of income in ITR 5. it is mandatory for LLP to file return of income electronically under digital signature if its accounts are required to be audited under section 44AB.

Documents required for Annual Compliances of Limited Liability Partnership (LLP)


LLP agreement

DSC and DIN of Partners

Incorporation Certificate

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PACKAGES


Premium

7999 /-
Inclusive all taxes

Preparation of Statement of accounts
Form 8 and Form 11
DIR 3KYC of 2 DP
IT return filing

Note:

  • The above fees is for a LLP which does not require a audit.

Compliance’s Mandatory for Limited Liability Partnership



  • 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. 60 lakhs, are required to get their accounts audited under the Income Tax Act provision.
  • 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.

Failing to stay complaint


  • The actual regulations are followed by the Companies Act 2013 and any company failing to stay complaint would result in the company being induced to payable fines based on the type of failure to the law the company had or at certain cases it could even lead to imprisonment.

FAQ’s About Annual Compliances of Limited Liability Partnership

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