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LLP ANNUAL COMPLIANCES

Every LLP has to maintain books of accounts as per double entry system of accounting and prepare a Statement of Accounts and Solvency (Accounts) every year ending on 31st March. An LLP is required to file the Annual Return with the Registrar of LLP. If the LLP has a turnover of less than 5 crore rupees, or capital contribution of less than 50 lakh rupees, the annual return must be accompanied by certificate from a designated partner (other than the signatory to the annual return), to the effect that annual return contains true and correct information.

As per Income Tax Act, LLP has to close its financial year as on 31st March every year and has to file the returns with Income Tax Department. In case of LLP whose annual turnover is more than Rs.60 Lakhs, the accounts have to be audited as required under Income Tax Act as well

As per the law, each LLP must also file a Statement of Accounts and Solvency (“SAS”) for every financial year within thirty days from the end of six months of that financial year (that is, seven months). The SAS must be signed by designated partners and each designated partner will be presumed to have approved the SAS.


LLP AUDIT REQUIREMENT

If the annual turnover of nay LLP, in any financial year exceeds Rs. 40 Lakhs or its contribution exceeds Rs. 25 Lakhs then it required to have its accounts audited by Practicing Chartered Accountant.

Document Required

We will require following documents

  • Details of Bank Accounts of LLP
  • Signed audited accounts if not then details required to prepare accounts.
  • Statement of Accounts and Solvency
  • Details of LLP and/ or company in which partner/ designated partner is a director/ partner To be digitally signed.

PROCESS

After receive the above document our representative prepare Annual Return in Form 11, and Statement of Accounts and Solvency (Accounts) in form 8 and submit with the Registrar of LLP within the due date. This process will take 7-10 days only subject to authority processing time.

Due Dates

Filing of Annual Return

An LLP is required to file the Annual Return with the Registrar of LLP (Form 11) within 60 days of closure of its financial year. An LLP has to close its financial year on every 31st March. So, the Annual Return is to be filed on or before 30th May every year.

Filing of Annual Accounts

LLP has to file Statement of Accounts and Solvency (Accounts) to the Registrar of LLP (Form 8) within 30 days from the end of 6 months of such financial year. So, the filing of Accounts is to be filed on or before 30th October every year.

INCOME TAX

As per Income Tax Act, LLP has to close its financial year as on 31st March every year and has to file the returns with Income Tax Department.

FILE YOUR INCOME TAX RETURN - Start from Rs 499 *