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Annual Compliances For LLP

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Why we need to do annual compliance for Limited Liability Partnership?

Every LLP intimate the department about their income and expenditure and other details of the company annually to the Income Tax department and Registrar of Companies. In case of LLP fails to file the return then a penalty will be imposed for LLP Form 11 and LLP Form 8 which will be 2 times to 15 times the regular/ normal filing fees plus 10 per day for delay beyond 360 days per form.
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What are the forms required to be filed for Annual Compliances?

Form 11 for Annual Return and Form 8 for Statement of Accounts are required to be filed for Annual compliances.

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What is the Due date to file forms?

Form LLP 11 to be filed within 60 days from the closure of financial year and LLP has to close its financial year on 31st March, so last date for LLP to file Annual Return is 30th May and Form LLP 8 within 30 days from the end of 6 months of such financial year, so the due date to file form 8 for the financial year is 30th October.

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Nil Data

Exclusive Government Fees
Starting at ₹ 5000GST will be charged at 18%
  • Form 11, form 8 and ITR

Less than 20 bank entries or upto 5 lakhs turnover

Exclusive Government Fees
Starting at ₹ 7000GST will be charged at 18%
  • Form 11, form 8 and ITR

Less than 100 bank entries or upto 20 lakhs turnover

Exclusive Government Fees
Starting at ₹ 10,000GST will be charged at 18%
  • Form 11, form 8 and ITR

Documents Required For Annual Compliances For LLP

Bank Statements from 1 April to 31 March for all bank accounts in the name of LLP
Credit Card Statements if Expenses are incurred by Partners on behalf on LLP
Invoices of Purchases and Sales during the year
Invoices of expenses incurred during the year
Copy of GST returns filed
Copy of TDS Challans Deposited
Copy of TDS Returns filed
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Process Involved

STEP – 1
Documentation

Required documents are provided by client

STEP – 2

Service Tax Returns

Form 11 is prepared and filed with mca before 30 May

STEP – 3

Client provides Balance Sheet for filing Form 8

Balance Sheet and Profit and Loss is provided by client

STEP – 4

Income Tax return

Client needs to file Income tax return before 31st July

STEP – 5

Tax Audit Report

Tax Audit is required for those where turnover exceed 50 lakhs and 2 Crores (Charges Extra)

STEP – 6

Form 8

Form 8 of LLP is Prepared and filed with ROC before 30 October

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FAQs

Persons, who subscribed to the “Incorporation Document” at the time of incorporation of LLP, shall be partners of LLP. Subsequent to incorporation, new partners can be admitted in the LLP as per conditions and requirements of LLP Agreement.

Every partner shall inform the LLP of any change in his name or address within a period of fifteen days of such change. The LLP, in turn, would be under obligation to file such details with the Registrar within thirty days of such change.

A person may cease to be a partner in accordance with the agreement or in the absence of agreement, by giving 30 days notice to the other partners. A person shall also cease to be a partner of a limited liability partnership- (a) on his death or dissolution of the limited liability partnership; or (b) if he is declared to be of unsound mind by a competent court; or (c) if he has applied to be adjudged as an insolvent or declared as an insolvent. Notice is required to be given to ROC when a person becomes or ceases to be partner or for any change in partners.

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.

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.

Every LLP would be required to file with ROC, every year, an Annual Return, contents of which would be prescribed under rules.

The following documents/information will be available for inspection by any person:- · Incorporation document, · Names of partners and changes, if any, made therein, · Statement of Account and Solvency · Annual Return The manner and fees for such inspection shall be prescribed in the rules.

Provisions of clauses 60 to 62 of the Act provide for the manner in which compromises or arrangements including mergers and amalgamations involving LLPs shall be allowed.

It is proposed to provide the provisions and procedures required to be complied with when the affairs of an LLP are to be wound-up and dissolved, by enabling the Central Government to make rules under the LLP Act, 2008.

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