Annual Compliance of Limited Liability Partnership (LLP)
For a Limited Liability Partnership (LLP), regular filing of returns is essential to uphold LLP compliance standards and steer clear of substantial penalties for non-compliance. LLPs benefit from a relatively lighter annual compliance burden compared to private limited companies. Nevertheless, the potential fines for non-compliance can be significant. While a Private Limited company might face penalties of INR 1 lakh for non-compliance, LLPs could incur penalties of up to INR 5 lakh. At Audit Needs, we understand the critical importance of adhering to these annual compliances of LLP requirements, and our services are tailored to assist LLPs in meeting their obligations efficiently and effectively.
Get started today to ensure your LLP compliance and avoid penalties.
Limited Liability Partnerships (LLPs) Compliance Requirements
Limited Liability Partnerships (LLPs) are recognized as separate legal entities, and therefore, they are bound by specific compliance obligations. The responsibility for ensuring compliance rests with the Designated Partners of the LLP. The key LLP compliance requirements for LLPs include the following:
- Maintenance of Proper Book of Accounts
- Filing of Annual Return
- Filing of Statement of Accounts
- Filing of Income Tax Return (ITR – 5)
- Filing of Tax Audit (If Applicable)
Ensuring annual compliances of LLP with these obligations not only maintains the legal status of the LLP but also helps in building transparency, credibility, and financial accountability.
Maintenance of Proper Book of Accounts
In LLP annual filing, one must diligently maintain accurate and up-to-date financial records. These records should encompass details of the LLP’s financial transactions, profits, expenses, assets, and liabilities. Proper bookkeeping is crucial to assess the financial health and performance of the LLP.
Filing of Annual Return – LLP Form 11
LLPs are required to file an annual return with the Ministry of Corporate Affairs for each financial year. This annual return is submitted using Form 11, and it provides essential information. This form gathers essential details about the LLP, including the total number of designated partners, comprehensive partner information, contributions received by partners, and a summary of all partners involved.
Filing Deadline
All LLPs are required to submit Form 11 within 60 days after the conclusion of the financial year. This means that Form 11 should be filed by May 30th each year.
Importance of Timely Filing
It’s crucial for LLPs to adhere to this deadline, as failure to do so can have consequences. One significant implication is that an LLP will not be permitted to close or wind up its operations until it has filed all its annual returns, including Form 11.
Penalty for Late Filing
In the event that an LLP neglects to submit its LLP annual filing forms within the stipulated timeframe, it will incur a penalty of Rs.100 for each day of delay performed.
Duration of Penalty
The penalty will be applicable from the due date of filing the return and will continue until the actual return is filed.
Filing of Statement of Accounts – LLP Form 8
LLPs must submit a Statement of Accounts & Solvency annually, which details the financial position of the LLP, including its assets and liabilities. This statement is filed using Form 8.
Due Date
LLPs are required to file Form 8 within 30 days from the conclusion of six months after the financial year ends. This means that Form 8 should be filed within this timeframe to maintain LLP compliance.
Signing and Certification
Form 8 can be digitally signed by two designated partners of the LLP. Additionally, it must be certified by a company secretary, chartered accountant, or cost accountant.
Form Components: Form 8 consists of two main parts:
- Part A – The Solvency Statement: This section provides a statement of the LLP’s solvency, offering insights into its financial health and stability.
- Part B – Statement of Expenditure & Income, Statement of Accounts: Part B contains detailed information about the LLP’s income and expenses, along with a comprehensive statement of its accounts.
Penalty for Late Filing
It’s essential for LLPs to adhere to the filing timeline for Form 8. Failure to file this form on time can result in penalties, specifically a daily fine of Rs.100.
Ensuring LLP annual Compliance with the filing requirements outlined in Form 8 is vital to maintain good standing and avoid financial penalties.
Audit and Tax Filing Requirements for LLPs
Limited Liability Partnerships (LLPs) are subject to specific audit and tax filing obligations as per the provisions of the Limited Liability Partnership Act 2008, and the Income Tax Act, 1961. Here are the key requirements:
Tax Audit
Audit Requirement: LLPs with an annual turnover exceeding Rs. 40 lakhs or a contribution surpassing Rs. 25 lakhs are obligated to have their books of account audited by practicing Chartered Accountants. The deadline for filing the tax return for such LLPs is September 30th.
Note: From Assessment Year 2021-22 (Financial Year 2020-21) onwards, the threshold limit for a tax audit has been raised to Rs. 5 crore under certain conditions. This applies if the taxpayer’s cash receipts constitute less than 5% of the gross receipts or turnover and if cash payments are limited to 5% of the aggregate payments as per the Income Tax Act 1961.
Tax Filing Deadline (Without Tax Audit)
For LLPs not required to undergo a tax audit, the due date for tax filing is July 31st.
International Transactions – Form 3CEB
LLPs that have engaged in international transactions with associated enterprises or have undertaken Specified Domestic Transactions must to file Form 3CEB. This form should be certified by a practicing Chartered Accountant. The deadline for LLPs obliged to file Form 3CEB is November 30th.
Compliance with these audit and tax filing requirements is essential for LLPs to fulfill their legal obligations and avoid penalties.
Income Tax Return (ITR – 5)
LLPs are also required to file their income tax return using Form ITR-5. The due date for ITR filing is July 31st unless the LLP is subject to a tax audit, in which case the deadline is extended to September 30th. The income tax return provides details of the LLP’s income, expenses, and tax liability.
LLP Annual Filing Compliance Calendar is given here for your quick reference:
| Form Type | Description | Due Date | To be filed with |
|---|---|---|---|
| Form-8 | Filing of Statement of Accounts | 30th October | Registrar of Companies |
| Form-11 | Filing of Annual Returns | 30th May | Registrar of Companies |
| ITR – 5 | Income Tax Return | 31st July (or 30th September, if tax audit is mandatory) | Income Tax Department |
| ITR – 5 | Income Tax Return | 31st July (or 30th September, if tax audit is mandatory) | Income Tax Department |
| Audit | Tax Audit (only if applicable) | 30th September | Income Tax Department |
Benefits of LLP annual filing
The benefits of LLP annual compliance are listed as follows:
- Higher Credibility: Meeting the annual compliances of LLP enhances the organization’s credibility, aiding in loan approvals and helping with various requirements.
- Record of Financial Worth: These filings create a financial track record for LLPs, attracting potential investors and partners.
- Stays Active and Penalty-Free: Consistent compliance keeps LLPs from being declared defunct, preventing penalties and additional fees.
- Conversion and Closure: Regular filings simplify the process of converting LLPs into other business structures and expedite partnership dissolution.
Why is Annual Compliance Important for LLP Company?
Annual compliance for Limited Liability Partnerships (LLPs) is essential for several reasons, and some of them are mentioned below:
- Adhere to Legal Provisions: LLPs in India are governed by the Limited Liability Partnership Act, 2008, and are required to file annual returns, financial statements, and income tax documents. By adhering to the law, an LLP can stay in operation and prevent fines or other regulatory proceedings, such as being declared “defunct.”
- Avoid Penalty: Missing deadlines and requiring compliance may result in heavy fines. For instance, a penalty of Rs. 100 perform per day for late filing of Forms 8 and 11 is imposed.
- Better Reputation: Regular compliance shows that the LLP is financially responsible and operates transparently. It ensures stakeholders, clients, and investors that the LLP is consistently meeting its compliance requirements.
- Access to Funding: Investors, financial institutions, and other business partners often evaluate an LLP’s compliance history before forming associations. A clean compliance record increases the LLP’s chances of securing funding, loans, or partnerships.
- Tax Benefits: Timely filing of Income Tax Returns (ITRs) and financial statements helps LLPs claim eligible deductions and benefits. Proper tax compliance ensures that the LLP is not overpaying or underpaying taxes. Furthermore, it also reduces the risk of audits or penalties from tax authorities.
- Transparency with Partners: Annual compliance includes filing details such as partner contributions, changes in management, and the LLP’s financial position.
- Prevent Legal Consequences: Non-compliance can lead to more than just penalties; it may result in legal proceedings against the LLP or its designated partners, which can harm the LLP and its partners’ reputations.
- Long-Term Growth: Compliance lays down the foundation for long-term success. By adhering to regulations, LLPs create a stable environment for growth, free from the distractions of legal and financial complications.
Key Compliances for LLPs
Annual Compliance for LLPs means the mandatory legal obligation that a Limited Partnership have to fulfil each year to remain in good standing with the government. These compliances are:
1. Form 8 (Statement of Account & Solvency)
This document declares the LLP’s financial position, including its assets, liabilities, and solvency status. At the end, at least two designated partners must sign Form 8.
Deadline: It has to be filed within 30 days after the end of the first half of the financial year (October 30 each year).
Penalty for Non-Compliance: A late fee of Rs. 100 per day is imposed until the form is submitted.
2. Form 11 (Annual Return)
This form contains details about the structure, number of partners, capital contributions, and any key changes in the LLP’s management during the financial year.
Deadline: The form must be filed within 60 days of the financial year’s end, which is May 30 each year.
Penalty for Non-Compliance: A fine of Rs. 100 per day is imposed for delayed filing.
3. Income Tax Return (ITR-5)
The ITR provides a detailed summary of the LLP’s financial transactions, revenue, and tax liabilities for each financial year.
Deadline: July 31 of each year is the deadline for LLPs that are not required to undergo an audit, and September 30 of each year is the deadline for those LLPs that must undergo an audit.
Penalty for Non-Compliance: Penalties range from Rs. 1,000 to Rs. 10,000, depending on the LLP’s income and the delay in filing.
4. Audit Report
If the annual turnover of the LLPs exceeds Rs. 40 lakhs or the capital contribution of the firm is more than Rs. 25 lakhs, it is mandatory for the LLP to have their financial statements audited by a Chartered Accountant. The audit ensures that the LLP’s financial records are accurately filed.
5. Maintain Financial Records
The LLP must maintain proper books of accounts, including records of income, expenses, assets, and liabilities. Record keeping helps the business with tax assessments, audits, and better decision-making.
6. GST Returns (if applicable)
The GST return is filed based on turnover and the business’s registration type. Depending on the type of GST registration, the return is filed monthly, quarterly, or annually.
Documents Required for LLP Annual Compliance Filing
LLPs need the following documents for filing annual compliance:
- LLP Agreement
- Financial Statements, including Profit & Loss Statement and Balance Sheet.
- Details of the Partners
- Form 8 contains the statement of account & solvency
- Form 11 Containing the Annual Return
- Income Tax Return (ITR-5)
- Bank Statements
- Minutes of Meetings & Resolutions containing the record of significant decisions taken during the partners’ meeting.
- Audit Report (if applicable)
- GST Returns (if applicable)
- TDS Returns (if applicable)
Quick Checklist for LLP Annual Compliance
To ensure smooth compliance, follow this checklist:
✔ Prepare Financial Statements (Profit & Loss Account, Balance Sheet).
✔ File Form 8 (Statement of Account & Solvency) before October 30.
✔ File Form 11 (Annual Return) before May 30.
✔ File Income Tax Return (ITR-5) before July 31 (Non-audited LLPs) or September 30 (Audited LLPs).
✔ Conduct Audit (if turnover exceeds Rs. 40 lakhs or capital contribution exceeds Rs. 25 lakhs).
✔ File GST Returns (if applicable).
✔ Maintain Bank Statements for financial reconciliation.
✔ File TDS Returns (if applicable).
✔ Keep Minutes of Meetings & Partner Resolutions documented.
✔ Update the LLP Agreement if you have made any structural changes.
Deadlines and Calendar
Compliance | Due Date |
Form 8 (Statement of Account) | October 30 |
Form 11 (Annual Return) | May 30 |
Income Tax Return (ITR 5) | July 31 or September 30 |
GST Annual Return (if applicable) | December 31 |
Step-by-Step Process for LLP Annual Compliance Filing
Step 1: Prepare the Financial Statements
The foremost step in filing the LLP Annual Compliance is consolidating all financial data, including the balance sheets, profit and loss accounts, and the solvency status of the LLP.
Step 2: File Form 8
Submit the firm’s Statement of Account & Solvency status on the Ministry of Corporate Affairs (MCA) portal.
Step 3: File Form 11
Add all the details about the partners, changes in management, and financial contributions.
Step 4: Get the Accounts Audited (if required)
If the business’s annual turnover is Rs. 40 lakhs or its capital contribution is over Rs. 25 lakhs, make sure a practising Chartered Accountant audits the firm’s account.
Step 5: File Income Tax Returns
Fill in the details and complete and submit Form ITR 5.
Step 6: GST Filing
If the business is eligible for GST, the LLP must file monthly, quarterly, or annual returns as per the GST Act, 2017, and the CGST Act, 2017.
Sep 7: Maintain Documentation
It is essential to keep records of all compliance-related documents. These documents may be needed for audits and inspections.
Why choose Audit Needs for LLP Annual Compliance?
We at Audit Needs simplify, expedite, and effectively do LLP Annual Compliance. Here’s why you ought to pick us:
- Professional Experts: Our knowledgeable Company Secretary group guarantees that the documents of Form 8, Form 11, and Annual Return are prepared expertly and as per the guidelines of the MCA.
- Affordable Pricing: Audit Needs offers high-quality services at an affordable rate.
- Fast and Efficient: We understand that each document’s deadline is different, so we work endlessly to ensure quick turnarounds and file your documents on time.
- End-to-End Support: Our Business Development Executive is available 24/7 to clear doubts and queries on time.
Annual Compliance of Limited Liability Partnership (LLP)
For a Limited Liability Partnership (LLP), regular filing of returns is essential to uphold LLP compliance standards and steer clear of substantial penalties for non-compliance. LLPs benefit from a relatively lighter annual compliance burden compared to private limited companies. Nevertheless, the potential fines for non-compliance can be significant. While a Private Limited company might face penalties of INR 1 lakh for non-compliance, LLPs could incur penalties of up to INR 5 lakh. At Audit Needs, we understand the critical importance of adhering to these annual compliances of LLP requirements, and our services are tailored to assist LLPs in meeting their obligations efficiently and effectively.
Get started today to ensure your LLP compliance and avoid penalties.
Limited Liability Partnerships (LLPs) Compliance Requirements
Limited Liability Partnerships (LLPs) are recognized as separate legal entities, and therefore, they are bound by specific compliance obligations. The responsibility for ensuring compliance rests with the Designated Partners of the LLP. The key LLP compliance requirements for LLPs include the following:
- Maintenance of Proper Book of Accounts
- Filing of Annual Return
- Filing of Statement of Accounts
- Filing of Income Tax Return (ITR – 5)
- Filing of Tax Audit (If Applicable)
Ensuring annual compliances of LLP with these obligations not only maintains the legal status of the LLP but also helps in building transparency, credibility, and financial accountability.
Maintenance of Proper Book of Accounts
In LLP annual filing, one must diligently maintain accurate and up-to-date financial records. These records should encompass details of the LLP’s financial transactions, profits, expenses, assets, and liabilities. Proper bookkeeping is crucial to assess the financial health and performance of the LLP.
Filing of Annual Return – LLP Form 11
LLPs are required to file an annual return with the Ministry of Corporate Affairs for each financial year. This annual return is submitted using Form 11, and it provides essential information. This form gathers essential details about the LLP, including the total number of designated partners, comprehensive partner information, contributions received by partners, and a summary of all partners involved.
Filing Deadline
All LLPs are required to submit Form 11 within 60 days after the conclusion of the financial year. This means that Form 11 should be filed by May 30th each year.
Importance of Timely Filing
It’s crucial for LLPs to adhere to this deadline, as failure to do so can have consequences. One significant implication is that an LLP will not be permitted to close or wind up its operations until it has filed all its annual returns, including Form 11.
Penalty for Late Filing
In the event that an LLP neglects to submit its LLP annual filing forms within the stipulated timeframe, it will incur a penalty of Rs.100 for each day of delay performed.
Duration of Penalty
The penalty will be applicable from the due date of filing the return and will continue until the actual return is filed.
Filing of Statement of Accounts – LLP Form 8
LLPs must submit a Statement of Accounts & Solvency annually, which details the financial position of the LLP, including its assets and liabilities. This statement is filed using Form 8.
Due Date
LLPs are required to file Form 8 within 30 days from the conclusion of six months after the financial year ends. This means that Form 8 should be filed within this timeframe to maintain LLP compliance.
Signing and Certification
Form 8 can be digitally signed by two designated partners of the LLP. Additionally, it must be certified by a company secretary, chartered accountant, or cost accountant.
Form Components: Form 8 consists of two main parts:
- Part A – The Solvency Statement: This section provides a statement of the LLP’s solvency, offering insights into its financial health and stability.
- Part B – Statement of Expenditure & Income, Statement of Accounts: Part B contains detailed information about the LLP’s income and expenses, along with a comprehensive statement of its accounts.
Penalty for Late Filing
It’s essential for LLPs to adhere to the filing timeline for Form 8. Failure to file this form on time can result in penalties, specifically a daily fine of Rs.100.
Ensuring LLP annual Compliance with the filing requirements outlined in Form 8 is vital to maintain good standing and avoid financial penalties.
Audit and Tax Filing Requirements for LLPs
Limited Liability Partnerships (LLPs) are subject to specific audit and tax filing obligations as per the provisions of the Limited Liability Partnership Act 2008, and the Income Tax Act, 1961. Here are the key requirements:
Tax Audit
Audit Requirement: LLPs with an annual turnover exceeding Rs. 40 lakhs or a contribution surpassing Rs. 25 lakhs are obligated to have their books of account audited by practicing Chartered Accountants. The deadline for filing the tax return for such LLPs is September 30th.
Note: From Assessment Year 2021-22 (Financial Year 2020-21) onwards, the threshold limit for a tax audit has been raised to Rs. 5 crore under certain conditions. This applies if the taxpayer’s cash receipts constitute less than 5% of the gross receipts or turnover and if cash payments are limited to 5% of the aggregate payments as per the Income Tax Act 1961.
Tax Filing Deadline (Without Tax Audit)
For LLPs not required to undergo a tax audit, the due date for tax filing is July 31st.
International Transactions – Form 3CEB
LLPs that have engaged in international transactions with associated enterprises or have undertaken Specified Domestic Transactions must to file Form 3CEB. This form should be certified by a practicing Chartered Accountant. The deadline for LLPs obliged to file Form 3CEB is November 30th.
Compliance with these audit and tax filing requirements is essential for LLPs to fulfill their legal obligations and avoid penalties.
Income Tax Return (ITR – 5)
LLPs are also required to file their income tax return using Form ITR-5. The due date for ITR filing is July 31st unless the LLP is subject to a tax audit, in which case the deadline is extended to September 30th. The income tax return provides details of the LLP’s income, expenses, and tax liability.
LLP Annual Filing Compliance Calendar is given here for your quick reference:
| Form Type | Description | Due Date | To be filed with |
|---|---|---|---|
| Form-8 | Filing of Statement of Accounts | 30th October | Registrar of Companies |
| Form-11 | Filing of Annual Returns | 30th May | Registrar of Companies |
| ITR – 5 | Income Tax Return | 31st July (or 30th September, if tax audit is mandatory) | Income Tax Department |
| ITR – 5 | Income Tax Return | 31st July (or 30th September, if tax audit is mandatory) | Income Tax Department |
| Audit | Tax Audit (only if applicable) | 30th September | Income Tax Department |
Benefits of LLP annual filing
The benefits of LLP annual compliance are listed as follows:
- Higher Credibility: Meeting the annual compliances of LLP enhances the organization’s credibility, aiding in loan approvals and helping with various requirements.
- Record of Financial Worth: These filings create a financial track record for LLPs, attracting potential investors and partners.
- Stays Active and Penalty-Free: Consistent compliance keeps LLPs from being declared defunct, preventing penalties and additional fees.
- Conversion and Closure: Regular filings simplify the process of converting LLPs into other business structures and expedite partnership dissolution.
Why is Annual Compliance Important for LLP Company?
Annual compliance for Limited Liability Partnerships (LLPs) is essential for several reasons, and some of them are mentioned below:
- Adhere to Legal Provisions: LLPs in India are governed by the Limited Liability Partnership Act, 2008, and are required to file annual returns, financial statements, and income tax documents. By adhering to the law, an LLP can stay in operation and prevent fines or other regulatory proceedings, such as being declared “defunct.”
- Avoid Penalty: Missing deadlines and requiring compliance may result in heavy fines. For instance, a penalty of Rs. 100 perform per day for late filing of Forms 8 and 11 is imposed.
- Better Reputation: Regular compliance shows that the LLP is financially responsible and operates transparently. It ensures stakeholders, clients, and investors that the LLP is consistently meeting its compliance requirements.
- Access to Funding: Investors, financial institutions, and other business partners often evaluate an LLP’s compliance history before forming associations. A clean compliance record increases the LLP’s chances of securing funding, loans, or partnerships.
- Tax Benefits: Timely filing of Income Tax Returns (ITRs) and financial statements helps LLPs claim eligible deductions and benefits. Proper tax compliance ensures that the LLP is not overpaying or underpaying taxes. Furthermore, it also reduces the risk of audits or penalties from tax authorities.
- Transparency with Partners: Annual compliance includes filing details such as partner contributions, changes in management, and the LLP’s financial position.
- Prevent Legal Consequences: Non-compliance can lead to more than just penalties; it may result in legal proceedings against the LLP or its designated partners, which can harm the LLP and its partners’ reputations.
- Long-Term Growth: Compliance lays down the foundation for long-term success. By adhering to regulations, LLPs create a stable environment for growth, free from the distractions of legal and financial complications.
Key Compliances for LLPs
Annual Compliance for LLPs means the mandatory legal obligation that a Limited Partnership have to fulfil each year to remain in good standing with the government. These compliances are:
1. Form 8 (Statement of Account & Solvency)
This document declares the LLP’s financial position, including its assets, liabilities, and solvency status. At the end, at least two designated partners must sign Form 8.
Deadline: It has to be filed within 30 days after the end of the first half of the financial year (October 30 each year).
Penalty for Non-Compliance: A late fee of Rs. 100 per day is imposed until the form is submitted.
2. Form 11 (Annual Return)
This form contains details about the structure, number of partners, capital contributions, and any key changes in the LLP’s management during the financial year.
Deadline: The form must be filed within 60 days of the financial year’s end, which is May 30 each year.
Penalty for Non-Compliance: A fine of Rs. 100 per day is imposed for delayed filing.
3. Income Tax Return (ITR-5)
The ITR provides a detailed summary of the LLP’s financial transactions, revenue, and tax liabilities for each financial year.
Deadline: July 31 of each year is the deadline for LLPs that are not required to undergo an audit, and September 30 of each year is the deadline for those LLPs that must undergo an audit.
Penalty for Non-Compliance: Penalties range from Rs. 1,000 to Rs. 10,000, depending on the LLP’s income and the delay in filing.
4. Audit Report
If the annual turnover of the LLPs exceeds Rs. 40 lakhs or the capital contribution of the firm is more than Rs. 25 lakhs, it is mandatory for the LLP to have their financial statements audited by a Chartered Accountant. The audit ensures that the LLP’s financial records are accurately filed.
5. Maintain Financial Records
The LLP must maintain proper books of accounts, including records of income, expenses, assets, and liabilities. Record keeping helps the business with tax assessments, audits, and better decision-making.
6. GST Returns (if applicable)
The GST return is filed based on turnover and the business’s registration type. Depending on the type of GST registration, the return is filed monthly, quarterly, or annually.
Documents Required for LLP Annual Compliance Filing
LLPs need the following documents for filing annual compliance:
- LLP Agreement
- Financial Statements, including Profit & Loss Statement and Balance Sheet.
- Details of the Partners
- Form 8 contains the statement of account & solvency
- Form 11 Containing the Annual Return
- Income Tax Return (ITR-5)
- Bank Statements
- Minutes of Meetings & Resolutions containing the record of significant decisions taken during the partners’ meeting.
- Audit Report (if applicable)
- GST Returns (if applicable)
- TDS Returns (if applicable)
Quick Checklist for LLP Annual Compliance
To ensure smooth compliance, follow this checklist:
✔ Prepare Financial Statements (Profit & Loss Account, Balance Sheet).
✔ File Form 8 (Statement of Account & Solvency) before October 30.
✔ File Form 11 (Annual Return) before May 30.
✔ File Income Tax Return (ITR-5) before July 31 (Non-audited LLPs) or September 30 (Audited LLPs).
✔ Conduct Audit (if turnover exceeds Rs. 40 lakhs or capital contribution exceeds Rs. 25 lakhs).
✔ File GST Returns (if applicable).
✔ Maintain Bank Statements for financial reconciliation.
✔ File TDS Returns (if applicable).
✔ Keep Minutes of Meetings & Partner Resolutions documented.
✔ Update the LLP Agreement if you have made any structural changes.
Deadlines and Calendar
Compliance | Due Date |
Form 8 (Statement of Account) | October 30 |
Form 11 (Annual Return) | May 30 |
Income Tax Return (ITR 5) | July 31 or September 30 |
GST Annual Return (if applicable) | December 31 |
Step-by-Step Process for LLP Annual Compliance Filing
Step 1: Prepare the Financial Statements
The foremost step in filing the LLP Annual Compliance is consolidating all financial data, including the balance sheets, profit and loss accounts, and the solvency status of the LLP.
Step 2: File Form 8
Submit the firm’s Statement of Account & Solvency status on the Ministry of Corporate Affairs (MCA) portal.
Step 3: File Form 11
Add all the details about the partners, changes in management, and financial contributions.
Step 4: Get the Accounts Audited (if required)
If the business’s annual turnover is Rs. 40 lakhs or its capital contribution is over Rs. 25 lakhs, make sure a practising Chartered Accountant audits the firm’s account.
Step 5: File Income Tax Returns
Fill in the details and complete and submit Form ITR 5.
Step 6: GST Filing
If the business is eligible for GST, the LLP must file monthly, quarterly, or annual returns as per the GST Act, 2017, and the CGST Act, 2017.
Sep 7: Maintain Documentation
It is essential to keep records of all compliance-related documents. These documents may be needed for audits and inspections.
Why choose Audit Needs for LLP Annual Compliance?
We at Audit Needs simplify, expedite, and effectively do LLP Annual Compliance. Here’s why you ought to pick us:
- Professional Experts: Our knowledgeable Company Secretary group guarantees that the documents of Form 8, Form 11, and Annual Return are prepared expertly and as per the guidelines of the MCA.
- Affordable Pricing: Audit Needs offers high-quality services at an affordable rate.
- Fast and Efficient: We understand that each document’s deadline is different, so we work endlessly to ensure quick turnarounds and file your documents on time.
- End-to-End Support: Our Business Development Executive is available 24/7 to clear doubts and queries on time.