Annual Filing For LLP
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Online Annual Filing for LLP
In the commercial world, a Limited Liability Partnership, or LLP, has a unique position. As a result, a corporation must regularly submit its yearly compliance to the Ministry of Corporate Affairs (MCA) in order to preserve its active position. Whether the business is open for business or not, the LLP must file an annual compliance report. Two separate forms must be filed annually for LLP compliance one is for the Annual Return and the other is for the Report of Accounts and Solvency.
Benefits Of Annual Compliance For LLP
Avoid Penalties
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Documents needed for LLP's Annual Compliance Filing
Annual Filing of LLP
In contrast to all other forms of companies, LLPs are required by law to declare their financial year as running from April 1 to March 31 each year. As a result, the deadlines for the LLP annual return and the Account & Solvency Report are both May 30 and October 30 respectively. LLPs are required to file IT returns every year in addition to the MCA annual return.
LLP Form 8
With a certain fee, Form 8 must be submitted within 30 days. Statements of Solvency, Income & Expenditure Statements, and Statements of Accounts are all included. It must be certified by an accredited chartered accountant and bear the digital signatures of two of the company's appointed partners.
LLP Form 11
Every year on May 30th, LLP Form 11 filing is required. This form must be submitted by all LLPs within 60 days of the end of each financial year. It contains data on the overall number of partners, the sum of contributions made by all partners, and the total number of body corporations that are partners.
Income Tax Return Filing
LLPs had to submit IT returns along with Form ITR 5. By going to the income tax department's official website, this form can be submitted online. The LLP can file the tax on July 31st if a tax audit is not necessary. The LLP must file its taxes by September 30th in order to be subject to an audit.
LLP Tax Audit
Since LLP is a distinct legal organization, it is entirely up to the Designated Partners to keep an accurate report of finances and submit annual reports to the MCA each fiscal year. Auditing the accounts is not necessary unless the relevant LLP's contribution reaches Rs. 25 lakhs or its annual turnover.
Checklist for Annual Compliance of LLP Filing
Benefits of Annual Compliance for LLP
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Financial Worth Records
Greater Reputation
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Keep your status active to avoid fines
Tax and GST Filing Service
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Frequently Asked Questions
The LLP whose LLP capital contribution surpasses Rs. 25 lakhs or whose annual turnover exceeds Rs. 40 lakhs
For LLP compliances every year, there are 3 essential compliances required,
Annual return.
Financial reports or Statements of the LLP.
IT Returns Filings.
The LLP whose LLP capital contribution surpasses Rs. 25 lakhs or whose annual turnover exceeds Rs. 40 lakhs.
You must resubmit your E-Form to fix or alter the errors noted by the relevant MCA office if the status is SRN or "Sent for Resubmission."
Every LLP is required to submit LLP Form 8, also known as a "Statement of Accounts and Solvency," once a year. This form contains information on the LLP's financial's, such as asset-liability information.
After submitting all required documents, the company registration process can be finished in 15 to 35 working days.
The LLPs are corporate entities and are operated by the legal rules and the procedures that are the stated in LLP Act 2008. Irrespective of the turnover the LLPs have to file the annual returns giving details on the management on the financial performance. Any delay in the same attracts a heavy penalty.
The Board meeting is conducted by the Board of Directors, here no BOD is involved in the LLPs instead the designated partners run the whole business and are also responsible for the compliance
There are many privileges for the LLPs as compared to other companies there are exemptions from maintaining the minutes' books, statutory register, annual general meeting as well as flexible rates.
The Partners need to comply with the annual return filing with the MCA, filing the statement of accounts.
