Annual Filing of LLP
Limited Liability Partnership firm is required to file Annual Return with ROC in Form-8 and Form-11.
Annual Filing of Limited Liability Partnership (LLP)
File Annual Return of Limited Liability Partnership for ₹2,490/- Only (Inclusive of Government Fees and taxes)
Limited Liability Partnerships (LLPs) have very few compliances to fulfill, in comparison to private limited companies. LLPs need only to file information related to the statement of accounts and annual returns on annual basis. Penalties, however, are huge in case of non-compliance. Entities that don’t end up doing so could be fined heavily, with penalties going up to ₹ 5 lakh in some cases.
In India, LLPs must file their Annual Return within 60 days of the end of the financial year and their Statement of Account and Solvency within 30 days of the end of the six-month period following the end of the financial year. LLPs, unlike corporations, are required to keep their financial year from 1st April 1 to 31st March. As a result, each financial year’s LLP annual return is due on May 30th, and the Statement of Account & Solvency is due on October 30th.
Since LLPs are independent legal entities, the Designated Partners are responsible for keeping proper books of accounts and filing the annual return with the MCA each financial year. LLPs are not allowed to have their accounts audited unless their annual turnover is greater than 40 lakhs or their contribution is greater than 25 lakhs. As a result, LLPs who meet the above criteria are exempt from having their reports audited, making the annual reporting process quick and straightforward.
Note Down The Documents Required To File Annual Return of LLP
- PAN Card of the Firm
- Finalized Books of Accounts/ Trial Balance
- LLP Agreement
- Copies of GST & TDS Returns (if any).
- Income Tax Return of previous year with Computation (in case of existing firm)
Features of Annual Filing of LLP
Annual Forms required to be filed are Form-8 and Form-11, file returns on time to avoid penalties.
Filing Irrespective of Turnover
Every Company needs to submit annual return even if there is NIL turnover.
FAQs for Annual Filing of LLP
Yes, every registered LLP is required to file annual Return.
Annual accounts/return are to be filed with ROC & Income Tax Department.
There are penalties under respective sections for non fiing.
Due date for filing Annual Return is the 30th May and due date for filing Annual Accounts is the 30th October.