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Annual Filing for LLP

Ensure your returns are filed on time to avoid penalties for non-compliance with the law. Avoid hefty fines by staying up-to-date on annual LLP compliances with CertificationsBay.

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Overview of LLP Annual Compliance:

A Limited Liability Partnership (LLP) is a separate legal entity registered under the Ministry of Corporate Affairs (MCA) in India. To register as a LLP, there shall be at least two partners, with one being an Indian citizen and resident. Partners are responsible for maintaining proper accounts, filing Income Tax Returns, and submitting annual returns to the MCA each financial year.

Compliance with LLP regulations is crucial to avoid penalties. While LLPs have fewer annual requirements compared to private limited companies, penalties for non-compliance can be substantial. LLPs are not required to audit their accounts unless their turnover exceeds INR 40 lakhs or contributions surpass INR 25 lakhs.

LLPs must file their Statement of Account and Solvency within thirty days of the end of six months of the financial year and Annual Return within sixty days of the financial year’s end. The financial year for LLPs runs from April 1st to March 31st.

Annual compliance benefits include facilitating LLP conversion into a private limited company, enhancing reliability by displaying compliance status on the MCA website, demonstrating creditworthiness to potential partners, and avoiding penalties and disqualifications.

Regular annual filings are essential for LLPs to maintain their reputation, financial standing, and eligibility for contracts.

Advantages of Annual LLP Compliance:

Facilitates Convertibility and Settlement:
Annual filing is essential for converting an LLP into a Private Limited Company. It simplifies the conversion process and is also necessary for LLP closure. The registrar verifies annual compliance before conversion or settlement.

Enhances Reliability:
The MCA publicly displays LLP annual compliance status, promoting transparency and trustworthiness. Timely filing reflects the company’s ethics and integrity.

Demonstrates Creditworthiness:
Parties considering contracts with the LLP assess its compliance record to gauge financial stability. Financial statements provide insight into the parties’ net worth, informing contract decisions.

Prevents Penalties:
Regular compliance filings shield LLP partners from default status and hefty penalties. It ensures uninterrupted business operations and preserves the LLP’s reputation.

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Checklist for Annual Compliance Filing:

1. Filing Annual Returns:
LLPs must submit annual returns to the Registrar of Companies (ROC) within 60 days of the financial year’s end, using LLP Form 11.

2. Compliance Requirement:
Even if the LLP is inactive or closed, compliance must be met, including maintaining a business bank account.

Documents Required for Annual Filing:

– Bank statements covering the financial year.
– Credit card statements for LLP-related expenses.
– Invoices for purchases, sales, and expenses.
– Copies of GST, VAT, and other tax returns.
– Copy of deposited TDS challans.

Timeline for LLP Annual Filing:

1. Annual Return Preparation:
Prepare an annual return based on financials and activities from the previous financial year.

2. Annual Return Verification:
Verify the annual return based on submitted specifications and seek confirmation.

3. Finalization:
File the annual return with the Ministry of Corporate Affairs along with necessary attachments.

Additional Requirements:

1. Declarations of Accounts and Solvency:
LLPs must submit Form 8 annually, attested by designated partners and certified by a chartered accountant, company secretary, or cost accountant.

2. Arranging Annual Return:
Submit Form 11, summarizing LLP management affairs, by May 30 each year.

3. Filing and Audit Obligation Under the Income Tax Act:
LLPs with turnover exceeding INR 40 lakhs or investments over INR 25 lakhs must have their books audited by a chartered accountant. The tax filing deadline is September 30.

4. Latest Tax Structure:
For LLPs involved in international transactions, Form 3CEB must be filed by November 30. LLPs should file income tax return Form ITR 5 by July 31.

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Understanding Form 11: Detailed Overview

Form 11 is an annual return that all LLPs must complete, regardless of their turnover. Even if an LLP hasn’t conducted any business during the financial year, Form 11 is still required. In addition to essential details such as LLP name, address, and partner/designated partner information, the following must be submitted:

– Total contributions made by partners to the LLP.
– Details of any penalties imposed or compounding offences performed during the financial year must be filed electronically on the MCA portal. The pre-fill option is available to streamline this process.

Documents to be submitted with Form 11:

– Details of any other LLPs or companies in which partners/designated partners are involved as partners or directors. This information is mandatory if any partner/designated partner is associated with another LLP or company.
– Any additional information can be included as an optional attachment to the e-Form.

Significant Deadlines for LLP Annual Filing for FY 2023-24:

– LLP Form 11 Due Date for Annual Return Filing: May 30, 2024.
– Due Date for IT Returns: July 31, 2024 (without Tax Audit) / September 30, 2024 (with Tax Audit).
– LLP Form 8 Due Date: October 30, 2024.

Late Fees for Form LLP 8 and LLP 11 Filing:

– A penalty of Rs. 100 per day per form is applicable for noticeable delays in filing Forms 8 and 11 of LLP, starting from the due date until the actual filing date.

CertificationsBay’s Assistance in Filing Annual LLP Compliance:

1. Purchase a Plan for Expert Assistance.
2. Address Queries Regarding LLP Annual Compliance.
3. Provide Documents to CertificationsBay Expert.
4. Prepare Application and Fulfill all Eligibility Criteria.
5. Complete Procedural Steps.
6. Get Your Work Done.

Our Team will help you prepare the required documents. Documents requirements varies depending on business model. Contact our team for guidance.

CertificatonsBay has a team of legal professionals who deal with these issues, give our clients the right advice without distorting the truth, and deliver the certificate and license within a reasonable time. Connect with CertificationsBay today to avail our quality services.


What are the necessary compliances of LLP?

There are 3 compliances that are necessarily needed for every LLP to comply for any financial year.Annual Return, Financial Statements of the LLP and Income Tax Returns Filings

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