LLP Annual Return & Compliance
Every LLP registered in India are essential to file MCA Annual Return and Income Tax Return for the year ending on 31 March every year. The filings are mandatory irrespective of the turnover, whether it is zero or in crore.
Our dedicated team will assist you in complying with the applicable Law, including financial statement preparation, income tax return filing and MCA annual return filing at a very affordable price.
LLP Annual Return and Compliance
All LLP’s are required to maintain the books of account, prepare financial statements for each financial year. After finalization of account, the Designated partners are required to file the Statement of Accounts and annual report in form 11 and form 8. All LLP are required to submit the annual return irrespective of turnover, whether a single transaction undertakes or none, and this is the statutory requirements of the LLP Act.
In addition to MCA annual return, LLP are also required to file income tax return irrespective of income, profit or loss. Even LLP with no transactions are required to file an income tax return each year. The due date for filing income tax return (ITR) for LLP is on or before 30 July.
LLP Annual Compliance and ITR Filing
- Step 1 - Finalization of books of accounts
Finalization of accounts means closing the books with accurate figures and arriving at the precise profit or loss incurred for the financial year ended on 31th March. While finalization of account, We need to follow the Schedules of the LLP Act and Accounting Standards notified by the Institute of Chartered Accountant of India (ICAI).
- Step 2 - Check the applicability of Statutory Audit
LLP is prepared its books of accounts and the same need to be audited by a Chartered Accountant if the turnover of the LLP has crossed the threshold limit of Rs 40 lac. Compulsorily to determine the accurate representation of its financial situation. The auditor provides an Audit Report and the Audited Financial Statements along with the notes of accounts to file it with the Registrar.
- Step 3 - Filing of Form 11
LLP is required to file the annual report in form 11 along with the details the designated partners. The annual return of the LLP contains all the significant changes that took place in the LLP during the financial year, i.e. the period 1 April to 31 March. There is an additional fee of Rs 100 per day will be applicable on delay in filing Form 11.
- Step 4 - Filing of Form 8
LLP is required to file its Balance Sheet, the Statement of Profit and Loss Account along with the solvency declaration by LLP that the LLP is capable of paying its liabilities or debts in MCA form 8. There is an additional fee of Rs 100 per day will be applicable on delay in filing Form 8.
- Step 5 - Filing ITR of LLP
LLP is required to file Income Tax Return on or before 30 July for the year ending 31 March. Failure to file income tax return attracts a penalty of Rs. 10,000, along with several consequences such as no rectification is allowed on belated returns and Losses and accumulated depreciation incurred can’t be carried forward to future assessment years.
- Step 6 - Filing of DIR 3 KYC
Every designated partner of an LLP are required to submit their updated address, current mobile number, and email address to the ROC in MCA form DIR-3 (KYC). The filing of directors KYC is mandatory for every person who holds a DIN Number, and if not complied, the DIN gets deactivated. And can only be active after paying the additional fee of Rs 5000.
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Due Dates for LLP Annual Filing
Form 11
(Annual Return)
up to 30 September (An additional fee of Rs 100 per day on delay in the filing).
AOC 8
(financial statements)
Up to 30 October 2020 (Additional fee of Rs 100 per day on delay in the filing)
Director KYC
(DIR 3 KYC)
Up to 30 June 2020. (After that, it can only be filed with the additional fee of Rs 5000)
Income Tax return Filing (ITR)
Up to 30 July 2020. (After due date it can be filed with the late fee Rs 1000 to 10000)
Benefits of Annual Compliance
Raising Company's Credibility
Record of Financial Worth
Attract
Investors
Maintain active status and avoid penalties
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Consult with Experts now : +91-9319-266-200
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