LLP Annual Filing

LLP Annual Filing

All LLPs is under obligation to maintain annual accounts reflecting true and fair view of its state of affairs.

Every Limited Liability Partnerships (LLPs) is required to file LLP Form 8 (Statement of Account & Solvency) and LLP Form 11 (Annual Return) annually.

If a LLP was incorporated on or after 1st October of a financial year, then the LLP can close its first financial year either on the coming or next 31st March.

AUDIT REQUIREMENT UNDER LLP ACT:

Only those LLP whose annual turnover exceeds Rs. 40 lakhs or whose contribution exceeds Rs. 25 lakhs are required to get their accounts audited by a qualified Chartered Accountant.

AUDIT REQUIREMENT UNDER INCOME TAX ACT:

Audit of accounts is mandatory requirement under Income Tax Act when the annual turnover of LLP is more than one hundred lakhs rupees.

In case where Audit is required, the last date for filing Income Tax returns is 30th September and wherein companies which do not fall under the Audit requirement criteria will have to file Income tax returns on or before 31st July.


FILING ANNUAL ACCOUNTS:

All LLPs are required to maintain the Books of Accounts in Double Entry System and has to prepare a Statement of Solvency (Accounts) every year ending on 31st March. Statement of Account & Solvency in LLP Form 8 to be filed with the Registrar of LLPs within 30 days from the end of six months of close of financial year i.e, on or before 30th October every year.

FILING ANNUAL RETURN:

Every LLP is required to file Annual Return in Form 11 to the Registrar within 60 days from the closure of financial year i.e. the Annual Returns has to be filed on or before 30th May every year.

REASON FOR FILING:

Penalty for Non-Filing If there is delay in filing form no.8 and 11 of LLP, you will have to pay penalty as applicable on today’s date. If filing is not done within stipulated time, there is penalty of Rs. 100 per day till it is complied. You cannot close or wind up your LLP without filing Annual Accounts.


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