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What is LLP Annual Filing ?

The LLP is managed by its partners and LLPs are separate legal entities, for a Limited Liability Partnership (LLP), the returns should be filed periodically for maintaining compliance and escape heavy penalty under the law for non-compliance therefore, it is the responsibility of the Designated Partners to maintain a proper book of accounts and file an annual return with the MCA each financial year.

Filing Annual Return- Form 11

Annual Returns are to be filed in the prescribed Form-11. The annual return of an LLP is due within 60 days of close of financial year. contains the details of all the partners, their contributions towards the LLP, etc. It must be Digitally signed by one of the Designated Partners of the LLP. In case total obligation of contribution of partners of the LLP exceeds Rs. 50 lakhs or turnover of LLP exceeds Rs. 5 crores, then LLP Form 11 needs to be certified by a Company Secretary in whole time practice. It is mandatory even if there is no business transaction & is applicable equally to all LLP irrespective of its turnover or activities.

Filing Annual Return- Form 8

Form-8 consists of the statement of Account and Solvency. It consists of information related to the statement of assets of the LLP and liabilities and statement of income and expenditure of the LLP. This form needs to be filed by the LLP on annual basis. It is a declaration by the LLP to the ROC that the financial position of the LLP is sound and that it is capable of paying its liabilities or debts.

Partner KYC

The Director KYC is a mandatory annual filing for all the persons who have been allotted a DIN by the Ministry of Corporate Affairs (MCA).

Income Tax Return (ITR)

The Income Tax Return for the LLP can be filed only after payment of self-assessment tax. The LLP ITR can be filed with the use of the digital signature of any designated partner. As per Income Tax Act, an LLP has to close its financial year as on 31st March every year and has to file the returns with Income Tax Department before the due date for filing Income Tax Return. If the annual turnover of an LLP is more than one hundred lakh rupees, the accounts have to be audited by a Chartered Accountant as required under Income Tax Act.

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