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Learn about the annual filing requirements for Limited Liability Partnerships (LLPs) in India. LLPs must adhere to specific annual filing compliances to remain compliant with regulatory authorities. This comprehensive guide covers all aspects of LLP annual filing, including necessary forms and deadlines.
5 May 2024
Afinthrive Advisory
LLP Annual Filing Forms :
Late filing of such forms entail penalties of Rs. 100/- per day of default.
| Form Type | Described | Due date |
|---|---|---|
| Form-8 | Filing of Statement of Accounts | 30th October |
| Form-11 | Filing of Annual Returns | 30th May |
| ITR -5 | Income tax return | 31st July |
| Audit | Tax Audit (only if applicable) | 30th September |
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Form 8 is an annual filing requirement for LLPs where they provide a snapshot of their financial position, including assets, liabilities, and solvency, to the Registrar of Companies (ROC). It must be filed within 30 days from the end of six months of the financial year, along with a copy of the Statement of Account & Solvency. Non-compliance may lead to penalties and legal consequences.
LLP Form 11, also known as the Annual Return, is a filing requirement providing information about the LLP’s partners, registered office address, capital contribution, and other relevant details as of the closure of the financial year. LLPs must file Form 11 annually with the Registrar of Companies (ROC) by the 30th of May each year. Non-compliance may lead to penalties and legal consequences.
The Income Tax Return (ITR) filing for LLPs involves reporting their income, deductions, and taxes to the Income Tax Department annually by the specified due date, usually the 31st of July. Non-compliance may lead to penalties and legal consequences.
Accounting for LLPs includes maintaining accurate records of financial transactions, income, expenses, assets, and liabilities. LLPs prepare financial statements like the Balance Sheet, Profit and Loss Account, and Cash Flow Statement following generally accepted accounting principles (GAAP). Auditors may be appointed to audit these statements for accuracy and compliance.
LLPs with annual turnover exceeding Rs. 1 crore or total income exceeding Rs. 50 lakh in a financial year are required to undergo a tax audit under Section 44AB of the Income Tax Act.
If Alternate Minimum Tax (AMT) provisions apply to an LLP, it must obtain a report in Form 29C issued by a Practising CA. This report certifies that AMT and adjustable total income have been computed in accordance with the provisions of the Income Tax Act.
Get Answers to your most asked questions.
LLP Annual Filing refers to the process of submitting various documents and forms to the regulatory authorities, such as the Registrar of Companies (ROC), on an annual basis. These filings provide information about the LLP’s financial position, compliance status, and other relevant details.
The documents included in LLP Annual Filing typically include: - Form 11 (Annual Return): Providing details about the LLP’s partners, registered office address, capital contribution, etc. - Form 8 (Statement of Account & Solvency): Submitting financial statements and solvency statement of the LLP.
LLP Annual Filing must be completed within the prescribed timelines, usually within 30 days from the end of six months of the financial year. Form 11 (Annual Return) is due by the 30th of May, while Form 8 (Statement of Account & Solvency) is due by the 30th of October each year.
Yes, late filing of LLP Annual Returns may attract penalties and fines. It’s essential to adhere to the prescribed timelines to avoid penalties and maintain compliance with regulatory requirements.
Yes, LLPs often engage third-party professionals, such as Chartered Accountants or Company Secretaries, to assist with their annual filing requirements. These professionals can ensure accurate and timely filing, helping LLPs maintain compliance with regulatory authorities.
Yes, LLP Annual Filing is mandatory for all LLPs registered under the Limited Liability Partnership Act, 2008. Failure to comply with annual filing requirements may lead to penalties, fines, and legal consequences for the LLP and its partners.
