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Annual Compliance of LLP

Annual Compliance of LLP

Annual Compliance of LLP

The Limited Liability Partnerships (LLPs) are those firms which are registered under the Indian LLP Act of 2008 and the LLP Rules of 2009. Like all other companies, LLPs are also mandatorily required to make some annual and periodic compliance with MCA, Income Tax Department, and other concerned regulatory bodies and authorities whether the LLP’s Partners  doing  business or not.

Every LLP has to maintain books of accounts as per double entry system of accounting and prepare a Statement of Accounts and Solvency (Accounts) every year ending on 31st March. LLP has to file such Accounts to the Registrar of LLP (Form 8) within 30 days from the end of 6 months of such financial year. So, the filing of Accounts is to be filed on or before 30th October every year.

 In case of an LLP whose annual turnover exceeds Rs.40 lakhs or whose contribution exceeds Rs.25 lakhs, shall be required to get its accounts audited by a qualified Chartered Accountant

As per Income Tax Act, LLP has to close its financial year as on 31st March every year and has to file the returns with Income Tax Department. In case of LLP whose annual turnover is more than Rs.60 Lakhs, the accounts have to be audited as required under Income Tax Act as well.

A LLP have to file its Income tax Returns on or before the due dates as follows:-

LLP whose accounts are not required to be audited-31st July every year

LLP whose accounts are required  to be  audited-30th September every year

The penalty for non-filing of these forms with the RoC is Rs. 100 per day per form. The dangerous part being that there is no upper limit on these LLP penalties. It goes on increasing every day during the period of non-compliance

An LLP is required to file the Annual Return with the Registrar of LLP (Form 11) within 60 days of closure of its financial year. An LLP has to close its financial year on every 31st March. So, the Annual Return is to be filed on or before 30th May every year.

Summary

Forms to be filed Last date for filing
Annual Return (Form 11) 30-05-2018
Accounts (Form 8) 30-10-2018
INCOME TAX RETURN Last date for filing
In case Audit is not required 31-07-2018
In Case Audit is required 30-09-2018