Annual filings for LLP - Limited Liability Partnership

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Annual filing for LLP

The Limited Liability Partnership (LLP) is a distinct legal entity. It is an alternative corporate business that provides the advantage of limited liability of the company and flexible partnership. To incorporate these companies, it is required to have a minimum of 2 partners. 

Every Limited Liability Partnership Registration in India is required to file annual returns each year and mandatory to file within 60 days from the end of the closing of the financial year and account statement within 30 days from the end of 6 months of the closure of the financial year. 

The financial year of llp begins from 1st April to 31st March. It is due on 30 May and the account statement and solvency on  30th October of the financial year. 

Annual Filing Forms for LLP :

Form 11 = It is a statement of annual return. Each LLP must file an annual return in Form 11 to the registrars within 60 days from the end of the closing financial year. 

Form 8 = It is a statement of accounts. Every LLP is required to maintain and close its account till the 31st of March every year. It is filed by at least 2 designated partners with the registrar within 30 days after completing 6 months of the financial year. 

ITR 5 = It is required for every LLP to file an income tax return in form ITR 5. Its due date is 31st July or September 30 if a tax audit is necessary. It is filed by the income tax department.

Audit = It is used to file tax audits (if applicable) and its due date is 30th September. It is filed by the income tax department. 

Penalty: Being late in annual filing occurs with a penalty of 100rs per day. 

Form 11 Details

Regardless of annual revenue, all LLPs are required to complete Form 11, a yearly return. Form 11 must be submitted even if an LLP does not provide any services or conduct any business during the reporting period. In addition to the following information, which is mandatory: Name, Address of the LLP, Partners'/Designated Partners' Information.

  • Total benefit or contribution to LLP Registration Fees
  • Notices received about penalties assessed or compounded offenses committed during the financial year must be electronically filed on the MCA gateway. Pre-filling is an option that can help you work less.

Benefits of LLP Annual Filing

The benefits of LLP annual filing are mentioned below :

Transformable:- Annual filing is necessary as it is needed for the transformation of LLP into a private limited company. To simplify the procedure of transformation of LLP into a private company every year the records are filed in Annual filing. 

Dependability:- The status of annual filing for LLP is displayed by MCA on its official website. The timely submission of annual filing is essential for the company’s ethics and morality.

Alert Creditworthiness:- The parties investigate the compliances filed by the LLP to determine its financial standing before entering into any contract with it. The net worth of the parties is disclosed in the record of the financial statements.

Reduce Penalties:- The partners of the LLP are shielded from being declared in default and from harsh penalties by the regular filing of yearly compliances. It prevents any interactions with the LLP from disqualifying someone.

Details of Annual Compliances Checklist

  • Annual return is essential to be filed with the ROC.
  • The annual returns must be filed according to the specific format of LLP form 11.
  • It should be done on 30th May every year and it is required to fill within 60 days from the close of the financial year.
  • Every LLP that is registered must comply with the LLP's yearly compliance requirements, even if there is no marketing activity. 
  • It must be obtained regardless of whether a business bank account is present or not and whether the LLP has been closed.

Documents Required for LLP's Annual Compliance Filing

The following documents are needed for LLP yearly compliance filings:

  • The bank statements for each account were created in the name of LLP from April 1 through March 31 of that fiscal year.
  • A credit card statement if partners make purchases on the LLP's behalf.
  • Invoices for purchases and sales made during the fiscal year.
  • Invoices for costs incurred throughout the fiscal year.
  • A copy of any necessary GST, VAT, and other tax returns.
  • If applicable, a copy of the submitted TDS challan.

Visit our blog to learn about LLP Company Registration.

The Procedure of Annual Filing for LLP

Annual filing of LLP: we need to file an essential LLP’s annual return with MCA and maintenance of annual compliances.

Preparation of Annual Return: LLP is required to create an annual return on the basis of finances and production during the previous year.

Verification of Annual Return: Based on the requirements, an Annual Return had to be prepared and sent for approval and confirmation.

Finalization: After approval, submit the Annual Return along with the required appendices to the Ministry of Corporate Affairs.

Our Role in Filing Annual Returns for LLP

  • Our Annual filing consultants will assist you in filing annual compliance for LLP.
  • We will assist you in the Annual filing documents submission and evaluation.
  • JR Compliance has a professional team that will coordinate with the officials for inspection, which is an integral part of the annual return process.
  • We guarantee to provide you with proper acknowledgments and follow-ups by being in direct coordination with Annual filing.
  • The expert consultant of JR can assure you of providing you with quality services by ensuring a professional approach to obtaining the Annual filing.
  • In case of any query, we will provide the finest solution to your concern regarding how to get an Annual filing for LLP.

Conclusion

To culminate, as mentioned, Annual filing of LLP registration is mandatory to obtain to operate every LLP in India. Thus, without acquiring annual compliances, every LLP can face consequences such as deletion of the company name, pay penalty, etc, and won’t be able to operate their company in India.

Consequently, JR Compliance - a Delhi-based compliance service provider has been assisting highly reputed brands for 8+ years by guaranteeing proper follow-ups and acknowledgment to avoid inaccuracy and to ensure a smooth procedure.

Hence, for LLP Registration Consultants and professional services, contact us immediately.