Annual Compliances For LLP

What is Annual Compliance for Limited Liability Partnership?

Every limited liability partnership is required to maintain compliance as per Income Tax Act 1961, GST provisions and compliance as per Companies Act, 2013 and required to submit necessary return to appropriate authority.

Every LLP intimate the department about their income and expenditure and other details of the company annually to the Income Tax department and Registrar of Companies. In case LLP fail to file the return then penalty will be imposed for LLP Form 11 and LLP Form 8 Rs. 100 per day per form and will applicable from after the due date till the date actual return will file.

What are the forms required to be filed for Annual Compliances?
Form 11 for Annual Return and Form 8 for Statement of Accounts are required to be filed for Annual compliances.

What is the Due date to file forms?
Form LLP 11 to be filed within 60 days from the closure of financial year and LLP has to close its financial year on 31st March, so last date for LLP to file Annual Return is 30th May and Form LLP 8 within 30 days from the end of 6 months of such financial year, so the due date to file form 8 for the financial year is 30th October.

Documents Required For Annual Compliances For LLP

  1. Bank Statements from 1 April to 31 March for all bank accounts in the name of LLP
  2. Credit Card Statements if Expenses are incurred by Partners on behalf on LLP
  3. Invoices of Purchases and Sales during the year
  4. Invoices of expenses incurred during the year
  5. Copy of GST returns filed
  6. Copy of TDS Challans Deposited
  7. Copy of TDS Returns filed

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Our Packages

Nil Data
₹ 5900
  • Package Includes
  • Form 11 form 8 and ITR
Less than 20 bank entries
₹ 8260
  • Package Includes
  • Form 11 form 8 and ITR
More Data
₹ 11800
  • Package Includes
  • Form 11 form 8 and ITR

Process Involved

STEP 1

Documentation

STEP 2

Form 11

STEP 3

Client provides Balance Sheet for filing Form 8

STEP 4

Income Tax return

STEP 5

Tax Audit Report

STEP 6

Form 8

Faq's

How can a person become a partner of an LLP? Show Answer Show Less

Persons, who subscribed to the “Incorporation Document” at the time of incorporation of LLP, shall be partners of LLP. Subsequent to incorporation, new partners can be admitted in the LLP as per conditions and requirements of LLP Agreement.

What will be the obligation of a partner in case he changes his name or address? Show Answer Show Less

Every partner shall inform the LLP of any change in his name or address within a period of fifteen days of such change. The LLP, in turn, would be under obligation to file such details with the Registrar within thirty days of such change.

How can an existing partner cease to be a partner of an LLP? Show Answer Show Less

A person may cease to be a partner in accordance with the agreement or in the absence of agreement, by giving 30 days notice to the other partners. A person shall also cease to be a partner of a limited liability partnership- (a) on his death or dissolution of the limited liability partnership; or (b) if he is declared to be of unsound mind by a competent court; or (c) if he has applied to be adjudged as an insolvent or declared as an insolvent. Notice is required to be given to ROC when a person becomes or ceases to be partner or for any change in partners.

Whether every LLP would be required to maintain and file accounts? Show Answer Show Less

An LLP shall be under obligation to maintain annual accounts reflecting true and fair view of its state of affairs. A “Statement of Accounts and Solvency” in prescribed form shall be filed by every LLP with the Registrar every year.

Whether audit of all LLPs would be mandatory? Show Answer Show Less

Audit of LLPs shall be mandatory. However a more simplified compliance regime for small LLPs is being proposed by exempting such LLPs from the requirement of audit by exemption through notification by the Central Government.

Whether any Annual Return would be required to be filed by an LLP? Show Answer Show Less

Every LLP would be required to file with ROC, every year, an Annual Return, contents of which would be prescribed under rules.

Which documents will be available for public inspection in the office of Registrar? Show Answer Show Less

The following documents/information will be available for inspection by any person:- · Incorporation document, · Names of partners and changes, if any, made therein, · Statement of Account and Solvency · Annual Return The manner and fees for such inspection shall be prescribed in the rules.

Whether two LLPs would be allowed to merge? Show Answer Show Less

Provisions of clauses 60 to 62 of the Act provide for the manner in which compromises or arrangements including mergers and amalgamations involving LLPs shall be allowed.

What would be the provisions in respect of winding- up of LLPs? Show Answer Show Less

It is proposed to provide the provisions and procedures required to be complied with when the affairs of an LLP are to be wound-up and dissolved, by enabling the Central Government to make rules under the LLP Act, 2008.

Nil Data

Package Includes

  • Form 11 form 8 and ITR

5900

Less than 20 bank entries

Package Includes

  • Form 11 form 8 and ITR

8260

More Data

Package Includes

  • Form 11 form 8 and ITR

11800