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LLP Annual Compliance |
- Limited Liability Partnership (LLPs) in India is governed by LLP Act, 2008 & rule made thereunder. LLPs mandatorily have to maintain their financial year, as April 1st to March 31st. Every LLP is mandatorily required to prepare/maintain their Books of Accounts with all supporting documents. Statutory Audit of Books of Accounts of LLPs is mandatory if their annual turnover exceeds Rs.40 lakhs or capital contribution exceeds Rs.25 lakhs. The statutory audit is done by a practicing chartered accountant.
A LLP is required filing their Annual Return within 60 days from the end of the financial year latest by 30th May every year and Statement of Account & Solvency within 30 days from end of six months of the financial year latest by 31st October every year. LLPs in addition to filing MCA MCA annual return also required to file their Income Tax return and other returns under various statutes like TDS Return, GST Return, PF Return, ESI Return, etc.
- LLP Form 11:
LLP Form 11 is Annual Return that needs to be filed by every LLP operating in India within 60 days from the closure of the every financial year with prescribed fee. Form 11 contains the details of number of partners, total number of partners, total contribution received by all partners, details of body corporate as partners and summary of partners.
- LLP Form 8:
LLP Form 8 is Statement of Account & Solvency that needs to be filed by every LLP operating in India within 30 days from the end of the six month of the every financial year with prescribed fee. Form 8 contains Statement of Solvency, Statement of Accounts and Statement of Income & Expenditure, which is digitally signed by two designated partner and certified by a chartered accountant / company secretary / cost accountant.
- Income Tax Return:
Income Tax return 5 is applicable for LLP for filing their Return of Income every year. The due date of filing ITR of LLP is 31st July if Tax Audit is not applicable else it will be 30th September as per section 139 of the Income Tax Act, 1961. The ITR-5 is filed online digitally signed by one of the designated partner in this regard. If Tax Audit is applicable as per section 44AB of the Income Tax Act, 1961, the same will be done by a practicing chartered accountant.
- We SPARKS & Associates, a Chartered Accountant Firm in Noida, providing one stop solution to LLPs to complete their periodical compliances under various statutes.
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