Every Limited Liability Partnership registered with Registrar needs to do the annual compliances. Annual filings for LLP includes:
- Annual Return is to be filed on or before 30th May every year with ROC.
- The Statement of Accounts is to be filed on or before 30th October every year.
- An LLP whose annual turnover exceeds Rs.40 lakhs or whose contribution exceeds Rs.25 lakhs, shall get its accounts audited under LLP law.
- An LLP has to close its financial year as on 31st March every year and has to file the returns with Income Tax Department. Last date 31st July.
- In case of LLP whose annual trading turnover is more than Rs. 100 Lakhs, the accounts have to be audited as required under Income Tax Act as well. Last date 30th September.
- Partners KYC needs to be done by 30th September with the MCA so that the DINs are active.
Which forms are to be filed by Limited liability partnership?
Annual Return of Limited Liability Partnership – Form 11
Statement of Account & Solvency – Form 8
Income tax return – ITR 5 with digital signature.
Audit report in Form 3CA and 3CD.
Directors KYC in DIR3 KYC form.
Annual Compliance for LLP requires – Digital Signatures for the two designated partners to file the ROC returns. For Income tax return filing only one digital signature will suffice.
When should we file Form 8 of LLP?
Form 8 is to be filed by 30th October 2021.
Form 8 must be certified by a Chartered Accountant or Auditor. It includes information related to the Statement of Assets and liabilities of the LLP and Statement of Income and Expenditure of the LLP.
Form 8 is divided in two parts. They are:
- Part A – Statement of Solvency
- Part B – Statement of Accounts, Statement of Income & Expenditure
Penalty of Rs. 100/day if the form is filed late.
When should we file Form 11 of LLP?
Form 11 is to be filed by 30th May 2021.
The form contains the details of all the partners, their contributions in the firm, etc.
How the filing can be done?
The Designated partner after registering as a user of the MCA portal can upload the e-Forms on the portal at his convenience.
Filings of returns are mandatory to file, irrespective LLP has done any business or not during the year. Delay in filing the LLP Returns on time will attract a penalty.
Our charges for annual compliance are Rs 5000/- only for small LLPs.
Detailed list of Form 8 contents
- Financial year end for which Form 8 is filed.
- Limited Liability Partnership identification number (LLPIN)
- Name of Limited Liability Partnership
- Address of registered office of the LLP
- Value of contribution (capital) as on year end date
- Statement of Solvency stating that LLP will be able to pay its debts in full, as they become due in the normal course of business
- Statement of the Assets and Liabilities as at year end
- Income and Expenditure for the financial year.
- Whether Turnover does not exceed or exceeds 40 lakh?
- Whether the obligation of contribution does not exceed or exceed 25 lakh rupees?
- Confirmation that the partners have taken proper care for preparing of adequate accounting records.
- Affirmation that accounts has been prepared in accordance with the rules of the LLP law.
- Attachments –
- Disclosures under Micro, Small and Medium Enterprises Development Act, 2006
- Statement of contingent liabilities not provided for, if any
- Appendix to Statement of Account and Solvency
- Type of Charge
- Whether consortium finance is involved
- Whether joint charge is involved
- Number of charge holders
- Description of instrument creating or modifying
- Principal terms and conditions
- Extent and operation of the charge
- Attachments –
- Instrument evidencing creation or modification of charge
- Particulars of all joint charge holders
- Letter of charge holder stating, amount has been satisfied