The Limited liability partnership (LLP) firm had been introduced
to reduce the burden of business entities and also the compliances. The main reason
for introduction of LLP is to keep in account the combination of partnership
firm and company to simplify the work for entities. Hence the annual statutory
compliances filing for LLP is much easier than that of partnership and private
and public limited company in India, with the following annual compliances -:
- Filling of annual return
- Filing of the statement of Accounts and Solvency
- Filing of Income Tax Returns
The mentioned compliances are compulsorily required to be filled by
the every business entities, irrespective of whether they do business or not.
Also it must be noted that the annual compliances must be filled regularly in
perfect and proper manner.
Below are the forms that are required to be filled by the business
entities within the prescribed date and with punctuality
- LLP Form-11
LLP form No-11 contains the complete
details of total number of partners, total contribution by the partners in LLP,
detail of body corporate indulged as a partners in LLP and the complete summary
of partners profit sharing. This form therefore required to be filled on or
before of the 30th may of each year.
- LLP form-08
Form 8 comprises of statement of
accounts, statement of solvency and statement of its income and expenditure,
also it is to be noted that this form is required to be filled within 30 days
from the end of 6 months of the financial year with some prescribed fees. This
form must be signed by atleast two designated partners along with certified
chartered accountant /company secretary / cost accountant.
- Filing annual returns
The filing of annual returns is
required to be made by using the form 11 of LLP and form ITR-5 using online
portal. The last date of filing annual return for LLP in India is 31st
July of every financial year only when tax audit of the company is not
required. LLP whose annual turnover in any financial year exceeds Rs. 40 lakhs
or the contribution in LLP by the partners exceeds by Rs 25 lakhs are required
to get their accounts audited by the practicing Chartered Acountant, where as
the last date of filing the audited return is 30th September of
every financial year
Also, there are other Compliances as well which are required to be
filled as per the requirement of company
- Form No-22 (Required to be filled by the company to inform registrar about the notice of intimation of order received from Court / Tribunal /CLB/ Central Government
- Form No-23 (Application for direction to Limited Liability Partnership to change its name)
- Form No-25 (To reserved the name of foreign LLP or foreign company for a period of three years)
- Form No-31 (Required to be made to the registrar for compounding of an offence under the Act.)
To know in detail about the complete package of annual compliance filing for LLP, kindly reach us at http://www.company-registration.in/ or contact us @ 8800100284