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Introduction
A Limited Liability Partnership (LLP) is a separate legal entity just like Companies governed by the provisions of Limited Liability Partnership Act, 2008 which specifies the duty of the partners so elected for maintaining the proper book of accounts and filing the same in form of an annual return with the Ministry of Corporate Affairs (MCA) on annual basis. The LLP is not required to get the statutory audit done of its books of account except if the annual turnover exceeds Rs.40 lakhs or where the contribution exceeds Rs.25 lakh. Hence, it is not mandatory for the LLP not falling in the mentioned limit to get their books of account audited. Hence, making the process of annual filing more simpler.
In case Limited Liability Partnership two returns are mainly required to file i.e. the Statement of Account & Solvency within a time period of thirty (30) days from the end of the six (6) months of the financial year and an Annual Return within a period of sixty (60) days from the end of the financial year. The LLP’s are compulsorily required to maintain the Financial Year i.e. from 1st April to 31st March. Henceforth, the Statement of Account & Solvency shall be filled on or before 30th October of every financial year and the annual return for LLPs becomes due on 30th May every year even irrespective of the fact that the LLP has not completed its business in that particular financial year. Some of the forms for annual compliances are required to be mandatorily filed even if the LLP has begun any business or not.
Advantages of ROC Annual Filing
Increases trustworthiness and credibility
Helps in maintaining the Active status of Companies
Easy accessibility of Record of Financial Worth
Easy to close and convert
Documents Required
Limited Liability Partnership Agreement
Financial Statements duly signed by the Designated Partners
Certificate of Incorporation
DCS of all the Designated Partners
Process of ROC Annual Filing
1. Complete the Application Form
Drafting of necessary documents
Document Processing
Preparation of E-forms
Filing of E-forms with ROC
Getting the Compliance done
More Insights on LLP Annual Filing
Filing Income Tax Returns of the Limited Liability Partnership
Every LLP is required to file the Income Tax Returns for a year. In layman’s terms, a LLP is a separate legal entity, an LLP is also required to file an Income tax return in which the LLP Income is calculated and the tax liability is assessed and the taxes are paid to the government of India.
Mostly the last date of Income Tax Return is 31
Form 8 (Statement of Accounts and Solvency)
LLPs are required to file Form – 8 with ROC within 30 days from the end of the six (6) months of the financial year i.e by of the next financial year. In this form the LLP has to report the assets, liabilities, profit & loss generated during the year. The form has to be signed by the designated partners and practicing professionals.
Penalty for Non-Filing of Annual Accounts with ROC
In case the companies are unable to file Form 8 and Form 11 before the due date, they will be liable for an additional fee of Rs.100.00 per day till the date of filing.
Filing Income Tax Returns of the Limited Liability Partnership
Every LLP registered with the Ministry of Corporate Affairs (MCA) is required to comply with the regulations as per the LLP Act, 2008. As per the act, LLP is required to file the annual returns and statement of accounts every year. In case the annual turnover exceeds Rs.40 lakhs or where the contribution exceeds Rs.25 lakh the LLP is mandatorily required to get the accounts audited by Chartered Accountant. Further if any LLP is incorporated on or after 1
Form 11 (Statement of Annual Return)
LLPs are required to file Form – 11 with ROC by 30th May of the next financial year. In this form summary of management affairs, details of partners and their contribution is provided. The form has to be signed by the designated partners and practicing professionals.
Annual Filing of LLP for FY 20-21
Companies incorporated on or before 30th September 2020 are required to file their financials for Financial Year 20-21 before the due dates. Companies incorporated on or after 1st October 2020 to 31st March 2021 can file their ROC Annual Filings next year by preparing the statement of 18 months.