LLP Annual Filing
For a Limited Liability Partnership, LLP returns must be filed periodically to maintain compliance and avoid heavy penalty for non-compliance. LLPs in India must file its Annual Return within 60 days from the end of close of financial year and Statement of Account & Solvency within 30 days from end of six months of close of financial year. Unlike Companies, LLPs mandatorily have to maintain their financial year, as April 1st to March 31st. Therefore, LLP annual return is due on May 30th and the Statement of Account & Solvency is due on October 30th of each financial year. In addition to the MCA annual return, LLPs must also mandatorily file income tax return every year. 3CPS provides a comprehensive LLP compliance service which includes LLP Annual Filing and LLP income tax return filing at a very affordable price point.
LLP Form 11
Form 11 contains details of the number of partners, total number of partners, total contribution received by all partners, details of body corporate as partners and summary of partners. All LLPs should file this form within 60 days from the closure of the financial year with the prescribed fee. Hence, the due date for filing LLP Form 11 is 30th of May each year. 3CPS LLP Annual Compliance includes preparation and filing of LLP Form 11.
LLP Form 8
Form 8 must be filed within 30 days from the end of 6 months of the financial year along with some prescribed fee. This must be digitally signed by 2 designated partners and it must be certified by a chartered accountant/company secretary/cost accountant. Form 8 has contains Statement of Solvency, Statement of Accounts and Statement of Income & Expenditure. 3CPS LLP Annual Compliance includes preparation and filing of LLP Form 8.
LLP Tax Audit
LLPs are separate legal entities. Therefore, it is the responsibility of the Designated Partners to maintain proper book of accounts and file annual return with the MCA each financial year. LLPs are not required to audit its accounts unless the annual turnover exceeds Rs.40 lakhs or if the contribution exceeds Rs.25 lakhs.
Income Tax Return Filing
LLPs must file income tax return using Form ITR 5. Form ITR 5 can be filed online through the income tax website using the digital signature of the designated partner. The deadline for LLP tax filing in India is July 31st if tax audit is not required. LLP whose turnover exceeded Rs. 40 Lakh or whose contribution exceeded Rs. 25 Lakh are required to get their accounts audited by a practising Chartered Accountant. The deadline for tax filing for LLP required to obtain audit is September 30th.
3CPS LLP Compliance Services Include
Your LLP will be assigned a Compliance Manager who will be a single point of contact to help you maintain the compliance for your LLP. You can get in touch with your Compliance Manager at anytime and get assistance on matters related to your LLP’s compliance.
All LLPs are required to maintain accounts and prepare financial statements at the end of each financial year. Our Compliance Manager will help your LLP maintain accounts and will prepare the financial statement for your LLP at the end of financial year.
Form 11 Filing
LLPs are required to file Form 11 before 30th May each year. Our Compliance Manager will provide reminders, collect the required information and file Form 11 for your LLP.
Form 8 Filing
LLPs are required to file Form 8 before 30th October each year. Our Compliance Manager will provide reminders, collect the required information and file Form 8 for your LLP.
Income Tax Return Filing
Income tax return of a LLP must be filed irrespective of income, profit or loss. Hence, even dormant LLPs with no transactions are required to file income tax return each year. Our Compliance Manager will prepare all the documents and file your LLP’s income tax return.