BBNC

Annual Filings of LLP


Limited Liability Partnership (LLP) are required to file Statement of Account & Solvency (Form 8) and Annual Return (Form 11) As a part of Annual Filings.
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Overview

Limited Liability Partnerships must file annual returns within 60 days of the end of the financial year, as well as account statements and solvency reports by 30 days of the end of the six-month period after the financial year's end.

The financial year for limited liability partnerships (LLPs) runs from April 1 to March 31. The LLPs' annual return is due on May 30th, and the statement of accounts and solvency is due on October 30th of each financial year.

In addition to completing the MCA annual return, limited liability partnerships are required to file an income tax return every year.

Under the Limited Liability Partnership Act, 2008, Limited Liability Partnerships with a turnover of more than Rs.40 lakh or a donation of more than Rs.25 lakh must have their books of account audited by practicing Chartered Accountants.



Benefits of Annual filings of LLP

Checklist/Requirements

  1. Financial Statements of the LLP
  2. Details of the Partners
  3. Declaration on solvency
  4. Details of Partners, Designated Partners along with the details of entities they are interested in

Process of Annual filings of LLP

Step 1: Statements of Accounts and Solvency

Step 2: Filing Annual Return

Step 3: Filing and Audit requirement under Income Tax Act

Annual filings of LLP

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Frequently Asked Questions


Do I still need to file an annual return if I incorporated my LLP at the end of the financial year?
If an LLP is formed after the 1st of October of the current year, say 1 October 2021, it can file returns in the next March, 31 March 2022, or the following March, 31 March 2023, allowing it to file its first financial return for a period of 18 months.
By the 30th of October, Form 8 must be completely filled out. A penalty of Rs.100 per day of delay may be imposed if you fail to file.
Form 8 must be digitally signed by at least two LLP Designated Partners. If the LLP's total sales is less than or equal to Rs 40 lakh, or if the contribution obligation of the partners is less than or equal to Rs 25 lakh.
Form 8 must be approved by the LLP's auditor if the LLP's total sales exceeds Rs 40 lakh or the partners' contribution obligation exceeds Rs 25 lakh.
If the LLP does not file Form 11 before the 31st of May, a penalty of Rs 100 per day would be imposed. Because there is no ceiling on the penalty, the sum might rise over time.
If the sales is less than Rs 5 crores and the total partner contribution is less than Rs 50 lakh, the authorised partner's digital signatures will suffice. Form 11 must be verified by a Company Secretary in full-time practise if the turnover exceeds Rs.5 crores and the total partner contribution exceeds Rs 50 lakh.