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Mandatory ROC Compliances for an LLP

LLPs that are registered with the Ministry of Corporate Affairs (MCA) are required to file following Forms with Registrar of LLP every year:

  1. Filing of Annual Return – LLP Form-11

Annual Return or Form 11 is a summary of an LLP’s Partners and indication of change in the management.

Every LLP is required to file Annual Return in Form 11 to the Registrar within 60 days of closer of financial year i.e. has to be filed on or before 30th May every year.

2.Filing Statement of Account & Solvency – LLP Form-8

A. LLP must maintain proper books of account. The accounts may be on cash basis or accrual basis.

B. Statement of Solvency (Accounts) needs to be prepared every year ending on 31st March.

C.  LLP Form – 8 should be filed with the Registrar of Companies on or before 30th October every year.

Filing of Income Tax Return in addition to ROC Compliances

LLP can file its return of income in ITR 5. It is mandatory for LLP to file return of income electronically under digital signature if its accounts are required to be audited under section 44AB

When is Audit required?

LLP having annual turnover exceeding Rs. 40 lakh or partner’s obligation of contribution exceeding Rs. 25 lakh are required to get their accounts audited by auditor of the LLP/ FLLP mandatorily.

Penalty or Consequences for not filing Form 11 and Form 8

  1. For LLP per day penalty of Rs. 100 till the filing is completed. (Separately for both forms)
  2. For Designated Partner: From Rs. 10,000 to Rs. 100,000 Penalty
  3. ROC can issue Notice to LLP and initiate legal proceedings (like strike off).

Documents required for LLP Annual Filing

1. PAN Card & COI– PAN Card and Certificate of Incorporation of LLP
2. LLP Agreement -The LLP Agreement along with any supplementary agreement, if any
3. Financial Statements– Financial Statement of LLP duly signed by the Designated Partners
4. Digital Signature– DSC of all Designated Partners is required

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Filing of Form 8 or Form 11

Filing of ITR

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Frequently Asked Question

Due dates of LLP compliance are based on the closure of each financial year. Financial Year of every LLP must be closed on 31st March. However, period of financial year depends on the month of its incorporation:

a) LLPs registered between 1st April and 30th September: The LLP must close its financial year on 31st March of next calendar year. Suppose LLP is registered on 1st May 2018 , the same should close its financial year on 31st March, 2019.
b) LLPs registered between 1st October and 31st March: The LLP has an option to choose the end of its financial year. For instance if the LLP is registered on 30th October, 2018 the same can close its financial year either on 31st March, 2019 or 31st March, 2020.

Yes, every LLP has to mandatorily file Annual Returns and financial statements with the Ministry even if they are not doing any business. It is a compulsory requirement of law that even NIL returns should be filed.

Audit under LLP Act: Only those LLP whose annual turnover exceeds Rs. 40 lakhs or whose contribution exceeds Rs. 25 lakhs are required to get their accounts audited

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