July 16, 2016

Annual Filings Of Limited Liability Partnership

Annual Filings Of Limited Liability Partnership

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Limited Liability Partnership is governed by LLP Act, 2008.

There are certain statutory compliance which must be done by a LLP every year:

 

  1. FILING WITH REGISTRAR OF LLP
  1. Filing of Annual Return: An LLP is required to file the Annual Return with the Registrar of LLP (Form 11) within 60 days of closure of its financial year.
  2. An LLP has to close its financial year on every 31st March. So, the Annual Return is to be filed on or before 30th May every year.
  1. Filing of Annual Accounts:Every LLP has to maintain books of accounts as per double entry system of accounting and prepare a Statement of Accounts and Solvency (Accounts) every year ending on 31st March.
  2. LLP has to file such Accounts to the Registrar of LLP (Form 8) within 30 days from the end of 6 months of such financial year.
  3. So, the filing of Accounts is to be filed on or before 30th October every year.
  4. In case of an LLP whose annual turnover exceeds Rs. 40 lakhs or whose contribution exceeds Rs.25 lakhs, shall be required to get its accounts audited by a qualified Chartered Accountant.

 

  1. INCOME TAX: As per Income Tax Act, LLP has to close its financial year as on 31st March every year and has to file the returns with Income Tax Department. In case of LLP whose annual turnover is more than Rs. 1 Crore (for professional services 25 Lakhs), the accounts have to be audited as required under Income Tax Act as well.

 

A LLP have to file its Income tax Returns on or before the due dates as follows:

LLP whose accounts are not required to be audited under any Law

31st July of every year

LLP whose accounts are subject to Audit under any Law

30th September of every year or such other date as may be notified by the Income Tax authorities.

  1. RETURNS AND RECORDS REQUIRED TO BE MAINTAINED BY LLP

 

Books of Account LLP should maintain proper books of account.
Minute Book Minute book should be maintained to record minutes of meetings of partners and managing/executive  committee of partners.
Change in partners Any change in partner and designated partner (admission, resignation, cessation, death, expulsion) should be filed electronically in e-form 4 within 30 days of change with fees.
Supplementary LLP agreement Such admission and cessation will alter mutual rights and duties of partner shall change. Hence, supplementary LLP agreement will be required which is also required to be filed in e-form 3 within 30 days of change with fees
Statement of Account and solvency Statement of Account and Solvency (SAS) is to be filed annually in e-form 8 with required fees. It is to be filed within 30 days from expiry of 6 months from end of each financial year i.e. by 30th October.
Annual Return Annual Return should be filed with ROC in e-form 11 with filing fees, within 60 days from close of financial year i.e. by 30th May.
Heavy penalty Heavy penalty of Rs 100 per day for late filing of returns.
Inspection of documents Incorporation document (form 2), Annual Return (form 11), Statement of Account and Solvency (SAS) (form 8 ) and Name of partners and changes, if any, made therein (form 4) are available for public inspection on payment of fees but  LLP agreement is not available for public inspection].
  1. COMPLIANCE OF MEETINGS OF LLP AS PER LLP AGREEMENT
Sr. No. Nature of Meeting Number of meetings Period
1 First General Meeting N.A. Within 30 days of incorporation
2 General Meeting 1 In 1 Financial Year
3 Executive Committee 2 In 1 Financial Year

 

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