Annual filing, regulatory compliances for the LLP.
Yes, every LLP is covered under this compliance & are required to file annual forms.
Statement of Accounts and Solvency contains a declaration by the designated partners pertaining to the solvency of the LLP, statement of income & expenditure and statement of assets & liabilities.
Disclosure of the interest of all designated partners and audited financial statement if turnover exceeds INR 40 lakhs or contribution is more than 25 lakhs is attached with Form 11 LLP and Disclosures under Micro, Small,& Medium Enterprises Development Act, 2006 is attached with Form 8 LLP.
Yes, you are required to complete LLP annual filing as per norms even if you have not conducted any business during the entire year. As per law, NIL return is required if no business is done.
Penalty of Rs 100/- per day from the due date of filing shall be applicable till the default continues.
Form 11 can be certified by at least two designated partners of LLP. However, if turnover exceeds 5 crores or contribution of LLP is more than Rs 50 lakhs, then annual return of the LLP will have to be certified by a practising company secretary.
In case Annual Filing for LLP fails to file the statement of accounts & solvency report within the prescribed period of time then it shall be liable for a fine of INR 100 per day.
If the annual turnover of Limited Liability Partnership is more than INR 40 lakhs or contribution is more than INR 25 lakhs then it is required for LLPs to audit their books of account. Therefore if the above-mentioned condition is not fulfilled then LLPs are not required to get their books of account audited and it makes the Annual Filing for LLP process simpler. Accounts shall be audited by the Practicing Chartered Accountant.
Form 3CEB is required to be filed by the LLPs if they have entered into any international transactions with associated enterprises or in case of specified Domestic Transactions. It has to be certified by a practicing Chartered Accountant. If LLP filed this form then due date for income tax return filing shall be 30th November.
Form ITR 5 will be filed by the LLPs for income tax return. Form can also be online filed via the income tax website. For online filing of form designated partner’s digital signature are required.
Statement of Account & Solvency is required to be filed by the Limited Liability Partnerships (LLPs) within a prescribed period of thirty days from the day six months end of the financial year whereas Annual Return within the prescribed period of sixty days from the end of the financial year.
Financial year for Limited Liability Partnerships will be mandatorily from 1st April to 31st March therefore Statement of Account & Solvency shall be filled on or before 30th October of every financial year.