All LLPs shall be under obligation to maintain annual accounts reflecting true and fair view of its state of affairs. Every Limited Liability Partnership (LLP) is required to file LLP Form-8 (Statement of Account & Solvency) and LLP Form-11 (Annual Return) annually. Even if LLP does not do any business, it has to comply with statutory requirement such as Annual Return, Balance Sheet, Profit and loss Account and Income tax return every year. The statutory fees will depend upon the capital contribution of LLP.
Only those LLPs whose annual turnover exceeds Rs. 40 lakhs or whose contribution exceeds Rs. 25 lakhs are required to get their accounts audited by a qualified Chartered Accountant. In case of LLPs with turnover more than 5 crore rupees in a financial year or contribution more than 50 lakh rupees, the annual return shall be certified by a Company Secretary in Practice.
Form-8 is to be filed with the Registrar of LLP on or before 30th October every year. Every LLP is required to file Annual Return in Form-11 to the Registrar within 60 days from the closure of financial year i.e the Annual Returns has to be filed on or before 30th May every year.
LLP with a Turnover of Less than 10 lac
Just pay 3000 to start
LLP with a Turnover of Less than 40 lac
Just pay 4000 to start
Turnover of Less than 100 lac
Just pay 6000 to start
Annual return is a mandatory filing to be made by all LLPs in India. The annual return must be filed in the prescribed format with the Ministry of Corporate Affairs (MCA). Filing of annual return with the MCA is different from the filing of annual return with the Income Tax department.
LLPs to be taxed on the lines similar to general partnerships under Indian Partnership Act, 1932, i.e. taxation in the hands of the entity and exemption from tax in the hands of its partners.
LLP is required to file LLP Form-8 (Statement of Account & Solvency) and LLP Form-11 (Annual Return) annually. The ‘Annual Return’ is required to be filed within 60 days of close of the financial year and ‘Statement of Accounts & Solvency’ shall be filed within 30 days from the end of six months of the financial year to which it relates. Every LLP has to maintain uniform financial year ending on 31st March of a year.
The LLP cannot be closed/ wound up unless all pending annual filing is complete.
Annual return of a LLP is due within 60 days of close of financial year. LLPs must uniformly maintain a financial year that starts on April 1st and ends on March 31st, therefore the Annual return of a LLP is due on or before May 30th of each financial year.
In case total obligation of contribution of partners of the LLP exceeds Rs. 50 lakhs or turnover of LLP exceeds Rs. 5 crores, then the e-Form needs to be certified by a Company Secretary in whole time practice.
If a LLP was incorporated on or after 1st October of a financial year, then the LLP can close its first financial year either on the coming or next 31st March. Therefore, if required, a newly incorporated LLP can file its first Annual return and Statement of Accounts and Solvency for 18 months.
Even though the LLP is not functional since incorporation, the LLP shall be required to file e-form-11 by its due date. Filing Form-11 is a compulsory annual compliance.
Statement of Accounts and Solvency of a LLP is due within 30 days from the end of six months of close of financial year. LLPs must uniformly maintain a financial year that starts on April 1st and ends on March 31st, therefore the Statement of Accounts and Solvency of a LLP is due on or before October 30th of each financial year.
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