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    Annual Compliance of Limited Liability Partnership (LLP)

      LLP Registration, though has lesser compliances then a Private Limited Company, still requires to do few Annual Compliances every year. LLP is the latest form of entity and it is very important to do regular compliances of LLP.

      LLPs in India must file its Annual Return within 60 days from the end of close of financial year and Statement of Account & Solvency within 30 days from end of six months of close of financial year. Unlike Companies, LLPs mandatorily have to maintain their financial year, as April 1st to March 31st. Therefore, LLP annual return is due on May 30th and the Statement of Account & Solvency is due on October 30th of each financial year. In addition to the MCA annual return, LLPs must also mandatorily file income tax return every year. MaxBusiness provides a comprehensive LLP compliance service which includes LLP Annual Filing and LLP income tax return filing at a very affordable price point.

      LLP Form 11

      Form 11 contains details of the number of partners, total number of partners, total contribution received by all partners, details of body corporate as partners and summary of partners. All LLPs should file this form within 60 days from the closure of the financial year with the prescribed fee. Hence, the due date for filing LLP Form 11 is 30th of May each year.

      LLP Form 8

      Form 8 must be filed within 30 days from the end of 6 months of the financial year along with some prescribed fee. This must be digitally signed by 2 designated partners and it must be certified by a chartered accountant/company secretary/cost accountant. Form 8 has contains Statement of Solvency, Statement of Accounts and Statement of Income & Expenditure.

      LLP Tax Audit

      LLPs are separate legal entities. Therefore, it is the responsibility of the Designated Partners to maintain proper book of accounts and file annual return with the MCA each financial year. LLPs are not required to audit its accounts unless the annual turnover exceeds Rs.1 crore or if the contribution exceeds Rs.25 lakhs.

      Income Tax Return Filing for LLP

      LLPs must file income tax return using Form ITR 5. Form ITR 5 can be filed online through the income tax website using the digital signature of the designated partner. The deadline for LLP tax filing in India is July 31st if tax audit is not required. LLP whose turnover exceeded Rs. 40 Lakh or whose contribution exceeded Rs. 25 Lakh are required to get their accounts audited by a practising Chartered Accountant. The deadline for tax filing for LLP required to obtain audit is September 30th.

      MaxBusiness assists in Annual Compliance of LLP by filing all the General Meeting Reports, Govt Fees, Return Filing and Accounting as per prescribed format. Annual Filings of LLP Company can be done without  personally meeting the CA.

     

    What is included in our Annual Compliance LLP package?

    • Government Fees
    • AGM Filing
    • Accounting in Tally
    • Balance Sheet
    • TDS Returns
    • Payslips
    • GST Return Filing

     

    Procedure for Annual Compliance LLP Service

     

    Documents Required For Annual Compliance LLP

    • Company information required by MaxBusiness
    • Bank Statement/s
    • Other information required as per the format of MaxBusiness

     

    Advantages of Annual Compliance- LLP Service

    Ease in Fund Raising

    A LLP can raise funds but for that it is mandatory that LLP is fully compliant with all the statuary requirements and all the filings are in place. Any lapse in the same can jeopardize your fund raising plans.

    Avoid paying Fines

    There is penalty for LLP for not filing the compliances and penalty is sometimes as high as Rs 100,000. Directors can also be de-barred from becoming director of any new company registration. Hence Annual Filing of LLP ensures that fines can be avoided.

     

    FAQ’S

    Q. Can an individual do the compliance of LLP himself?

    Q. Is the rules of LLP different from Private Limited Company?

    Yes, rules of Private Limited Company are different than LLP. Compliances of LLP are less stringent.

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