LLP incorporated under the LLP Act 2008 shall file Form for annual return and solvency of accounts at the end of every financial year in Form 8 for which ROC filing due date is 30th October of each financial year and LLP Form 11 for which ROC filing due date is 30th May of each financial year. Timely LLP annual filing is vital as well as mandatory for all the entities registered under the LLP Act 2008.
The financials of the LLP are not required to be audited except those LLP’s whose turnover exceeds rupees forty lakhs or contribution is above rupees twenty-five lakhs. Apart from the MCA annual return, LLPs are required to file an income tax return every year. At Provenience, we offer a range of packages to suit your specific requirements.
The filing of annual forms requires the compilation of accounts for the entire year, which helps to analyse the financial position of the LLP, i.e. LLP is incurring losses or making a profit.
The Government keeps the record of the existence of the LLP based on the regular LLP annual filings which every LLP is required to file or else the LLP is considered fake and can be struck off suo motu by the ROC.
The timely and yearly filing of forms avoids the burden of penalty which may arise due to non-filing regularly.
Audited financial statement, if turnover exceeds Rupees Forty Lakhs or contribution is above Rupees Twenty-Five Lakhs.
Disclosure of interest by all the designated partners and filing of Form.
Form 11 Filing on or before 30th May for Every Financial Year
Form 8 filing on or before 30th Oct for Every Financial Year
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Yes, every LLP is covered under this compliance and are required to file the annual forms.
Form 11 LLP (Filing of Annual Accounts) is required to be filed within 60 days of closure of the financial year, i.e. 30th May and Form 8 LLP (Statement of Account & Solvency) is required to be filed before 30th Oct for every financial year.
The disclosure of the interest of all designated partners and audited financial statement if turnover exceeds rupees forty lakhs or contribution is above rupees twenty-five lakhs is attached with Form 11 LLP and Disclosures under Micro, Small, and Medium Enterprises Development Act, 2006 is attached with Form 8 LLP.
The penalty of Rs 100/- per day from the due date of filing shall be applicable till the default continues.
The Statement of Accounts and Solvency contains a declaration by the designated partners pertaining to the solvency of the LLP, statement of assets & liabilities, and statement of income & expenditure.
Form 11 can be certified by at least two designated partners of the LLP. However, if the turnover exceeds five crores or the contribution of LLP is more than Rs 50 lakhs, then the annual return of the LLP will have to be certified by a practising company secretary.
Yes, you are required to complete the LLP annual filing as per the norms even if you have not conducted any business during the entire year. As per the law, NIL return is required if no business is done.