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Annual Compliance Filings for LLPs
LLPs need to file their returns and statement of accounts annually. Failing to comply with this can attract a penalty of up to Rs 5 lakh. Annual Compliance comprises.
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Connect with a Zolvit expert
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Get all your LLP specific queries regarding annual compliance answered
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We check weather you have maintained proper books of accounts
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Submission of e-forms and necessary paperwork
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Post-compliance checks and balances courtesy Zolvit experts
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Once you have the below documents ready, submit them digitally to commence annual compliance formalities for your LLP. Zolvit uses the best-in-industry security protocols to ensure your documents are always secure.
LLP book of accounts including Statement of Accounts and Solvency.
Balance Sheet
Income statement
Statement of Profit & Loss
Statement of cash flows
Details such as the total number of designated partners and contributions received by the partners
Summary of all partners including corporate bodies
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Did you know?
LLPs are required to submit annual reports and information pertaining to the statement of accounts to the RoC. However, failure to comply carries severe penalties. Organisations that fail to provide the required information face severe fines that can reach upto ₹ 5 lakhs.
LLPs that meet annual compliance requirements are frequently given loans more quickly or readily funded by investors.
An LLPs' fiscal year runs from April 1 through March 31. The statement of accounts and solvency is due on the last day of October of each fiscal year, while the annual return for LLPs is due on the last day of May. Limited liability partnerships are required to file an income tax return each year in addition to the MCA annual return.
Each year, LLP Form 8 must be submitted to ROC as an annual filing. Within 30 days of the end of the first six months of the financial year to which the statement relates, a statement of account and proof of solvency must be filed with the registrar. If the contribution exceeds ₹ 25 lakh or the annual turnover in any financial year exceeds ₹ 40 lakh, LLPs must also have their accounts audited by a licenced chartered accountant.
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To commence annual compliance formalities for your LLP, follow the steps below:
Step 1: Form 8 via LLP Filing and Services
Every year, Form 8 must be filled out and submitted by all enrolled LLPs. Form 8 requests information about the profit made and other financial information related to the business. Form 8 needs to be certified by a practicing chartered accountant, practicing company secretary, or practicing chartered accountant and be attested by the designated partners.
Step 2: Form 11 via LLP Filing and Services
The prescribed Form-11 is to be used for filing annual returns. This form is regarded as a summary of the LLP's management activities, including the number of partners and their names. Additionally, Form 11 must be submitted annually by May 30.
Step 3: Tax Filing and Audit
An LLP which is required to have its book audited must file their tax return by September 30th. The deadline for filing taxes is July 31st for LLPs where a tax audit is not necessary. You will not have to worry about whether or not your LLP requires an audit as the experts at Zolvit will conduct that investigation on your behalf and file the annual compliance on your behalf without any delay.
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Do all LLPs have to undergo a mandatory tax audit?
What is the LLP form 8 Due date
