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LLP Annual Compliance
An Overview
LLP (Limited Liability Partnership) Annual Compliance in India involves fulfilling regulatory obligations and statutory requirements mandated by the Ministry of Corporate Affairs (MCA). These obligations aim to ensure transparency, proper governance, and legal adherence for LLPs. Here’s an overview:
Annual Return Filing: LLPs are required to file an Annual Return Form 11 with the Registrar of Companies (RoC) within 60 days from the closure of the financial year (April 30th). It includes details of the LLP’s partners, capital, business activities, etc.
Financial Statements: LLPs must prepare and file their financial statements (Statement of Account and Solvency) within 30 days from the end of six months of the financial year (October 30th). This includes the Balance Sheet, Profit & Loss Account, and Statement of Changes in Financial Position.
Audit Requirements: LLPs with a turnover exceeding a specified limit or meeting certain criteria must get their accounts audited by a Chartered Accountant. The audit report must be filed along with the annual return.
Income Tax Filing: LLPs need to file Income Tax Returns (ITR) by September 30th or the extended due date, providing details of income, deductions, tax payments, etc.
Penalties for Non-compliance: Failure to comply with annual obligations can result in penalties, fines, or legal repercussions. These penalties may vary depending on the nature and duration of non-compliance.
Changes in LLP Agreement: Any changes or modifications in the LLP agreement, partners, registered office, etc., must be updated and filed with the RoC within prescribed timelines.
Professional Assistance: Many LLPs seek professional help from Company Secretaries or Chartered Accountants to ensure accurate filing, compliance with regulations, and timely submission of documents.
Is It Mandatory?
Yes, LLP Annual Compliance is mandatory in India as per the regulations set by the Ministry of Corporate Affairs (MCA). LLPs are required to fulfill various statutory obligations, including filing annual returns, maintaining financial statements, conducting audits (if applicable), and adhering to tax-related requirements. Failure to comply with these obligations can lead to penalties, fines, and legal consequences.
Key compliance requirements for LLPs include filing an Annual Return (Form 11) within 60 days from the closure of the financial year, preparing and filing financial statements, conducting audits as per thresholds, and filing Income Tax Returns by the due date.
Meeting these obligations within the specified timelines and following the regulatory framework ensures proper governance, transparency, and legal validity for LLPs operating in India. Non-compliance can result in financial liabilities and affect the LLP’s standing and credibility. Therefore, fulfilling annual compliance requirements is essential for LLPs to operate lawfully and avoid penalties.
Information / Documents Required
General Documents / Informations Required from all assessees:
LLP Agreement: The initial agreement that outlines the rights, duties, and responsibilities of partners, including their contributions and profit-sharing ratios.
Annual Return (Form 11): It includes details about the LLP, partners, capital, business activities, address, financial position, etc. This needs to be filed with the RoC within 60 days from the closure of the financial year.
Financial Statements: These comprise the Balance Sheet, Profit & Loss Account, and Statement of Changes in Financial Position. They need to be filed within 30 days from the end of six months of the financial year.
Audit Report (if applicable): LLPs meeting specific turnover criteria or other thresholds are required to get their accounts audited by a Chartered Accountant. The audit report needs to be filed along with the annual return.
Income Tax Returns (ITR): LLPs are required to file ITR providing details of income, deductions, tax payments, etc., by the due date.
Partners’ Details: Information about partners, such as their PAN cards, Aadhaar cards, addresses, and their respective contributions to the LLP.
Changes in LLP: Any changes in LLP agreements, partners, registered office address, or other significant alterations need to be updated and filed with the RoC within stipulated timelines.
Bank Statements and Financial Records: Records of the LLP’s financial transactions, bank statements, invoices, and receipts are crucial for maintaining financial transparency.
PAN and TAN: Permanent Account Number (PAN) and Tax Deduction and Collection Account Number (TAN) obtained for the LLP.
Due Date
Yes, LLPs (Limited Liability Partnerships) in India have specific due dates for various compliance requirements:
Annual Return (Form 11): LLPs need to file their Annual Return (Form 11) with the Registrar of Companies (RoC) within 60 days from the closure of the financial year. For instance, if the financial year ends on March 31st, the due date for filing Form 11 would be May 30th.
Financial Statements: LLPs must prepare and file their financial statements (Statement of Account and Solvency) within 30 days from the end of six months of the financial year. For example, if the financial year ends on March 31st, the due date for filing financial statements would be October 30th.
Income Tax Returns (ITR): The due date for filing Income Tax Returns by LLPs is typically September 30th of the assessment year, or the extended due date if any extension is granted by the tax authorities.
Missing these due dates may result in penalties or late fees. It’s crucial for LLPs to adhere to these timelines to ensure compliance with regulatory requirements and avoid any legal repercussions. Additionally, staying updated with any changes or notifications by the regulatory authorities regarding due dates is essential for LLPs to fulfill their obligations on time.
Benefits
LLP Annual Compliance refers to the statutory obligations that Limited Liability Partnerships need to fulfill each year, which include filing annual returns, maintaining financial statements, conducting audits (if applicable), and adhering to tax-related requirements.
Essential documents include the LLP Agreement, Annual Return (Form 11), Financial Statements, Audit Reports (if applicable), Income Tax Returns (ITR), partners’ details, and records of changes in LLP.
LLPs must file their Annual Return (Form 11) with the Registrar of Companies (RoC) within 60 days from the closure of the financial year.
Financial statements (Statement of Account and Solvency) need to be filed within 30 days from the end of six months of the financial year.
Yes, LLPs are required to file Income Tax Returns providing details of income, deductions, tax payments, etc., by the due date specified by the tax authorities
Non-compliance may result in penalties, fines, legal repercussions, loss of credibility, and difficulties in accessing loans or financial assistance.
Yes, many LLPs seek help from Company Secretaries or Chartered Accountants to ensure accurate filing, compliance with regulations, and timely submission of documents.
Annual Compliance enhances legal standing, transparency, credibility, reduces risks, facilitates access to finance, fosters good governance, and supports business growth.
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