Mandatory Compliances Services
Annual Filings For LLP
Every LLP who is registered with the Ministry of Corporate Affairs is required to file the Annual Returns and Statement of accounts for each financial year. Limited liability partnerships (LLPs) have less compliance to fulfill, when compared to private limited companies. LLPs need to file information related to statement of accounts and annual returns on an annual basis. Penalties, however, are huge for failure to comply. Special care must be taken with the Annual Return filing on time since non- compliance will attract a penalty of Rs. 100 per day of default with no ceiling.
Managing the day to day operations of a LLP along with the handling of all compliances of the corporate law can be very time consuming for the management. At Biz pole, our legal advisors thoroughly understand such legal requirements and provide necessary guidance to ensure timely fulfillment of compliances, helping you avoid huge penalties and interests.
- LLP Form 11 Annual Return or Form 11 gives details of an LLP’s Partners. Whenever there is any change in the management of the LLP, it should be indicated in the Form. LLPs should file Annual Return in Form 11 to the Registrar within 60 days from the closure of a financial year.
- LLP Form 8 All LLPs should maintain their Books of Accounts in Double Entry System. Also, a Statement of Solvency (Accounts) needs to be prepared every year ending on 31st March. This is achieved through filing of LLP Form 8 with the Registrar of Companies on or before 30th October every year.
- LLP Tax Audit LLPs being separate legal entities, the Designated Partners have the responsibility of maintaining proper books of accounts and file an annual return with the MCA each financial year. LLPs are required to audit its accounts once the annual turnover exceeds Rs.40 lakhs or if the contribution exceeds Rs.25 lakhs.
- Income Tax Return Filing Form ITR 5 is used to file income tax return of an LLP. This is 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.
Why avail Bizpole Services
Our experts complete all the compliance requirements of a Limited Liability Company in a timely. Our charges are only a fraction of the price charged by offline company secretaries making it cost effective for your business. We also strive to give you absolute clarity on the process to set realistic expectations.
- Drafting of Notices
- Annual Filing Forms Preparation
- Annual Filing with ROC
- Govt. Fees Payment