LLP Annual Filing Package
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. However, in case the LLP was incorporated on or after 1st of October of a financial year, then the LLP can close its first financial year either on the coming or next 31st March, thereby filing its annual return after 18 months.
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.40 lakhs or if the contribution exceeds Rs.25 lakhs. Therefore, LLP who do not have to get the accounts audited if it satisfies the above condition, making the annual filing process a simple and easy one. We can help file the Annual return for your LLP.
Our Charges: Our charges for LLP Annual Compliance starts from Rs.5000/-.
Advantages
Stay Disciplined
Many businesses let their compliance requirements pile up, even though taking care of it involves much less effort than is often imagined. Staying disciplined from the initial days will be hugely helpful when looking for investment or a bank loan, as both would want to ensure that your business is in compliance with the MCA’s requirements.
Compliance Advice
Having a company secretary on call throughout the year is essential in ensuring that your business is run in accordance with the laws in force. Our team would keep you up-to-date with all the changes made by the MCA throughout the year.
FAQs
1. What is Annual Return?
Annual return is a mandatory filing to be made by all LLPs in India. The annual return must be filed in the prescribed format with the Ministry of Corporate Affairs. Filing of annual return with the MCA is different from the filing of annual return with the Income Tax department.
2. What is Statement of Accounts and Solvency?
Statement of Accounts and Solvency is a mandatory filing that is required for all LLPs in India. Statement of Accounts and Solvency contains a declaration on the state of solvency of the LLP by the designated partners and also information related to statement of assets and liabilities and statement of income and expenditure of the LLP.
3. What is the due date for filing LLP Annual Return?
Annual return of a LLP is due within 60 days of close of financial year. LLPs must uniformly maintain a financial year that starts on April 1st and ends on March 31st, therefore the Annual return of a LLP is due on or before May 30th of each financial year.
4. What is the due date for filing LLP Statement of Accounts and Solvency?
Statement of Accounts and Solvency of a LLP is due within 30 days from the end of six months of close of financial year. LLPs must uniformly maintain a financial year that starts on April 1st and ends on March 31st, therefore the Statement of Accounts and Solvency of a LLP is due on or before October 30th of each financial year.
5. I am a newly incorporated LLP, when is my annual return due?
If a LLP was incorporated on or after 1st October of a financial year, then the LLP can close its first financial year either on the coming or next 31st March. Therefore, if required, a newly incorporated LLP can file its first Annual return and Statement of Accounts and Solvency for 18 months.
6. What is the penalty for not filing LLP Annual Return?
Late filing or non-filing of LLP Annual Return or Statement of Accounts and Solvency before the due date will attract a penalty of Rs.100 for each day of default. Further, the LLP cannot be wound-up or closed without filing of the return and the penalty doesn’t have a ceiling. Therefore, it is best to file the Annual Return and Statement of Accounts & Solvency of a LLP in time to avoid heavy penalty.
Important Links regarding LLP
- Procedure for Suo Moto Closure of LLP
- Process of Admission or Deletion of Partners of LLP
- Process For Change In Registered Office of LLP
- Process For Change In Name of LLP
- Income Tax implications on conversion of a Company into LLP
- Applicability of Reverse Charge In Case of LLP
- LLP Capital Investment Increase or Decrease