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Annual Statutory compliance of a Limited Liability Partnership in India

Limited Liability Partnership is governed by LLP Act, 2008. There are certain statutory compliance which must be done by a LLP every year:

A. FILING WITH REGISTRAR OF LLP

1.    Filing of Annual Return

An LLP is required to file the Annual Return with the Registrar of LLP (Form 11) within 60 days of closure of its financial year. An LLP has to close its financial year on every 31st March. So, the Annual Return is to be filed on or before 30th May every year.

2.    Filing of Annual Accounts 

Every LLP has to maintain books of accounts as per double entry system of accounting and prepare a Statement of Accounts and Solvency (Accounts) every year ending on 31st March. LLP has to file such Accounts to the Registrar of LLP (Form 8) within 30 days from the end of 6 months of such financial year. So, the filing of Accounts is to be filed on or before 30th October every year. In case of an LLP whose annual turnover exceeds Rs.40 lakhs or whose contribution exceeds Rs.25 lakhs, shall be required to get its accounts audited by a qualified Chartered Accountant.

B. INCOME TAX 

As per Income Tax Act, LLP has to close its financial year as on 31st March every year and has to file the returns with Income Tax Department. In case of LLP whose annual turnover is more than Rs.60 Lakhs, the accounts have to be audited as required under Income Tax Act as well.

A LLP have to file its Income tax Returns on or before the due dates as follows:

LLP whose accounts are not required to be audited under any Law 

31st July of every year

LLP whose accounts are subject to Audit under any Law

30th September of every year or such other date as may be notified by the Income Tax authorities.

 

 

Rohini Mishra
Rohini Mishrahttp://www.commerceduniya.in
I am the Co-Founder of this fascinating website Commerce Duniya
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