LLP Annual Filing

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., LLP annual return is due on May 30th and the Statement of Account & Solvency is due on October 30th of each financial year.

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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 give you an opportunity to meet the mandatory annual compliances of LLP, which is often deferred by the emerging companies leading to detrimental impact on the businesses, at a very affordable rate.This offer would protect your startup from unnecessary taxes, penalties by keeping your business in perfect compliance as you grow. We will assign a chartered accountant dedicated to your filing. He will get in touch with you within 6 working hours for timely annual filings.

Simple Steps to LLP Annual Filing!

LLP Annual Filing

Rajput Jain & Associate can help file the mandatory annual return for your LLP and maintain annual compliance with the Ministry of Corporate Affairs.

Annual Return Preparation

An Rajput Jain & Associates Compliance Expert will prepare the Annual Return for your LLP based on the financial performance of the previous financial year.

Annual Return Verification

Once the Annual Return is prepared in the requisite format, the Client's Finance Team can verify the prepared annual return and affix the digital signature.

Project Finalization

Once the Annual Return is prepared and verified, the Annual Return can be filed with the Minsitry of Corporate Affairs along with the necessary attachments.

Rajput Jain & Associates can help file you file the income tax return, Roc Return, Services Tax Returns , VAT Return’s for your LLP in India.The LLP shouldensure that

  • All its invoices and official correspondence bear the name of the registered LLP.
  • keep accounts and other records which will sufficiently explain the transactions and financial position for 8 consecutive years;
  • File an annual income tax return to show all income earned by the LLP and deductions claimed for expenses incurred in carrying on the LLP business;
  • Monthly, Quarterly TDS, Services Tax , Sales Tax, Excise Compliance to be completed within schedule time frame ;
  • The income tax return of a LLP must be accompanies by the tax compliance and financial statements of the LLP.
  • In certain cases, a Statutory & Tax Audit may have to be conducted by a Chartered Accountant prior to filing the tax return of the LLP.

Please note that this offer is for Startups LLP with a turnover of less than Rs 10 Lakhs for Financial year 2015-16 (Due date being 30th September 2015) and earlier years. In case you require real time day to day tax and accounting services for the current financial year (FY 2015-16), check out our retainer ship.

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FREQUENTLY ASKED QUESTIONS (FAQ)

  • 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. And other compliance are mention below:

    File Sales Tax (VAT) Returns every Quarter within the due dates

    Due dates

    • 25 July - for April to June
    • 25 October - for July to September
    • 25 January - for October to December
    • 25 April - for January to March

    File Service Tax Returns every Half Year ( every 6 Months)

    Due dates

    • 25 October - for April to September and
    • 25 April - for October to March

    Income Tax Return every year before

    Due dates

    • 30th Sep if your Turnover is More Than 1 Crore - ServiceTurnover More than 25 Lakhs

    What to do for Annual Compliance

    • Maintain Proper Books of Accounts as per requirement of company Act 2013.
    • Prepare and File Balance Sheet with RoC, File TDS, Income Tax Returns with Income Tax Department.
    • Comply with Sales Tax and Service Tax Requirements.
    • Get your accounts Audited by Chartered Accountant in Compliance with Tax audit and statutory Audit as per requirement of the LLP.

    Non Compliance Penal Consequence

    • Late filing or non-filing of Annual Return before the due date will attract a penalty 12 Times of Normal Fees.
    • Late filing or non-filing of Sales tax, Services Tax return before the due date will attract a penalty,
    • Non Compliance of Income tax Act provision will may attached Penal action,
    • Further, the LLP cannot be wound-up or closed without filing of the return.
  • 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.

  • 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.

  • 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.

  • 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.

  • 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.

    Highlights of LLP Annual Return Filing

    Annual Return

    Annual return is a mandatory filing to be made by all LLPs in India. The annual return must be electronically filed in the prescribed format with the Ministry of Corporate Affairs.

    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 by the designated partners and related to financial position of the LLP.

    Annual Return Due Date

    Annual return of a LLP is due within 60 days of close of financial year. Therefore the Annual return of a LLP is due on or before May 30th of each financial year.

    Statement of Accounts and Solvency Due Date

    Statement of Accounts and Solvency of a LLP is due within 30 days from the end of six months of close of financial year. Therefore the Statement of Accounts and Solvency of a LLP is due on or before October 30th of each financial year.

    Newly Incorporated LLP

    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.

    Penalty for Late Filing

    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 penalty doesn't have a ceiling, so it is best to file in time.

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