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LLP Annual Compliance

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    LLP Annual Compliance

    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. In addition to the MCA annual return, LLPs must also mandatorily file income tax return every year

    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.

    What are LLP Annual Filing Compliances?

    • LLPs are separate legal entities; therefore, it is the responsibility of the Designated Partners to maintain a proper book of accounts and file an annual return with the MCA each financial year. LLP form 11, Form 8 & Income tax return are main compliances.
    • LLP Annual Filing Forms: 
      Form 11 is a statement of annual return. Every LLP is required to file Annual Return in Form 11 to the Registrar within 60 days from the closure of financial year i.e. Annual Returns have to be filed on or before 30th May every year.
    • Form 8 is a statement of accounts. Every LLP is required to prepare and close its accounts until the 31st March every year. Form 8 is to be filed by at least two Designated Partners with the Registrar within 30 days after completion of six months of Financial Year i.e. 30th October every year.

    How to file annual reports for limited liability partnerships

    1. LLPs are separate legal entities; therefore, it is the responsibility of the Designated Partners to maintain a proper book of accounts and file an annual Gain access to the MCA Portal and navigate to the specific LLP page. Choose the category that best aligns with your requirements in order to retrieve the appropriate eForm.
    2. Download the eForm along with its accompanying instruction kit. This kit serves as a comprehensive guide to assist you in completing the eForm accurately.
    3. Fill out the downloaded eForm diligently, ensuring that all mandatory fields are provided with the necessary information.
    4. Attach all required documents as directed within the eForm.
    5. Connect to the internet and utilize the Prefill button (if applicable) to automatically populate specific fields in the eForm.
    6. Proceed to digitally sign the document. This can be accomplished either by the applicant themselves or by a representative acting on their behalf.
    7. Utilize the Check Form button within the eForm to verify the accuracy of the provided details, ensuring the inclusion of all necessary attachments, and validating the digital signature.
    8. Upload the completed eForm for pre-scrutiny. The system will then evaluate the document for potential errors or omissions.
    9. Make the payment for the determined charges, which may include any late payment fees. Convenient payment methods such as credit card, NEFT, internet banking, or in-person at the bank counter through challan can be used.
      return with the MCA each financial year. LLP form 11, Form 8 & Income tax return are main compliances.
    10. LLP Annual Filing Forms:
      Form 11 is a statement of annual return. Every LLP is required to file Annual Return in Form 11 to the Registrar within 60 days from the closure of financial year i.e. Annual Returns have to be filed on or before 30th May every year.
    11. Form 8 is a statement of accounts. Every LLP is required to prepare and close its accounts until the 31st March every year. Form 8 is to be filed by at least two Designated Partners with the Registrar within 30 days after completion of six months of Financial Year i.e. 30th October every year.

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