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CS VIJENDRA | TAX CONSULTANT | HIRE A CERTIFIED TAX ADVISOR
Annual LLP Compliances
Annual LLP Compliances A Limited Liability Partnership (LLP) is a popular business structure that combines a blend of a partnership firm's flexibility and a company's limited liability protection. While LLPs are not subjected to as many stringent regulations as private limited companies, they still have certain annual compliance requirements that must be adhered to. Maintaining efficient business operations and avoiding penalties require adherence to the LLP's Annual Compliances.
In accordance with the Limited Liability Partnership Act of 2008, each LLP that is registered must complete a number of compliance requirements each year, such as keeping accurate financial records, filing yearly returns, and following tax laws. The following important filings and procedures are part of the LLP's Annual Compliances:
Maintenance of Proper Book of Accounts LLPs must maintain accurate and up-to-date financial records to reflect their financial position. All transactions, including revenue, expenses, assets, and obligations, should be documented in these books of accounts. Proper bookkeeping ensures that the LLP can prepare accurate financial statements and comply with tax filing requirements. The books of accounts can be maintained in manual or electronic form, but they must be accessible for regulatory scrutiny when required.
Filing of Annual Return - LLP Form 11 One of the primary compliance requirements for LLPs is filing LLP Form 11, which is the annual return. This form contains details such as:
The number of partners in the LLP Contributions made by each partner Changes, if any, in the LLP’s management structure The LLP Form 11 must be filed with the Ministry of Corporate Affairs (MCA) by May 30th of each financial year. Even if the LLP has not conducted any business transactions during the year, filing this form is mandatory to maintain compliance.
Filing of Statement of Accounts – LLP Form 8 The LLP Form 8 is a crucial compliance requirement that contains the financial statements of the LLP. This includes:
A statement of solvency declaring that the LLP is financially sound The LLP’s financial performance, including income and expenditure LLPs must submit LLP Form 8 by October 30th every year. This form needs to be signed by designated partners and certified by a Chartered Accountant (CA), Company Secretary (CS), or Cost Accountant.
Requirements for LLP Audit and Tax Filing LLP audit requirements are contingent on their financial turnover:
If an LLP has either a turnover of more than Rs. 40 lakhs or A capital investment of more than Rs. 25 lakhs Then, the LLP must undergo an audit by a qualified Chartered Accountant. LLPs below these thresholds are exempt from mandatory audits but must still maintain proper financial records and file their tax returns timely.
Tax Filing Deadline (Without Tax Audit) For LLPs that are not required to undergo a tax audit, the Income Tax Return (ITR-5) must be filed by July 31st of the assessment year. If an LLP is subject to a tax audit, the deadline extends to October 31st . Filing tax returns on time ensures compliance with tax regulations and avoids penalties from tax authorities.
Income Tax Return on Income (ITR-5) Every year, LLPs are required to submit their Income Tax Return (ITR-5) to the Income Tax Department. This return includes details of the LLP’s income, deductions, and tax liabilities. LLPs can use a designated partner's digital signature to file their taxes online. It is essential to file the ITR-5 on time in order to prevent fines and late fees.
Benefits of LLP Annual Filing Avoidance of Penalties: Non-compliance with LLP annual filing requirements results in heavy penalties. Regular filing helps in avoiding these penalties and legal complications.Financial Transparency: Proper record-keeping and filing ensure that the LLP's financial position is transparent, which helps in attracting potential investors and lenders.Business Credibility: Compliance with regulatory requirements enhances the credibility of the LLP, making it easier to secure loans and contracts.Smooth Business Operations: Following statutory compliance requirements ensures that the LLP can operate without legal hurdles.Why Choose CS Vijendra & Co. At CS Vijendra & Co., we specialize in providing expert advisory and compliance services for LLPs. Our services include:
Assistance with Annual Return Filing: We help in the timely filing of LLP Form 11 and LLP Form 8 to ensure compliance.Accounting and Bookkeeping Services: We maintain proper books of accounts to ensure that financial records are accurate and compliant with regulatory norms.Tax Filing and Advisory: Our team assists in the preparation and filing of ITR-5, ensuring accurate tax compliance.Audit and Compliance Support: We provide audit assistance for LLPs that require statutory audits based on turnover and capital contributions.Regulatory Guidance: We offer continuous compliance support to ensure LLPs meet all legal requirements.Maintaining an LLP's annual compliance is crucial to its efficient operation. By staying updated on compliance requirements and filing annual returns on time, LLPs can avoid penalties and maintain financial stability. CS Vijendra & Co. is committed to providing professional compliance services to help LLPs meet their statutory obligations efficiently.
