Annual Compliances of LLP
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About Annual Compliance
When registering a company in India, you must follow a few rules pertaining to the type of company incorporation you choose. The main rule of a Limited Liability Partnership or an LLP is to conduct annual compliance. According to the LLP Act, 2008, companies that do not conduct annual compliance can be subject to legal action. Within 60 days of the end of a financial year, LLPs must file their Annual Returns in Form 11. In addition, each LLP must also maintain double-entry accounts and file them with the Registrar of Companies in Form 8 within 30 days after the first six months of the financial year-end. Additionally, if an LLP receives a contribution between 25 and 30 lakhs and its annual turnover exceeds 40 lakhs.
Advantages of Annual Compliance for LLP
Annual Compliance of LLP Registration Process Flow
2 WORKING DAYS
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2-3 WORKING DAYS
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Documents Required For Annual Compliance Of LLP
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Yes, it is mandatory for an LLP to carry out its annual compliance.
Yes, even if no business or revenue was developed, an LLP still has to carry out the annual compliance.
The Income Tax Department or ROC can endure strict legal action against companies and their members if the annual compliance.
LLP Annual Filing is essential for every LLP since its incorporation. From the closure of its first financial year, the LLP must file both forms within the specified time limit.
Annual compliance is required for every LLP, irrespective of the number of transactions, turnover, or commercial activity launched.
In case of delay in filing, the LLP is charged an extra Government fee of Rs 100 for each day of delay. Also, there is no top limit to an additional fee. For continuous loss to annual LLP compliance, the RoC can remove the name of the LLP from its register. Also apart from additional fees, the penalty may also be charged to LLP and its partners.
The audited books of accounts are required for the LLP falling under any of the below-mentioned measures:
1) If the turnover of the LLP exceeds ₹ 40 Lakh; or
2) Total contribution of Partners exceeds ₹ 25 Lakh.
If LLP does not fall below any of the above criteria, statements with the signature of partners are adequate.
Due dates of LLP compliance are established at the closure of each financial year. The Financial Year of every LLP must be closed on 31st March. However, the period of the financial year relies on the month of its incorporation:
- a) LLPs registered between 1st April and 30th September: The LLP must complete its financial year on 31st March of the next calendar year. Suppose LLP is registered on 1st May 2018, the same should close its financial year on 31st March 2019.
- b) LLPs registered between 1st October and 31st March: The LLP has the choice to choose the end of its financial year. For example, if the LLP is registered on 30th October 2018 the same can complete its financial year either on 31st March 2019 or 31st March 2020.
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