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Manage Your Accounting & Annual Compliances For LLP Firms

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Limited Liability Partnerships are required to file the annual returns within 60 days from the end of the close of the financial year and account statement and solvency within 30 days from the end of six months of the closure of the financial year.

The financial year for the LLPs starts from the 1st of April to the 31st of March. The annual return for the LLPs is due on May 30th while the statement of accounts and solvency is due on the 30th of October of each financial year.

Besides the MCA annual return filing, the limited liability partnerships must also mandatorily file the income tax return every year.

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Checklist for LLP Annual Company Compliance

The LLPs are required to elect the partners for maintaining proper books of accounts and filing the annual return with the Ministry of Corporate Affairs annually.
The book of accounts of the LLPs need not be audited except in case the annual turnover is more than Rs.40 lakh or if the contribution is more than Rs. 25 lakh. Hence, the process of annual filing is simpler for the LLPs. Some of the annual filings are mandatory even if the LLP has begun the business or not.

LLPs are required to get the accounts audited by a practicing chartered accountant if the annual turnover in any financial year exceeds Rs. 40 lakhs or if the contribution exceeds Rs. 25 lakh.
To avail exemption from audits, the LLP accounts must contain a statement by the partners to the effect that the partners acknowledge their responsibilities for complying with the requirements concerning accounting and preparation of financial statements.

The LLP annual compliance has to be met by each and every registered LLP even if there is no business activity. In fact, it has to be met even if the LLP has been closed down and whether or not a business bank account exists.

Benefits of Accounting & Business Compliances For LLP

  • Higher Credibility: Annual compliance provides for higher credibility to the organization for loan approvals or any other similar requirements.
  • Record of Financial Worth: Annual compliance filings by LLP's provide records to other companies regarding their financial worth, which may result in new and interested investors.
  • Stays Active and No Penalties: With regular filings, LLPs are not declared as defunct, and stays active. Also, annual compliance filings are mandatory and hence involve penalties (additional fees) to LLPs, when they default on filings.
  • Conversion or Closure: Regular annual compliance filings facilitate easier conversion of Limited Liability Partnerships into other types of companies, as well as quicker resolutions in case of dissolution of partnerships.

Documents required for Accounting & Annual Compliances For LLP

Form 8
You must file the Form 8 inside 30 days from the completion of 6 months after a financial year ends. Two designated partners can sign this form digitally. Also, a company secretary/chartered accountant/cost accountant must certify the same. There are 2 parts in a Form 8 :
1. Part A - The solvency statement
2. Part B - Statement of expenditure & income, statement of accounts.
For not filing the Form 8 on time, a penalty of Rs 100 per day will be imposed.

Form 11
This form contains details such as the total number of designated partners, details of partners along with details of body corporates as partners, contributions received by the partners and summary of all partners. All LLPs must file the Form 11 within 60 days after the end of the financial year, along with the fee prescribed. Therefore, the LLPs should file their Form 11 by 30th May every year.
An LLP will not be allowed to close or wind up till it files all its annual returns. Therefore, all LLPs must file their annual returns on time, to avoid penalties.

Procedure for Filing Annual Compliance For LLP

The mandatory compliances that most businesses must meet are as follows:

  • LLPs must file an income tax return using Form ITR 5. Form ITR 5 can be filed online through the income tax website using the digital signature of the designated partner. After filing an LLP tax return, the taxpayer should print two copies of Form ITR-V.
    One copy of ITR-V, signed by the assessee should be sent by ordinary post to Post Bag No. 1, Electronic City Office, Bengaluru - 560100 (Karnataka). The other copy can be retained by the assessee for his record.
  • LLP tax payment can be made in physical mode through designated banks or E-payment mode. LLPs that are required to get their accounts audited are required to pay tax through e-payment mode only. To pay tax at designated banks, Challan ITNS 280 as provided below must be provided with the tax payment.

Why for Accounting & Business Compliance

As a benefit of working with industry specialists, our team will keep track of all changes to the various relevant regulations and keep you up to date and compliant. Our accounting and compliance team will collaborate closely with you to identify all needs and ensure that the procedure is completed on time. Our experts will assist you in a broad spectrum of financial services that cover:

  • Basic financial consultation:
    We have expert chartered accountants and financial professionals who offer basic financial consultation that your company needs.
  • Bookkeeping:
    Bookkeeping is a process of recording financial transactions and information on a daily basis. The account bookkeeping services may include payments made to suppliers, loan payments, customer invoice payments, monitoring asset depreciation, and generating financial reports.
  • Preparation of accurate annual financial statements and monthly reports:
    The balance sheet, income statement, and cash flow statement provide information on the company's financial position, including an overview of assets and liabilities, as well as stockholders' equity. It also helps in understanding the company's earnings and expenditures, as well as how the company pays its obligations and meets its operating expenses.
  • Assistance in designing invoices:
    Invoices are records of a company's sales transactions. They include information on the shipment, such as the quantity of items, item descriptions, total sale price and selling price per item, terms of sale, buyer and seller information, amount due, invoice number, payment method, and payment due date. Invoices establish the legal rights, wherein if the customer fails to make the due payment, the company can take it forward legally.
  • Basic taxation advisory:
    Our taxation experts offer the best-in-class tax planning strategies that are suitable for your business structure. We understand the changing tax regimes in India and offer timely information.

FAQs on Manage Your Accounting & Business Compliances

An LLP is supposed to file the LLP annual return in Form 11, the financial statement of the accounts and solvency, and the income tax return.

The LLP Form 8 or the statement of account and the solvency is to be filed every year by all the LLPs that are registered in India. It is filed with the MCA irrespective of the turnover.

The Partners need to comply with the annual return filing with the MCA, filing the statement of accounts.

There are many privileges for the LLPs as compared to other companies there are exemptions from maintaining the minutes' books, statutory register, annual general meeting as well as flexible rates.

The Board meeting is conducted by the Board of Directors, here no BOD is involved in the LLPs instead the designated partners run the whole business and are also responsible for the compliance.

The LLPs are corporate entities and are operated by the legal rules and the procedures that are the stated in LLP Act 2008. Irrespective of the turnover the LLPs have to file the annual returns giving details on the management on the financial performance. Any delay in the same attracts a heavy penalty.

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