Annual Compliance Requirements for LLPs

Every LLP has to File following forms with Ministry of Corporate Affairs every year

• Filing of Form 11
• Filing of Form 8
• Income Tax Return Filing

1). Annual Return of LLP (Form 11) :

Annual return which contains information concerning the partners, changes in the management amongst other facts of the LLP.

Deadline: Within 60 days from the end of the financial year, typically by May 30th each year.

Details Required:

• Number of partners
• Contribution received from each partner
• Details of changes in partners, if any

2). Statement of Accounts & Solvency (Form 8)

Purpose: This form is used in filing the annual financial returns of the LLP in which the Statement of Assets and Liabilities and the Statement of Income and Expenditure are included.

Deadline: Within 30 days from the end of six months of the financial year, typically by October 30th each year.

Details Required:

• Statement of assets and liabilities
• Statement of income and expenditure
• Declaration on solvency by the partners

 3). Income Tax Return Filing (Form: ITR-5)

Deadline:

• July 31st for LLPs not requiring audit.
• September 30th for LLPs requiring audit.

 Details Required: Financials  (Profit & Loss A/c & Balance sheet)

4). Audit of Accounts (if applicable)

Applicability: The auditor’s report must be mandatory if the turnover of the company during the preceding year has been more than ₹40 lakh or the contribution of the company during the preceding year has been more than ₹25 lakh. 

• Auditor’s Report: Required to be filed with the Registrar of Companies.

Need more details Contact Sahyog Tax & Finance Advisory Ltd.