Advoxpert is your go-to partner for ensuring seamless annual compliance for Limited Liabilities (LLP) company. Navigate through regulatory requirements with ease in just a few clicks. T&C* apply.
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Rely on our team of highly qualified CAs to deliver excellence in every aspect of compliance filing. Explore our comprehensive package for all the details.
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The LLP Act of 2010 places LLPs in India under the governance of the Ministry of Corporate Affairs (MCA). Every registered Limited Liability Partnership (LLP) in India is obligated to submit annual returns and income tax returns to the MCA each year. Compliance with various regulations is mandatory for LLPs, and failure to adhere may lead to penalties.
LLPs in India are required to file their annual tax return within 60 days from the end of the financial year, along with the Statement of Account & Solvency within 30 days from the end of the financial year. Unlike companies, LLPs maintain their financial year. Additionally, LLPs must file income tax returns annually as part of their regulatory obligations.
✓ Legal Standing:
Annual Compliance for LLP ensures its legal standing, maintaining a positive reputation and credibility. Adhering to regulations fosters trust among stakeholders.
✓ Financial Transparency:
Compliance requires the submission of audited financial statements, providing transparency. This financial disclosure builds confidence among partners, investors, and creditors.
✓ Penalty Avoidance:
Timely compliance helps LLPs avoid penalties. Non-compliance can lead to fines and legal consequences, impacting the financial health of the LLP.
✓ Operational Efficiency:
Regular compliance activities keep LLPs organized and efficient. By staying on top of legal requirements, LLPs can focus on their core business operations without disruptions.
✓ Stakeholder Confidence:
Annual compliance instills confidence in partners, clients, and employees. It demonstrates a commitment to legal responsibilities, fostering a positive perception in the business ecosystem.
● LLP Accounts Maintenance:
All LLPs are required to maintain accurate accounts on either a cash basis or an accrual basis. Unlike Private Limited Companies, LLPs have the option to keep accounts on a cash basis. The ledger must be maintained at the LLP's Registered Office, providing comprehensive reports on income, expenses, assets, liabilities, COGS, inventories, and finished products. Financial statements must be filed with the ROC within 6 months at the end of each financial year.
● LLP Form 11:
The annual LLP return, Form 11, is due within 60 days of the financial year-end (31 March). It includes partner information, overall support earned, and organizational entity descriptions. Filing deadline: 30 May of each financial year.
● LLP Form 8:
The LLP's declaration of accounting and solvency, Form 8, is expected within 30 days from the close of six months after the financial year-end. It includes a Declaration of Solvency, assets and liabilities details, and must be submitted digitally signed by two approved parties, accredited by a chartered accountant / company secretary / cost accountant.
● LLP Tax Audit:
LLPs with gross revenue exceeding Rs.40 lakhs or investments exceeding Rs.25 lakhs must undergo a tax audit by a Chartered Accountant. To avail the audit exemption, LLPs must include a statement in their accounts filed with the ROC, acknowledging their responsibility for compliance.
● Income Tax Return Filing:
LLPs file income tax using ITR 5 electronically via the income tax platform with the digital signature of an authorized party. The deadline for LLP tax filing in India is 31 July, unless a tax audit is required for LLPs with revenue exceeding Rs.40 lakhs or investments exceeding Rs.25 lakhs.
✓ Expert Guidance: Navigate annual compliance complexities with expert guidance from the Advoxpert team.
✓ Timely Filings: Ensure punctual submission of crucial documents, avoiding compliance delays and penalties.
✓ Customized Compliance Plans: Tailored compliance plans designed to fit your unique business needs and structure.
✓ Transparent Processes: Experience clear communication and transparent processes for a seamless compliance journey.
✓ Efficient Coordination: Advoxpert efficiently coordinates Annual General Meetings (AGMs) and other compliance-related activities, ensuring regulatory alignment.
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