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All Limited Liability Partnership (LLP) firms need to file various returns mandatorily whether the business is in function or not. There are two major annual compliances for LLPs:
1. Asserting the statement of accounts and solvency in Form 8
2. Annual returns in Form 11
Both the above mentioned forms need to be submitted on an annual basis. Filling the forms, and fulfilling the statutory requirements such as annual returns, profit and loss account and others, are compulsory, even if the LLP has not carried any business operation in the respective financial year.
It should also be kept in mind that LLPs with annual turnover of more than 60 Lakhs or whose contribution goes beyond INR 25 lakh are required to get their accounts audited as required under Income Tax Act.
Statement of Accounts & Solvency
All LLPs are required to organize their accounts properly and provide details related to earned profit and submit it in Form 8, annually. The last date for closing of accounts for the year is March 31.
The Form 8 Should be submitted along with the signatures of the elected partners and also certified by a qualified chartered accountant, company secretary or cost accountant if an audit is required. In case of non-compliance to the Statement of Accounts and Solvency report by the deadline, a fine of INR 100 per day would be imposed.
The last date for filing Form 8 is October 31, 2017 for the current financial year.
Annual returns need to be filed in Form 11. This form mentions all the management affairs of the LLP, such as number of partners and their names. Form 11 is required to be filed within 60 days of the closure of financial statement for the current financial year.
Income Tax Returns
The last date for filing income tax returns for LLPs is September 30, every year. Even if the LLP doesn’t conduct any business for the current financial year, it is mandatory to file a Nil Income Tax returns with the Income Tax Department.
For a LLP, it is mandatory to follow these annual compliances as no-compliance may cost huge.
Trademark Bazaar has the necessary expertise and technical knowledge that can help you with all essential compliances for an LLP. Get in touch with us at firstname.lastname@example.org or drop your queries here.