LLP Compliance

 

LLP Annual Filing

LLP annual compliance is required to file within 60 days from the closure of financial year and Statement of Account & Solvency within 30 days from end of six months of close of financial year. Unlike Companies, LLPs mandatorily need to maintain their financial year, as April 1st to March 31st. Therefore, LLP annual return is due on May 30th and the Statement of Account & Solvency is due on October 30th of each financial year. However, in case the LLP was incorporated on or after 1st of October of a financial year, then the LLP can close its first financial year either on the coming or next 31st March, thereby submitting its annual return after 18 months.

LLPs are different legal entities; therefore, it is the responsibility of the Designated Partners to keep proper books of accounts should be maintain in such manner and file annual return with the MCA every financial year. LLPs are needed to file an annual filing with the Registrar each year. However, if the LLP has a turnover of less than Rs.40 lakhs and/or has a capital contribution of less than Rs.25 lakhs, the financial statements do not have to be audited.

HIGHLIGHTS OF LLP ANNUAL RETURN FILING

Annual Return and Due date

Annual Return is necessary to compliance of all LLPs in India. The annual returns should be filed electronically in the authorized format with the Ministry of Corporate Compliance. LLP Annual return due is required to file within 60 days from the closure of financial year. Therefore the Annual return of a LLP is due on or before May 30th of each financial year.

Statement of Accounts & Solvency Due Date

Statement of Accounts and Solvency is important filing required for all LLPs in India. Therefore the Statement of Accounts and Solvency of a LLP is due on or before October 30th of each financial year.

Penalty for Late Filing

If there is delay in filing form no.8 and 11 of LLP, you will need to pay penalty as applicable on today’s date. If filing is not done within stipulated time, there is penalty of Rs. 100 per day till it is complied. You cannot close or wind up your LLP without filing Annual Accounts.

Newly Incorporated LLP

If a LLP was incorporated on or after 1st October of a financial year, after that the LLP can close its first financial year either on the coming or next 31st March.