LLP
Annual Filing in 2019: A Short Guide
Introduction
If
you are running a Limited Liability partnership firm then it is important to
know that every LLP Registration
before 31st March 2019 shall have to comply with the compliances under the
Registrar of Companies. All compliance for Private Limited Company and Limited
Liability Partnership are done with the Registrar of Company (ROC). An LLP is
required to submit their annual return, financial return to the ROC within the
prescribed time period. This article talks about the LLP annual filing so after
reading this you will get an idea about it.
Compliances
of LLP
There are various types
of compliances which need to be filed within the time period, in case failure
of filing compliances, you may have to pay a huge fine for this or maybe your
LLP shutdown by the Ministry of Corporate Affairs. After the incorporation of
an LLP first compliance required to file is an LLP agreement which is important
to file within 30 days of its incorporation. There are some annual compliances
which need to be filed every financial year for e.g. Annual Return of LLP,
financial reports, Filing of Income Tax Return to the Income tax departmentof India, etc. Here is the list of some important
compliances which needs to file within time.
Annual
Return – (Form no.11)
Annual Return is a
statement of LLP which includes details of Partners, a contribution received by
an LLP, the total number of Partners, a summary of Partners, etc. Every LLP is
required to file their annual return within the prescribed time, it is annual
compliance which needs to be file under ROC. You can file your Annual Return by
filing form no. 11. Filing of form no. 11 is very easy, you can file this
through online procedure for which you have to visit the official website of
Ministry of corporate affairs and during filing of form you have to fill the all
required details like name of LLP, LLP identification number, partners details
and other things which are required then you have to attach the required
documents. Last for filing an annual return of an LLP is 30th May 2019 so
should file your annual return within time period because in case failure of
filing an annual return, you have to pay fine so be careful.
Annual
Accounts – (Form no.8)
Form no. 8 is an
important form which needs to be filed within the prescribed time period. It
needs to file in every financial year. All LLPs are required to maintain the
accounts of their LLP as per double entry system and close their accounts until
the 31st March of 2019 on this year for filing their annual account this year.
Annual accounts include Profit and loss accounts and Balance sheet of an LLP.
In case if your LLP’s annual turnover exceeds Rs.40 lakhs or if your LLP’s
contribution exceeds Rs. 25 lakhs then you have to get done your accounts
audited by a CA. The last date of filing annual accounts is 30th October of
this year. You can file your form no.8 through the online procedure for which
you have to visit the official website of Ministryof corporate affairs.
Filing
of Income Tax Return–As per the rules and regulation of the
Income-tax department of India, every LLP is required to file their incometax
return every financial year. The last date of filing income tax return for an
LLP is 31st July 2019, if the account of LLP not required to be audited. If an
audit is required for an LLP then those LLP need to be file their income tax
return before 30th September 2019. It is important to know whether your accounts
need to be audited, an LLP is required to audit their account before filing an
income tax return if their turnover is more than Rs. 100 lakhs.
LLP
agreement – (it is one time filing, you don’t have to file
this every year)
An Agreement of LLP
signed by all the partners is required to be filed within 30 days of
incorporation of LLP. It is one-time compliance which needs to be filed within
30 days of incorporation of LLP. This Agreement is a written agreement in which
all partners mention their terms and condition and then signed it which means
them consenting to start an LLP. It is one-time filing so don’t confuse.
As you can see in the
above given article that most important annual compliances are filing of annual
return, filing of accounts and Annual Income tax filing. Filing of above given
forms needs to be filed within above given period otherwise you may have to pay
fine for late fee charges. So if you are running an LLP then you should
consider the above given points.
