LLP Annual Filing in 2019: A Short Guide
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.