Annual Compliance of LLP
Every limited liability is required to maintain various records and file certain forms with Ministry of Corporate Affairs containing information about financial statements of the LLP and detail of partners. Further, under the income tax act also every limited liability partnership firm is compulsory required to maintain books of accounts and prepare balance sheet and profit and loss account. Filing of income tax return under income tax act is compulsory for limited liability partnership.
Every limited liability shall file Annual return in form 11 within 60 days from the end of financial year and statement of account and solvency in form 8 by 30th October following the year end. Delay in filing of any of these forms attracts penalty of Rs.100 per day until the default continues. Drafting of Annual returns are very crucial as the data filled in the return is sent to the government and it act based on this data only. So, compiling the accurate returns/forms by providing data is very crucial and require professional expertise.
We at TaxMuneem take care of all your needs by providing annual compliance services in a effective and cost saving manner.
MCA Fees for filing annual forms.
Filing of Income tax return
Any other service selected in the package
Any other cost not mentioned in inclusion.
Cost of DPIN/DSC of partner
Any penalty/ additional fee payable for non-compliance
DPIN of partners
Financial statement of partnership or books of accounts
Any other information required
4-5 working days after the receipt of complete information.
Limited Liability Partnerships are required to file the following forms every year with the Ministry of corporate affairs:
- Form 8 (Statements of Accounts and Solvency)
- Form 11 (Annual Return)
Apart from filing the above forms, every limited liability partnership shall also file its income tax return by filing balance sheet and profit and loss account.
Every limited liability partnership whose turnover exceeds Rs.40 Lakh or contribution exceeds Rs.25 lakh shall be required to get its accounts audited.
The books of accounts of limited liability partnership shall be kept preserved for 8 years from the date they were made.
Depending on the Situations, the LLP shall be required to do the following compliances by way of filing the required forms as per applicability
- Change in Name
- Change in place of Registered Office
- For intimating other address for Service of Documents
- Notice of Appointment, Cessation, Change in the particulars of Partners.
- Such other compliances as may be required according to the circumstances.
The limited liability partnership shall be liable to pay additional fee of Rs.100 per day per form apart from normal fee for filing such form.
The Limited Liability Partnership shall also be punishable with fine which shall not be less than Rs 25000, but which may extend to Rs. 5,00,000 The designated partner of such limited liability partnership shall be punishable with fine which shall not be less than Rs. 10,000 but which may extend to Rs. 1,00,000.