LLP Annual Filing

The Limited Partnership or LLP , the returns must be filed to maintain compliance which help to escape from heavy penalties. In LLP two partners minimum required to incorporate .

In LLP to file the annual returns for the financial year closing will be within 60 days to file annual return. For the account and solvency The closure of the financial year is within 30 days from the end of six months of the financial year.

The year of starting of the financial year is from 1st of April to the 31st of March. The due date of LLP annual return is 30th May and the due date of accounts and solvency for each financial year is 30th October.

Not only MCA annual return filling a LLP need to file the Income Tax for every year even if no transactions are to be made.

Procedure for LLP Tax Filing

Form ITR-5 is filed to LLPs for an income tax return. Income tax website is used to file Form ITR-5 through online with designated partner’s digital signature. After Tax return is filed for LLP, then the taxpayer will take print out of two copies of the form. One copy of the form ITR-5 is signed by the assesses and sent by the post and other copy is kept for the record

LLP Accounts Maintenance

Unlike the private limited companies books of accounts are required to maintain on an accrual basis, where as in LLP proper account on a cash basis or sometimes accrual basis. In LLP accounts maintains contain all the information like:
• Spent and received money
• Liabilities and assets
• Statements of finished goods and inventories

The financial statements are prepared within 6 months for filing with ROC end of each financial year.

Form 11 Filing

We will prepare and file Form 11 for your LLP based on information provided by you. To file Form 11, we will require the contribution paid by each partner in the previous year.

Form 8 Filing

We will prepare and file Form 8 for your LLP based on information provided by you. To file Form 8, we will be responsible for preparation of the accounting and financial statements preparation for the company.

Income Tax Return

Income tax return for a LLP must be filed irrespective of income, profit or loss. Hence, even a LLP with no transactions are required to file income tax return each year. LLP income tax return will be due on 31st July if there is no tax audit requirement. If tax audit is required, the LLP income tax return will be due on 30th September.