Unlock Financial Success: Annual Income Tax Returns Filing for LLP
Ensure compliance, maximize deductions, and optimize tax planning with our expert assistance in filing annual income tax returns for your LLP. Avoid penalties, streamline financial records, and gain valuable financial insight to propel your LLP towards success.
When it comes to filing annual income tax returns for your LLP, compliance is crucial. Our team of experts ensures that every aspect of your tax filing adheres to legal requirements, providing you with peace of mind and protecting your LLP from penalties.
Maximizing deductions is key to minimizing tax liabilities. Our dedicated professionals meticulously analyze your financial records, identifying all eligible deductions to ensure you take full advantage of tax-saving opportunities.
With our guidance, you can avoid penalties that could hamper your LLP’s growth. Our timely and accurate filing ensures that your annual income tax returns are submitted without delay, keeping your LLP in good standing with the authorities.
Optimize your tax planning strategies with our expert advice. We provide personalized solutions tailored to your LLP’s unique needs, allowing you to make informed financial decisions that maximize your savings and overall financial success.
Efficiently maintain and streamline your LLP’s financial records through annual income tax returns filing. Our process ensures that your financial records are organized, making it easier to access and analyze the information when needed.
Receive expert guidance throughout the entire process. Our experienced team is dedicated to providing you with comprehensive support, answering your questions, and ensuring that your annual income tax returns filing experience is smooth and hassle-free.
Gain valuable financial insight into your LLP’s health and performance. Our in-depth analysis of your financial data provides you with actionable insights, enabling you to make informed decisions that drive growth and success for your LLP.
Ensure that the returns are filed on a regular basis to avoid legal fines for non-compliance. With business, you may avoid harsh penalties by filing your annual LLP compliances on time.
The income tax returns and RoC Compliances for a Limited Liability Partnership (LLP) has to be filed every year to avoid risks of penalty. Unlike a private limited company governed under the Companies Act, 2013, a LLP has much less compliances. However, while the compliances are few, but the penalty is not.
Annual Filing Forms for LLP:
Declaration of Annual Return (Form 11):Â Each LLP is required to file the Annual Return to the Registrar on Form 11 within 60 days of the close of the financial year, i.e. Annual returns must be filed each year on or before May 30th.
Accounts Declaration (Form 8): Every LLP is required to prepare and close its accounts every year until March 31st. 8 shall be filed with the Registrar by at least two Designated Partners within 30 days of the completion of the six months of the Financial Year, i.e. each year on 30 October.
Meaning of LLP: Limited Liability
A Limited Liability Partnership means a firm where a minimum of 2 members are required and no cap on the maximum limit. The liability of an LLP’s members is limited compared to a traditional partnership firm.
Annual filing makes it easier for converting the LLP into other entity. Even for a closure or winding up of a LLP, all accounts must be properly filed including income tax returns.
Each Limited Liability Partnership (LLP) must file its annual report within 60 days of the end of the financial year and its Account & Solvency Statement within 30 days of the end of the six-month period following the end of the financial year.
Late submission of such forms means penalties of Rs. 100/- per default day.
Form 8 of LLP
The statement of account and solvency shall be deposited with the Registrar within a period of 30 days from the end of the six-month period of the financial year in respect of which the statement relates, meaning that the due date of the LLP Form 8 (LLP Annual Filing) for the year 2020 shall be 30 October 2020.
This form includes the declaration by the appointed partners of the LLP’s solvency status and also details relating to the LLP’s statement of assets and liabilities and the LLP’s statement of revenue and expenditure.
Late payments for the filing of Form LLP 8 and Form LLP 11
If there is a delay in the filing of LLP forms 8 and 11, a penalty of Rs. 100 per day per form shall be payable from the due date of the return until the actual date of return is filed.
It is the responsibility of an LLP’s Assigned Partners to keep a proper account book and file an Annual Report with the MCA every financial year.
The Designated partner (DP) (in case of LLP) or authorised representative (AR) (in case of Foreign Limited Liability Partnership (FLLP)) can upload the e-Forms on the LLP portal (after registering oneself as a user of the portal) at his convenience from his office/ home.
Frequently Asked Questions
What is the penalty for LLP’s non-filing/delayed submission of annual compliance forms?
An additional government fee of 100 per day of delay shall be paid to the LLP in case of delay in filing. In addition, an extra fee has no ceiling limit. The RoC will delete the name of the LLP from its registry in the event of continuous failure to comply with the annual LLP. The penalty can also be imposed on LLP and its partners except for additional fees.
If the LLP RoC filing needs the Audit of Financial Statements?
In order for the LLP to fall under any of the conditions below, the audited account books are necessary:
1) If the LLP turnover exceeds 40 Lakh; or if the LLP turnover exceeds 40 Lakh; or
2) Overall contribution of the Par contribution
When will the first LLP financial year end?
LLP compliance due dates are based on the closure of each financial year. Each LLP’s financial year must end on March 31st. The financial year duration, however, depends on the month of its incorporation:
(a) LLPs registered from 1 April to 30 September: LLPs are expected to close their financial year on 31 March of the next calendar year. Suppose that LLP is registered on May 1, 2018, its financial year should end on March 31, 2019, the same.
(b) LLPs reported from 1 October to 31 March: the LLP has the option of choosing the end of its financial year. For example, if the LLP is registered on October 30, 2018, the same can be done.