Annual Return Filing
An LLP will have to file 2 types of MCA annual return each financial year, namely Form 8 & Form 11.
Form 8 :
Form 8 must be filed within 30 days from the end of 6 months of the financial year along with some prescribed fee. This must be digitally signed by 2 designated partners and it must be certified by a chartered accountant/company secretary/cost accountant. Form 8 has two parts:
- Part A – Statement of Solvency
- Part B – Statement of Accounts, Statement of Income & Expenditure
The penalty for not filing this form would be Rs. 100 per day until it is compiled.
Form 11 :
Annual Return or Form 11 is a summary of an LLP’s Partners and indication of change in the management.
Every LLP is required to file Annual Return in Form 11 to the Registrar within 60 days of closer of financial year i.e. has to be filed on or before 30th May every year.
Books of Account :
All LLPs must maintain proper books of account relating to its affairs each year on cash or accrual basis. The book of accounts must be kept as per double entry system of accounting at the registered office. In case of LLPs with a turnover of more than Rs.40 lakhs or capital of over 25 lakhs, the accounts must be audited by a Chartered Accountant.
Any LLP that does not comply with the provision of the Act can be punishable with a fine of not less than Rs. 25,000 and to a maximum of Rs. 5,00,000. Further, the designated partner could be punished with a penalty of Rs. 10,000 and Rs. 1,00,000 for non-compliance.
Income Tax Return Filing :
All LLPs registered in India are required to file income tax return each year, irrespective of revenue or profits. Hence, even an LLP that is dormant not having undertaken any transaction must file income tax return.
Maintenance of Documents :
All LLPs are required to maintain its incorporation document, names of partners and changes made, proof of fee payment, statement of account & solvency & annual return filed by LLP with the Registrar at its registered office. The above records should be readily made available for inspection at the request of concerned authorities.
We help you to maintain annual statement, Filing of Annual Returns (MCA) @ Rs. 4999/- only for one Financial Year