ANNUAL COMPLIANCE filling OF (LLP) Limited Liability Partnership

Annual compliances for a Limited Liability Partnership (LLP) in India involve a series of legal and regulatory obligations that the LLP must fulfill each year to remain in good standing and adhere to the provisions of the Limited Liability Partnership Act, 2008, and other relevant laws. With “India’s BEST TAX CONSULTANT.” Connect with our Experts.

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Why Should I Use Auriga Accounting For COMPLIANCE filling OF (LLP) Limited Liability Partnership ?

Auriga Accounting has a team of registration experts who can provide complete guidance to COMPLIANCE filling OF (LLP) Limited Liability Partnership .

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Why Should I Use Auriga Accounting For COMPLIANCE filling OF (LLP) Limited Liability Partnership ?

Auriga Accounting has a team of registration experts who can provide complete guidance to COMPLIANCE filling OF (LLP) Limited Liability Partnership .

book appointment

Our team of experts will get in touch with you and collect all necessary documents and details

Resolve all your queries

We fill out and file your application for registration

Complete your COMPLIANCE FILLING

Your COMPLIANCE FILLING IS DONE .

OVERVIEW - ANNUAL COMPLIANCES OF LLP

For a limited liability partnership (LLP), returns must be filed periodically to
maintain compliance and avoid any penalties that could occur due to
noncompliance. Having said that, while compared to a private limited company,
an LLP has only some compliances, they need to follow every year, but bear in
mind that the fines can be quite heavy if not complied with.

What Is Annual Compliance of Limited Liability Partnership Firm?

An LLP Annual Compliance is the maintenance of a proper book of accounts and
statements and filing an annual return with the MCA (Ministry of Corporate
Affairs), at the end of every business financial year.

ELIGIBILITY for ANNUAL COMPLIANCES OF LLP

Statement of Account & Solvency – Limited Liability Partnerships are
required to file their Statement of Account & Solvency within a period of
thirty (30) days from the end of six (6) months of the financial year

Annual Return – Limited Liability Partnerships are required to file their
Annual Return within sixty (60) days from the end of the financial year.

Audit Books of Account – Limited Liability Partnerships are required to
audit their books of account annual turnover is more than Rs.40 lakhs or if
the contribution is more than Rs.25 lakh.

Tax Audit

For Businesses – If the gross receipts or turnover of a business exceeds Rs. 1 crore,
a tax audit is required.If gross receipts or turnover exceed Rs. 1 crore but are less
than Rs. 10 crores and cash transactions are less than 5%, a tax audit is not
required. If gross receipts or turnover exceed Rs. 10 crores, a tax audit is required.

Professionals – If the gross receipts of a professional exceed Rs. 50 lakhs, a tax
audit is required. If a professional is eligible for the presumptive taxation scheme
under Section 44ADA and claims a profit below the prescribed limit, a tax audit is
required.

ITR-5 Form – ITR-5 Form is to be filed by the proprietor having Income
under the head ‘Profits or Gains of Business or Profession’.

ADVATNAGES OF ANNUAL COMPLIANCES OF LLP.

Good Governance: Compliance requirements promote good governance
within the LLP by establishing transparent and accountable practices. This
enhances the credibility of the LLP among stakeholders, including partners,
investors, creditors, and regulatory authorities.

Protection of Limited Liability: Compliance helps maintain the limited
liability protection enjoyed by partners in an LLP. Failure to comply with
statutory requirements may lead to the piercing of the corporate veil,
exposing partners& personal assets to liabilities of the LLP.

Access to Finance: Compliance with financial reporting requirements, such
as annual accounts preparation and audit (if applicable), can improve the
LLP& access to finance from banks, financial institutions, and investors.
Lenders and investors often rely on audited financial statements to assess
the LLP& financial health and creditworthiness.

Business Continuity: By fulfilling annual compliance requirements, the LLP
can maintain its legal existence and continuity of operations. Non-
compliance, on the other hand, may result in regulatory sanctions, fines, or
even dissolution, disrupting business operations and jeopardizing the LLP&
existence.

Documents for ANNUAL COMPLIANCES OF LLP.

There is a list of documents that you must provide for the filing of annual
compliance of your LLP company. They are-

Bank statements dating from April 1st to 31st march of all the bank
accounts registered in the name of the LLP.
Credit card statements if there are any expenses incurred by the
partners on behalf of the company.
Purchase and sales invoices of the year
Invoice of the expenses made during the year.
GST, VAT, and other Tax returns (as required)
TDS filing, challan deposits if made.

PROCESS OF ANNUAL COMPLIANCES OF LLP.

Review Compliance Requirements: Understand the specific compliance
obligations applicable to sole proprietorships in your jurisdiction. This may
include tax filings, statutory filings, regulatory requirements, etc.

Gather Documents: Collect all relevant documents necessary for
compliance. This could include financial statements, income tax returns,
balance sheets, profit and loss statements, business licenses, permits, etc.

Prepare Financial Statements: If required, prepare financial statements
such as balance sheets and profit and loss statements for the relevant
period.

Income Tax Filing: File income tax returns for the sole proprietorship,
ensuring accurate reporting of income and expenses.

GST Filing: If applicable, file Goods and Services Tax (GST) returns, reporting sales and purchases made during the
financial year.

Review and Verification: Double-check all documents and filings for
accuracy and completeness. Ensure that all information provided is up to
date and in compliance with applicable laws and regulations.

Record Keeping: Maintain records of all compliance-related documents and
filings for future reference and audit purposes.

COMPLIANCES FOR ANNUAL COMPLIANCES OF LLP.

LLP form 3 (LLP agreement) – Within 30 days of incorporation of the
company, May 30th of every year.

Annual Return (Form 11)– summary of the affairs of the management of
the company (with the partner names) Within 60 days (about 2 months) of
closing the financial year

Statement of Account and Solvency (Form 8)– all details about profits and
other financial details On or before October 30th every year

Income tax return (ITR-5)– if audit is not required-(If the LLP does not have
an annual turnover that exceeds 40lakh or partner’s obligation of
contribution exceeds 25lakh must file their income tax but need not involve
an auditor to audit accounts 31st July of every year

Partner KYC – On or before 30th of September

What are the Consequences of Non-compliance?

The LLP can be charged a minimum of 10,000 rupees and can extend to a
maximum of 5,00,000 rupees in case of non-compliance.

Within 30 days (about 4 and a half weeks) of incorporation of the
organization, all the partners in the LLP must fill out e-forms 3 and 4, failing
which, there may be a charge of 100/- each day with an additional fee.

WHY AURIGA ACCOUNTING ?

Preparation of Financial Statements: Auriga Accounting can assist in
preparing the annual financial statements of the LLP, including the balance
sheet, profit and loss statement, and cash flow statement, ensuring
compliance with applicable accounting standards and regulations.

Tax Compliance: Auriga Accounting helps the LLP comply with its tax
obligations by preparing and filing annual tax returns, calculating tax
liabilities accurately, and ensuring adherence to tax laws and regulations.

Audit Assistance: Auriga Accounting can facilitate the audit process by
preparing audit schedules, providing necessary documentation, and liaising
with auditors to ensure a smooth and efficient audit of the LLP's financial
statements.

Compliance with Regulatory Requirements: Auriga Accounting stays
updated with changes in laws and regulations affecting LLPs and ensures
that the firm complies with all statutory requirements, including filing
annual returns with the Registrar of Companies (RoC) and maintaining
proper records as per LLP regulations.

Secretarial Compliance: Auriga Accounting assists with secretarial
compliance, such as maintaining statutory registers, updating filings with
the RoC, ensuring compliance with LLP Agreement provisions, and
managing changes in LLP structure or management.

Advisory Services: Auriga Accounting provides advisory services on various
compliance matters, offering insights into regulatory changes, advising on
best practices, and helping the LLP navigate complex compliance issues
effectively.

Record Keeping and Documentation: Auriga Accounting helps the LLP
maintain accurate and up-to-date financial records and documentation,
ensuring completeness and accessibility for compliance purposes and
regulatory inspections.

Risk Management: Auriga Accounting supports the LLP in identifying and
mitigating compliance risks, conducting periodic compliance reviews, and
implementing internal controls to prevent non-compliance and associated
penalties.

Training and Education: Auriga Accounting may offer training sessions or
workshops to educate LLP partners and employees on compliance
requirements, fostering a culture of compliance within the organization.

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