Annual Compliances

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Why we need to do annual compliance for Limited Liability Partnership?

Each year, every Limited Liability Partnership notifies the Income Tax department and the Registrar of Companies of its income, expenses, and other business information. A penalty for filing Forms 11 and 8 (LLP) will be applied if the LLP is unable to file the return. The penalty can range from two to fifteen times the ordinary filing fees, plus an additional 10 per day if the delay exceeds 360 days for each form.

Which forms must be submitted in order to receive an annual compliance?
To ensure annual compliance, Forms 8 for the Statement of Accounts and Form 11 for the Annual Return must be filed.

What is the deadline for submitting forms?
The last day for an LLP to file an annual return is May 30. Form LLP 8 must be filed within 30 days of the end of the financial year; therefore, the deadline for filing Form LLP 8 is October 30. Form LLP 11 must be filed within 60 days of the financial year's closure, and LLP must close its financial year on March 31.

Process Involved

Step-1

Required documents are provided by client

Step-2

Form 11 is prepared and filed with mca before 30 May

Step-3

Balance Sheet and Profit and Loss is provided by client

Step-4

Client needs to file Income tax return before 31st July

Step-5

Tax Audit is required for those where turnover exceed 50 lakhs and 2 Crores (Charges Extra)

Step-6

Form 8 of LLP is Prepared and filed with ROC before 30 October

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