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What is a Annual Return Filing?
LLPs are separate legal entities; therefore, it is the responsibility of the Designated Partners to maintain a proper book of accounts and file an annual return with the MCA each financial year. LLP form 11, Form 8 & Income tax return are main compliances
LLP Annual Filing Forms:
Form 11:
Form 11 is a statement of annual return. Every LLP is required to file Annual Return in Form 11 to the Registrar within 60 days from the closure of financial year i.e. Annual Returns have to be filed on or before 30th May every year.
Form 8:
Form 8 is a statement of accounts. Every LLP is required to prepare and close its accounts until the 31st March every year. From 8 is to be filed by at least two Designated Partners with the Registrar within 30 days after completion of six months of Financial Year i.e. 30th October every year.
Late filing of such forms entail penalties of Rs. 100/- per day of default.
Types of Annual Compliance for LLP?
• Filing of Statement of Accounts (Form-8)
Every LLP is required to prepare and close its accounts until the 31st March every year. From 8 is to be filed by at least two Designated Partners with the Registrar within 30 days after completion of six months of Financial Year. Accordingly, 30th October is the last date for filing annual accounts every year.
• Filing of Annual Return (Form 11):
Annual Return or Form 11 is a Summary of all the Designated Partners like whether there are any changes in the management of the LLP or not. Every LLP is required to file Annual Return in Form 11 to the Registrar within 60 days from the closure of financial year i.e. Annual Returns have to be filed on or before 30th May every year.
• Income Tax Return:
Every LLP has to file Income Tax Returns every year. The last date of filing of return for LLP is 31st July every year. However, any LLP under tax audit is required to file its Income tax return by 30th September.
Documents Required for Annual Filing
• Financial Statement
Following are the documents required for the Annual filing of Financial Statement with the ROC.
1. Balance Sheet
2. Profit |& Loss Account Statement
• Insolvency Statement
Following are the points to be kept in mind while preparing Statement of Insolvency.
1. Signed by Designated Partners
2. It is required to prepare for each Financial Year
1,999/-
All Inclusive Fees
| Form 8 or Form 11 |
Govt Fees will be charged on actual basis
3,999/-
All Inclusive Fees
| Form 8 or Form 11 |
| Form Director KYC |
Govt Fees will be charged on actual basis.
7,999/-
All Inclusive Fees
| Form 8 or Form 11 |
| Form Director KYC |
| Income Tax Return Filing |
Govt Fees will be charged on actual basis.
Benefits of Annual Return Filing in India
By complying with the requirements of the Registrar of Companies and the Ministry of Corporate Affairs, the Private Limited Company and Directors will increase their reputation in the eyes of the public. Through this process a Private Limited Company can increase its compliance requirements. More investors would be willing to invest in an Private Limited Company that complies with the requirements of the law
By filing all compliances within a particular period of time, the Private Limited Company would be free from any form of compliance requirements. By considering this, a Private Limited Company can fulfil its objectives.
By complying with the requirements of the authorities, the PRIVATE LIMITED Companies would face lesser burden when it comes to compliance requirements. If compliances are not followed up or filed by the Private Limited Company, it can be detrimental to the development of the Private Limited Company. Hence it is crucial that all the requirements related to compliance are followed by the directors of the Private Limited Company
The Government of India have recently brought out guidelines for FDI in LLPs. Foreign direct investment is a form of direct investment or indirect investment by a foreign company in the shares or capital structure of an Indian entity. By complying with the requirements of the authorities, foreign investors are more likely to invest in LLPs. Investment through FDI in an LLP can occur through the automatic route and the approval route
In case of consecutive default in annual filing, the LLP can be declared as defunct or receive default status. Also, the partners can be declared as defaulters and may also be disqualified from their further appointment in LLP or company. Hence, LLP needs to file the return to maintain active status. Regular filing also saves the LLP from heavy additional fee and penalties
Legal compliance is crucial for every organization. Various participants such as investors, ministry tenders and for loan support purposes, the regular filing of annual compliances for an LLP plays important criteria to determine the trustworthiness of the company
Shares of a company are movable property and thus can be transferred like any other property. A public company can freely transfer its shares, but there are some restrictions.
The goods and services tax (GST) is a value-added tax levied on most goods and services sold for domestic consumption. The GST is paid by consumers, but it is remitted.
