Roc Compliance For Limited Liability Partnership
Within 60 days from the end of financial year closing annual return must be file in case of LLP in India. And within 30 days form the end of 6 months from financial year closing. LLPs mandatorily have to maintain their financial year, as 1st April to 31st March. Therefore, LLP annual return is due on 30th May and the Statement of Account & Solvency is due on 30th October of each financial year. In addition to the MCA annual return, LLPs must also mandatorily file income tax return every year.
Officially known as the Statement of Account and Solvency, the Form 8 is an open declaration given to the Registrar of Companies by the designated partners of the LLP.
It is inclusive of the information regarding whether the LLP, for the financial year, are in a position to pay off the debts that continually accumulate through the running of the business in full, or not. This elaborates whether the debts can be paid off normally without affecting the business.
The firm is mandated to produce the Form 8 which every designated partner is expected to file for the RoC Compliances and pay the fee associated with the filing as well. This should be done within 30 days following the termination of half of the financial year (180 days in).
Two of the designated partners of the firm, along with the company’s full time chartered accountant, secretary and the cost accountant need to sign the form.
Form 8 has two parts:
The Statement of Solvency
The Statements of Accounts, Income and Expenditure
Form 11 on the other hand, also known as the Annual Return of Limited Liability Partnership comprises of the following information.
The total number of partners associated with the firm.
Important details of all the partners associated with the firm.
A summary of the partners including relevant information
The total amount received by the partners as contribution.
The form must be filled out by each of the designated partners of the company and filed accordingly. The fees associated with the submission of the forms have to be paid as well.
Income Tax Return Filing
Income tax return using Form ITR 5 is must to file by LLP. The deadline for LLP tax filing in India is July 31st if tax audit is not required. LLP whose turnover exceeded Rs. 40 Lakh or whose contribution exceeded Rs. 25 Lakh are required to get their accounts audited by a practising Chartered Accountant. The deadline for tax filing for LLP required to obtain audit is September 30th.