LLP Annual Filing

LLPs in India must file its Annual Return within 60 days from the end of close of financial year and Statement of Account & Solvency within 30 days from end of six months of close of financial year. Unlike Companies, LLPs mandatorily have to maintain their financial year, as April 1st to March 31st. Therefore, LLP annual return is due on May 30th and the Statement of Account & Solvency is due on October 30th of each financial year. However, in case the LLP was incorporated on or after 1st of October of a financial year, then the LLP can close its first financial year either on the coming or next 31st March, thereby filing its annual return after 18 months.

LLPs are separate legal entities; therefore, it is the responsibility of the Designated Partners to maintain proper book of accounts and file annual return with the MCA each financial year. LLPs are not required to audit its accounts unless the annual turnover exceeds Rs.40 lakhs or if the contribution exceeds Rs.25 lakhs. Therefore, LLP who do not have to get the accounts audited if it satisfies the above condition, making the annual filing process a simple and easy one. Itaxbuddy can help file the Annual return for your LLP.

LLP Annual Filing Process

LLP Annual Filing

Itaxbuddy.com can help file the mandatory annual return for your LLP and maintain annual compliance with the Ministry of Corporate Affairs.

Annual Return Preparation

An Itaxbuddy Compliance Expert will prepare the Annual Return for your LLP based on the financials and performance during the previous financial year.

Annual Return Verification

Once the Annual Return is prepared in the requisite format, the Client's Finance Team can verify the prepared annual return and affix the digital signature.

Project Finalization

Once the Annual Return is prepared and verified, the Annual Return can be filed with the Minsitry of Corporate Affairs along with the necessary attachments.

Frequently Ask Questions(FAQs)

  • What is Annual Return?Open or Close

    Annual return is a mandatory filing to be made by all LLPs in India. The annual return must be filed in the prescribed format with the Ministry of Corporate Affairs. Filing of annual return with the MCA is different from the filing of annual return with the Income Tax department.

  • What is Statement of Accounts and Solvency?Open or Close

    Statement of Accounts and Solvency is a mandatory filing that is required for all LLPs in India. Statement of Accounts and Solvency contains a declaration on the state of solvency of the LLP by the designated partners and also information related to statement of assets and liabilities and statement of income and expenditure of the LLP.

  • What is the due date for filing LLP Annual Return?Open or Close

    Annual return of a LLP is due within 60 days of close of financial year. LLPs must uniformly maintain a financial year that starts on April 1st and ends on March 31st, therefore the Annual return of a LLP is due on or before May 30th of each financial year.

  • What is the due date for filing LLP Statement of Accounts and Solvency?Open or Close

    Statement of Accounts and Solvency of a LLP is due within 30 days from the end of six months of close of financial year. LLPs must uniformly maintain a financial year that starts on April 1st and ends on March 31st, therefore the Statement of Accounts and Solvency of a LLP is due on or before October 30th of each financial year.

  • I am a newly incorporated LLP, when is my annual return due?Open or Close

    If a LLP was incorporated on or after 1st October of a financial year, then the LLP can close its first financial year either on the coming or next 31st March. Therefore, if required, a newly incorporated LLP can file its first Annual return and Statement of Accounts and Solvency for 18 months.

  • What is the penalty for not filing LLP Annual Return?Open or Close

    Late filing or non-filing of LLP Annual Return or Statement of Accounts and Solvency before the due date will attract a penalty of Rs.100 for each day of default. Further, the LLP cannot be wound-up or closed without filing of the return and the penalty doesn't have a ceiling. Therefore, it is best to file the Annual Return and Statement of Accounts & Solvency of a LLP in time to avoid heavy penalty.