LLP Annual Filing

LLP Annual Compliance

Stay Compliant, Stay Ahead

Limited Liability Partnerships (LLPs) have become popular for entrepreneurs and professionals due to their flexibility and limited liability structure. However, maintaining compliance with statutory regulations is essential to ensure smooth operations, avoid penalties, and uphold your business's credibility.

Bizindigo provides comprehensive LLP Annual Compliance Services to simplify this process for you. With over 15 years of expertise in accounting, finance, and compliance, we are committed to ensuring your LLP fully complies with the latest legal requirements.

Every LLP registered in India must file its Annual Return within 60 days from the end of the close of the financial year and Statement of Account & Solvency within 30 days from the end of six months of the close of the financial year that is by 30^thOctober.

Auditing of LLP Books of Account

LLPs must get their accounts audited when their annual turnover exceeds Rs.40 lakhs or if the capital contribution exceeds Rs.25 lakhs.

If the LLP does not meet these thresholds, it is exempt from a statutory audit. However, even exempt LLPs may voluntarily conduct an audit for better financial governance or if required by stakeholders.

Tax Audit Under the Income Tax Act, 1961

An LLP must undergo a tax audit if:

The annual turnover or gross receipts exceed ₹1 crore in a financial year (applicable for non-cash transactions).

The LLP opts for the presumptive taxation scheme under Section 44ADA or 44AB, and its declared profits are less than the specified percentage of turnover. Tax audits must be conducted by a Chartered Accountant. The audit report must be filed in Form 3CA/3CB along with Form 3CD.

Easily manage your LLP compliance through the BIZINDIGO online hassle-free process. We have made the LLP annual filing process a simple and easy one.

Form 11: Annual Return

Must be filed within 60 days from the end of the financial year (by 30th May). Contains basic details such as the number of partners, changes during the year, and other essential information about the LLP.

Form 8: Statement of Accounts and Solvency

Due by 30th October each year. Includes a declaration of the LLP's financial position and solvency status.

Income Tax Return (ITR)

LLPs must file their income tax return by 31st July (if not subject to audit) or 31st October (if audit applies).

Statutory Audit (if applicable)

LLPs with a turnover exceeding ₹40 lakhs or capital contribution above ₹25 lakhs must undergo a statutory audit by a CA.

GST Returns

If the LLP is registered under GST, it must file monthly, quarterly, or annual GST returns, as applicable.

Maintenance of Books of Accounts

LLPs must maintain proper accounting or financial records either on a cash or accrual basis.

Event-Based Compliance

Filing forms for changes in the LLP agreement, partners, or other structural modifications.Timelines vary depending on the specific event.

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