After registration of LLPs they must file the Annual Return within 60 days from the end of the financial year and Statement of Account & Solvency within 30 days from the end of six months of the financial year. LLP is a body corporate and is required to file returns periodically with the Registrar. To ensure transparency, these returns are available to the public for inspection.
LLPs also have mandatorily to maintain their financial year, as of 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. In addition to the MCA annual return, LLPs must also mandatorily file an income tax return every year.
Type of Annual Return :
- Annual Return: Every registered LLP should be file annual return in Form-11 within the 60 days of closing of the relevant financial year closing to ROC. The Annual Return contains details of LLP Registered office address, details of partners, details of designated partners, LLP contribution profit sharing ratio, etc. So, the filing of Annual Return has to be done on or before 30th May of every year. In case of LLP with a turnover of more than five crore rupees in a financial year or a contribution of more than fifty lakh rupees, the annual return shall be certified by a Company Secretary in Practice.
- Statements of Accounts and Solvency: Every registered LLP should maintain the books of account and as per accounting policy prescribed by the government and prepare statement of account and solvency every year and submit to ROC within 30 days from end of the 6 months from the relevant of the financial year closing. In case of LLPs with a turnover exceeding forty lakh rupees in any financial year or with a contribution exceeding twenty-five lakh rupees, the accounts of LLP have to be audited by a chartered accountant. For LLP, a financial year means the period from the 1st of April of a year to the 31st March of the following year. So, the filing of accounts has to be done on or before 30th October of every year. In the case of an LLP that is registered on or after the 1st of October of a year, the financial year may end on the 31st march of the year following the next year. (For example, an LLP registered on 01st October 2018, the financial year can be 31st March 2018).
- Income Tax Return: As per Income Tax Act, an LLP has to close its financial year as on 31st March every year and has to file the returns with Income Tax Department. If the annual turnover of an LLP is more than one hundred lakh rupees, the accounts have to be audited by a Chartered Accountant as required under the Income Tax Act.
Documents Required :
- Annual Return
- Balance Sheet
- Accounting Data
- Bank Statement
- Cash Book
- DSC of Partner