Balakrishna & Co., Audit and annual filing service provider for LLP registered in Bangalore

Every Limited Liability Partnership’s (LLP) Registered under the LLP Act with Ministry of Corporate Affairs are required to file Annual Return and Statement of Accounts every year irrespective of LLP do business or not.

LLP audit under income tax act and filing of income tax return

An LLP has to close its financial year as on 31st March every year and has to file income tax returns with Income Tax Department. In case of LLP whose annual turnover is more than Rs.100 Lakhs, the accounts have to be audited as required under Income Tax Act as and require to e-file tax audit report in Form 3CA and Form 3CD obtained from a qualified chartered accountant.

In case the LLPs accounts that are subject to audit, either under Income tax Act or LLP Act, the last date for filing the Income Tax Return is 30th September every year.

If the LLP has incurred Loss during the period, the filing of IT Return in time is necessary to carry forward the Loss to set off against future Profits.

Filing of LLP Statement of Accounts and Solvency:

Every LLP has to close their books of accounts as on 31st March every year and prepare a Statement of Accounts, Statement of Income and Expenditure and Statement of solvency and has to file the same with Registrar of LLP within 30 days from the end of 6 months of the Financial year to which statement of accounts relates ie. 30th October of every year along with prescribed fee.

If LLP fails to file Form 8 with in prescribed time, an additional fee of Rs. 100/- is payable per day till the date of filing.

Further, if LLP fails to file Form 11 and Form 8 within the period of 300 days or filed the same after 300 days with an additional fee, the designated partners shall also be liable prosecuted and punishable with fine which shall not be less than Rs. 25000/- but which may be extended to Rs. 5,00,000/-.

Filing of LLP Annual Return

Every limited liability partnership Firm (LLP) shall file an annual return under e-form 11 within 60 days from the closure of the financial year ie 30th May of every year along with prescribed fee.

Annual Return (Form 11) is a summary of details of partners, designation partners, total contribution received by all partners, change in the partner etc.

The annual return will be available for public inspection on payment of prescribed fees to Registrar.

IF LLP fails to file Form 11 with in prescribed time, an additional fee of Rs. 100/- is payable per day till the date of filing.

LLP Audit requirement under Income tax Act and LLP Act

An LLP whose annual turnover exceeds Rs.40 lakhs or whose contribution exceeds Rs.25 lakhs, shall also get its accounts audited by a qualified Chartered Accountant.

In case of LLP whose annual turnover is more than Rs.100 Lakhs, the accounts have to be audited as required under Income Tax Act in additions to LLP Act as required above.

Important Due Date for LLP:

• LLP Annual Return : 30th May
• LLP Statement of Accounts : 30th Oct
• Income tax filing in case tax audit required : 30th September
• Income Tax filing, in case tax audit not required : 31st July
• If the LLP has incurred Loss during the period, the filing of IT Return in time is necessary to carry forward the Loss to set off against future Profits

We are specialised consultant for LLP audit and annual filing in Bangalore and help you complying statutory compliance required as per Limited Liability Partnership Act 2008

Mail your requirements to – prakasha@balakrishnaandco.com