Like any other incorporated entity all LLPs need to file Annual Returns and Statement of Accounts for every Financial Year irrespective of whether it has done any business.
There are three mandatory compliance requirements to be followed by LLPs.
- Filing of Annual Return (Form 11)
- Filing of Statement of the Accounts or Financial Statements (Form 8)
- Filing of Income Tax Returns
It should be noted that LLPs whose annual turnover exceeds Rs. 40 lakh or whose contribution exceeds Rs. 25 lakh are required to get their accounts audited by a qualified Chartered Accountant mandatorily as per LLP act which is called statutory audit.
Income tax Audit is required when the annual turnover of LLP is more than one crore rupees.
Forms to be filed Last date for filing
Annual Return (Form 11) 30-May
Statement of Accounts (Form 8) 30-October
INCOME TAX RETURN
- In case Audit is not required 31-July or extended date (if income tax audit is not required)
- In Case Audit is required 30-September
Timely and accurate Filing is important therefore contact us for the same.