Every LLP which are registered with the Ministry of Corporate Affairs have to file the Annual Returns and Statement of Accounts. The annual returns and Statement of Account & Solvency should be file within 60 days from the end of closing of financial year and within 30 days from end of six months of close of financial year respectively. All LLPs shall be under compulsion to retain annual accounts showing true and fair outlook of its state of affairs.
There is confusion amongst many businessmen involved in a limited liability partnership that whether they have to file an annual return or not in case they aren’t doing business. It is important to note that whether one is doing business or not in a LLP they are supposed to file an annual tax report as government is not aware of the fact whether you are involved in the business or not.
Highlights for Annual Filing for LLPs
- Statement of Accounts and Solvency containing declaration by the designated partners linked with LLP’s financial position.
- Annual return must be electronically filed in specified format with Ministry of Corporate Affairs.
- Penalty of Rs.100 per day for non-filing or late filling of LLP Annual Return or Statement of Accounts before the due date.
- Annual Return Due Date is within 60 days of close of every financial year.
- If a LLP was set up on or after 1st October of a financial year, then the LLP can close first financial year either on the approaching or next 31st March.
- Statement of Accounts of a LLP is due on or before October 30th of each financial year
Audit requirement and certification
Audit of accounts is an obligatory requirement under the Income Tax Act if an annual turnover of LLP crosses 1crore rupees. If the return of LLP is more than 5crore rupees in a financial year or contribution is higher than 50lakh rupees, the annual turnover shall be certified by a company secretary in practice.
We at LexOracle are happy to help you with the above provisions.
Also LLP has certain tax benefits which our Chartered Accountant and Tax-legal team is well experienced to guide you through.
It is important to know that tax filling in a LLP involves certain parts and it is mandatory for every LLP:
1. Annual Return
2. Statement of Accounts or Financial Statements of the LLP
3. Income Tax Returns Filings.
The charted accountant and tax legal team at LexOracle will handle this entire process for you! Just click here to know more!
How it is done?
Documents to be provided:-
- Relevant data for the purpose of Income Tax Assessment e.g. all Accounts Books, Bank Statement of the Financial Year, etc.
Step1:- Receive expert counseling on Tax Assessment and filling by our Panel of CAs
Step2:- Pay 50% of the payment
Step3:- Provide all relevant Data for the purpose of Income Tax Assessment (We’ll guide you!)
Step4:- The application process will start within 24 hours of Document submission
Step5:- Make the Balance Payment at the time of Tax filling
Step6:- Receive your Original ITR (Income Tax Return) and ancillary documents
Click on apply now and get it done right away!!
|Packages Starting from||INR 7,499/-[ All inclusive ]|
Get the Annual filing along with Statement of Accounts or Financial Statements of your Limited Liability Partnership (LLP) done by our Tax-Legal team efficiently and hassle free within 7* Days. LexOracle offers you comprehensive, economic, All-inclusive packages starting from JUST INR 7,499/-.
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Prices are inclusive of Taxes.
*Time period quoted is tentative and approximate
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