A Limited Liability Partnership (LLP) needs to file various returns periodically to maintain compliances.
Great Solution offers LLP compliance management so that you can avoid heavy penalty for non-compliance. We provide a comprehensive LLP compliance service which includes MCA filings and income tax return for your LLP at very affordable rates.
As compared to a private limited company, LLPs need to only file information related to statement of accounts, MCA annual return, and income tax return on an annual basis. However, they have to pay heavy penalties in case they fail to comply. The fines could go up to Rs 5 lakh in some cases. Even dormant LLPs with no transactions are required to file income tax return each year.
An LLP has to file Annual Return within 60 days from the end of close of financial year and Statement of Account & Solvency within 30 days from the six months of the close of financial year. As per financial year from April 1st to March 31st, LLP annual return is due on 30th May and the Statement of Account & Solvency is due on October 30th of each financial year.
Form 11 contains details of total number of partners, total contribution received by all partners, details of body corporate as partners and summary of partners. All LLPs should file this form within 60 days from the closure of the financial year with the prescribed fee. Hence, the due date for filing LLP Form 11 is 30th of May each year.
Form 8 must be filed within 30 days from the end of 6 months of the financial year along with some prescribed fee. This must be digitally signed by 2 designated partners and certified by a chartered accountant/company secretary/cost accountant. Form 8 contains Statement of Solvency, Statement of Accounts and Statement of Income & Expenditure.
Great Solution provides Annual Compliance management including preparation and filing of LLP Form 11 and 8.
LLPs must maintain proper book of accounts and file annual return with the MCA each financial year. LLPs are not required to audit its accounts unless the annual turnover exceeds Rs 40 lakh or if the contribution exceeds Rs 25 lakh.
LLPs must pay income tax using Form ITR 5, which can be filed online through the income tax website using the digital signature of the designated partner. The deadline for LLP tax filing in India is 31st July if tax audit is not required. LLP whose turnover exceeds Rs 40 lakh or whose contribution exceeds Rs 25 lakh are required to get their accounts audited by a practising Chartered Accountant, and file their tax by 30th September every year.
We will not let your compliance requirements pile up from the initial days as it will keep you in good stead when you apply for investment or a bank loan. Your eligibility for funding depends on your company’s compliance with the requirements of Registrar of Companies (RoC). We will prepare all the requisite documents and file your returns.
Availing our services is equivalent to hiring a dedicated company secretary or chartered accountant to ensure that your business is run in accordance with the laws of the land. Our experts would keep you abreast of all the changes made by the RoC any time.
Great Solution will help you complete all the compliance requirements of an LLP for a fraction of the cost involved in hiring company secretaries. We will leverage our powerful tech platform to provide you dedicated online services.
By handling all the paperwork, we will make your interaction with the government authorities as smooth as possible. We will make you sail through the entire process seamlessly.
We will handle all your queries to your entire satisfaction. Our efforts would be to ensure that your doubts are cleared before you put them before us.
We will assign you a dedicated advisor to manage all your compliance requirements. The Compliance Manager will provide you assistance on all matters related to your LLP’s compliance such as maintaining accounts; preparing financial statements at the end of each financial year; Form 11 and Form 8 Filing including providing reminders; collecting the required information; filing both the Forms and income tax returns irrespective of income, profit or loss.
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