Annual Returns Filing and Audit requirements for Limited Liability Partnership (LLP) - Professionals - Legal - TIK Share
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Annual Returns Filing and Audit requirements for Limited Liability Partnership (LLP)


Rakesh Bharadwaj

2014-04-17

Every LLP has the Obligation to maintain books of accounts which gives true and fair view of its state of affairs. Every LLP also has to maintain books under Double Entry system of book-keeping.

LLP has to file the following two Forms annually

Form 8 - Statement of Account & solvency

Form 11 - Annual Return

The Statutory fees will be applicable as per the Capital Contribution of LLP. Hence, irrespective of whether any business was conducted or not, every LLP is under obligation to file the above annual forms.

However, there is an exception

If LLP was registered on or after 01 october, 2013 , annual returns will fall for the FY ending 2015 only.

If LLP was registered on or before 30th September, 2013, annual returns will have to be filed for FY 2014.

Audit Requirements under LLP Act, only if

Turnover > 40 Lakhs 

or

Capital Contribution > 25 lakhs

A CA-in-practice shall perform the attestation service.

Certification From Practicing Company Secretary, only if

Turnover > 5 Crores in a FY

or

Contribution > 50 lakhs

Annual returns has to be certified by a CS-in-practice

Due dates

Form 8 - : 30-10-2014

Form 11 - :  30-05-2014

DSC Requirements:

Any 2 Designated Parteners have to get DSC for uploading E-forms

Penalties

Rs 100 per day for delay in filing Form No 8 and Form 11. Windingup of LLP is not possible without filing Annual accounts. Moreover , delay in filing these forms will make the LLP into an unlimited partnership till the date of filing returns.

Apart from these, Income tax returns and audit requirements would be applicable as per the Income Tax act

CA Pulkit Sharma

2014-04-17

Very well explained the provisions related to annual filing and other filings.

Thanks for sharing

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