Annual Compliance for LLP registration in India
Annual compliance for LLP in India, as the name suggests, is the compliance that is supposed to be filed annually. Every private limited company is subject to present their details, whether the financial statements or details of loans, details of every shareholder and director, etc. via filing the prescribed forms. A limited liability partnership (LLP) is a partnership in which some or all partners (depending on the jurisdiction) have limited liabilities. Limited Liability Partnership agreement means any written agreement between the partners of the limited liability partnership or between the limited liability partnership and its partners which determines the mutual rights and duties of the partners and their rights and duties in relation to that limited liability partnership
ANNUAL COMPLIANCE FOR LLP in India
- LLP is required to file :
- LLP Form 8 (Statement of Account & Solvency) and
- LLP Form 11 (Annual Return) annually.
At GetmyCA our expert Chartered Accountants, Accounting & Taxation professionals and Company Secretaries will take care of all your annual compliance for LLP in India. We offer the best-in-class legal consultation for your company. The ‘Annual Return’ is required to be filed within 60 days of close of the financial year and ‘Statement of Accounts & Solvency’ shall be filed within 30 days from the end of six months of the financial year to which it relates. Every LLP has to maintain uniform financial year ending on 31st March of a year.
All companies registered in India like private limited company, one person company, limited company, and section 8 company must file MCA annual return and income tax return each year. Companies must conduct an Annual General Meeting at the end of each financial year and file an annual return with the Ministry of Corporate Affair to maintain compliance. For newly incorporated Companies, the Annual General Meeting should be held within 18 months from date of incorporation or 9 months from the date of closing of financial year, whichever is earlier. Subsequent Annual General Meetings should be held within 6 months from the end of that financial year. In India, normally the financial year starts on April 1st and end on 31st March. So a Company's annual return would be due on or before September 30th.
Annual compliances OPC
- Filing of Annual Return : FORM MGT-7 Containing the Statement of Disclosure of Shareholders and Directors, this Form is to be filed with the relevant ROC, within a maximum of Sixty Days counted from the date of Annual General Meeting (AGM).
- Filing the Financial Statements : Containing all monetary and finance related audited accounts of the OPC, this Form is to be filed with the ROC concerned, on or before 30th October every year.
- Filing Income Tax Returns : This Form is to be filed by the OPC on or before 30th September every year. If the annual turnover of the OPC exceeds INR One Crore, then mandatory is tax audit.