Registrar of Companies (ROC), Ministry of Corporate Affairs (MCA)
Registered LLPs with the Ministry of Corporate Affairs (MCA) needs to file the following mandatory compliance requirements:
Annual Return or Form 11 is a summary of an LLP’s Partners and indication of change in the management.
Every LLP is required to file Annual Return in Form 11 to the Registrar within 60 days of closer of financial year i.e. has to be filed on or before 30th May every year.
(Filing of Annual Accounts/ Statement of Accounts/ Financial Statements/ P&L & Balance Sheet)
A) LLP must maintain proper books of account. The accounts may be on cash basis or accrual basis.
B) Statement of Solvency (Accounts) needs to be prepared every year ending on 31st March.
C) LLP Form – 8 should be filed with the Registrar of Companies on or before 30th October every year.
D) It should be noted that LLPs / FLLPs whose annual turnover exceeds Rs. 40 lakh or partner’s obligation of contribution exceeds Rs. 25 lakh are required to get their accounts audited by auditor of the LLP/ FLLP mandatorily.
NOTE: The threshold limit of Rs 1 crore for a tax audit is proposed to be increased to Rs 5 crore with effect from AY 2021-22 (FY 2020-21) if the taxpayer’s cash receipts are limited to 5% of the gross receipts or turnover, and if the taxpayer’s cash payments are limited to 5% of the aggregate payments.
LLP can file its return of income in ITR 5. It is mandatory for LLP to file return of income electronically under digital signature if its accounts are required to be audited under section 44AB.
Tax payable by LLP cannot be less than 18.5% (increased by Surcharge and HEC) of “adjusted total income” as per section 115JC.
