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LLP ROC Compliance AMC

LLP Accounts Maintenance

All LLPs are required to maintain proper books of accounts since incorporation on a cash basis or accrual basis whichever may be applicable. The books of accounts must be maintained at the Registered Office of the LLP and must contain information about all the transactions happened during the tenure.

Company Rubber stamp and Letterhead are two advisable things that should be done immediately after incorporation.

LLPs are required to prepare their financial statements within 6 months for filing with the ROC at the end of each financial year. Financial statement of an LLP includes the following information:

  • Balance sheet
  • Profit and Loss Statement
  • Cash flow Statement

LLP Form 11

MCA withholds the authority of PLCs and LLPs. Therefore, the annual return of an LLP is due within 60 days after the financial year ends. LLPs must consistently maintain each financial year that starts on April 1st and ends on March 31st which means the annual return mandatorily to be filed on or before May 30th of each financial year.

DealTax assist you with a filling of all the mandatory and necessary LLP Annual Compliance including the assistance in maintaining the accounts.

LLP Form 8

Statement of Accounts and Solvency of an LLP is due within 30 days from the end of six months after the financial year ends. It is a mandatory filing that is required for all LLPs in India. Statement of Accounts and Solvency contains a declaration on the state of solvency of the LLP by the designated partners and also information related to statement of assets and liabilities and statement of income and expenditure of the LLP.

ESI Returns must be filed by all partnership firms having ESI registration. ESI registration is required once the partnership firm employs over 10 employees.

LLP Tax Audit

LLPs are required to have their accounts audited by a practicing Chartered Accountant if its annual turnover, in any financial year exceeds Rs.40 lakhs or its contribution exceeds Rs.25 lakhs. To avail the exemption from audit, the LLPs accounts filed with the ROC must contain a statement to the effect that the partners acknowledge their responsibilities for complying with the requirements concerning accounting and preparation of financial statements.

Income Tax Return Filing

LLPs must file an income tax return using Form ITR 5. LLP tax filing in India is due on or before July 31st if tax audit is not required. LLPs exceeding the turnover of INR 40 Lakh or contributing INR 25 Lakh are required to get their accounts audited by a practicing Chartered Accountant. The deadline for tax filing for LLP required to obtain audit is September which can be filed online through the income tax website using the digital signature of the designated partner and getting it audited and certified by a practicing Chartered Accountant.

Goods and Service Tax (GST)

Is GST applicable to your business?

Once you are registered under the regime of GST, following additional compliances related to GST will be applicable i.e.

  1. In case a company’s/LLP’s annual turnover is above 1.5 crores then GSTR-1/Sahaj (Detailed Sales Return) must be filed in monthly interval, companies/LLP’s having an annual turnover of less than 1.5 crores in that GSTR-1 will be filled in quarterly interval.
  2. In any case i.e. irrespective of turnover, GSTR -3B (Summary Return) needs to be filed in monthly interval.
  3. An annual GST return must(recommended) be filed by every business registered under GST, however the threshold turnover limit for the same is 5 Crores per annum.
  4. Apart from these other basic compliances such as E-way Bill, HSN code applicability and others to apply as per the eligibility of the business.

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