Fulfil your LLP's Annual Compliances in
3 simple steps, you get
- Filing Balance Sheet, P&L Accounts, Audit Report, and Director's Report
- Submission of AOC-04
- MGT-07
- MPB-01
- DIR-08
- Every monthly, quarterly, and annual compliance requirement will be met
Get in touch with a Compliance expert!
Introduction
Ensuring compliance means following the orders, rules, or requests. In India there are multiple compliances that every business has to fulfill. A Limited Liability, however, has fewer compliances as compared to a Private Limited Company.
It’s crucial for Limited Liability Partnerships (LLP) to annually file returns to maintain compliance and avoid hefty penalties. Although Limited Liability Partnerships (LLP) generally have a lighter compliance burden compared to Private Limited Companies, the potential fines for non-compliance can be significant, reaching up to INR 5 lakh.
Bright Advis let’s Limited Liability Partnerships (LLPs) smoothly navigate their annual compliances. At Bright Advis, we recognize the importance of meeting these compliance requirements, and our services are designed to efficiently assist LLPs in fulfilling their obligations.
Annual Compliances
The following entities are the annual compliances for a Limited Liability Partnerships:
Statement of Account and Solvency Filing
- Form 8 has to be filed by LLPs which. There are 2 parts in Form 8. Part A includes the Solvency Statement and Part B includes the Statement of Expenditure & Income and Statement of Accounts. Two designated partners have to sign this form digitally. Also, a CS/CA/CWA must certify the same.
- This must be submitted within 30 days from the completion of 6 months after a financial year ends
Audit
An active Chartered Accountant must audit the books of an LLP with a turnover of more than Rs. 40 lakh or a contribution of more than Rs. 25 lakh.
Submitting a Tax Return
- The Income Tax Act requires LLPs to file ITR-5 when filing their income tax return. LLPs must have their books audited and file their returns by the latest deadline of September 30 each year if their annual revenue exceeds Rs. 60 lakh.
- LLPs that do not need their accounts audited must file their returns annually no later than July 31st.
Filing of Annual Returns
Annual returns must be filed with the Registrar of Companies (ROC) in Form 11. This must be filed no later than 60 days after the end of the fiscal year or by May 30th of each year.
process
Fulfil all Annual Compliances
in 3 Simple Steps
At Bright Advis, we simplify the entire Annual Returns compliance process for Limited Liability Partnership. We make your journey smooth, structured and easy.
- Pre-application
- We collect basic information
- Gather required data
- Review
- Review documents
- Review accounts
- Prepare various forms and documentations for submissions
- Filing/Submissions
Sit back and relax while Bright Advis experts file the necessary returns and forms. Frequent updates and reminders will also be provided by Bright Advis relating to the due dates and filings carried out by us.
What do you get
when Bright Advis files your GST Annual Returns
Simplify your LLP's Annual Compliance. Save time & money.
When you let Bright Advis manage your annual compliances, you not only get the items mentioned on the side, you also get a friend who advices, guides and helps you grow into a great business.
- Completion and submission of Form 8
- Completion and submission of Form 11
- Completion and submission of ITR-5
- Filing and preparing income tax returns
- Complete business advisory services provided by qualified Chartered Accountants and Company Secretaries with years of experience
- Bright Advis service you can count on
testimonials
What our clients say
Why Bright Advis
There are many reasons why clients choose Bright Advis, but from our experience we have listed the four main reason why you should go with us.
Bright & Knowledgeable
Bright Advis delivers high quality financial services by a team of bright and knowledgeable experts.
Always happy to help
Bright Advis commit to provide dedicated support and assistance to our clients.
Professional & Approachable
We maintain a high level of professionalism while being easily approachable for our clients.
Easy & Quick
We focus on streamlining and simplifying the complex processes for our clients.
Chartered Accounts and Company Secretaries will manage your companies Annual Compliances
Frequently Asked Questions
Non-compliance can result in penalties of up to INR 5 lakhs for LLPs, making it essential to meet annual filing obligations.
Key compliance requirements include maintaining proper books of accounts, filing annual returns (Form 11), filing statements of accounts (Form 8), and filing Income Tax Return (ITR – 5).
Late filing of Form 11 can result in penalties of INR 100 per day of delay.
Late filing of Form 8 can result in penalties of INR 100 per day of delay.
A tax audit is mandatory for LLPs with an annual turnover exceeding Rs. 40 lakhs or contributions surpassing Rs. 25 lakhs, subject to certain conditions.
Yes, LLPs engaged in international transactions must file Form 3CEB, certified by a chartered accountant, by November 30th.
The due date for ITR filing by LLPs is July 31st, or September 30th if tax audit is mandatory.
Bought Together
There are many reasons why clients choose Bright Advis, but from our experience we have listed the four main reason why you should go with us.
Outsource Accounting & Bookkeeping
Save valuable time, money and labor by outsourcing your accounting and bookkeeping tasks to Bright Advis experts.
Simplify GST Annual Returns Filing process
Let Indirect Tax experts from Bright Advis file your annual Goods and Service Tax Returns in a timely and convenient manner.
Let's optimize your income tax
Unlock the full potential of your finances with Bright Advis' Income Tax Services. Our experts ensure maximum returns while minimizing liabilities.