Limited Liability Partnership (LLP) under the Limited Liability Partnership Act, are required to file the following Forms with the Registrar every year:
Form-8 Statement of Account & Solvency
Form 11 Annual Return
Following are the due date of respective Forms:
E-Form Due Date
Form-8 30th May
Form 11 30th Oct
ITR 31st July or 30th Sept
Financial Statement: Following documents required to prepare-
- Balance Sheet
- Profit & Loss Account
Statement of Insolvency: Following Points to be noted while preparing Statement of Insolvency-
- It is required to prepare for each financial year.
- It is signed by the designated partner
Although treated as a separate legal entity from its Members, the LLP is treated for tax purposes as a partnership and the Members are taxed as partners, each being liable for tax on their share of the income or gains of the LLP Tax Compliances & others:
Income Tax- Every LLP is required to file an Income Tax return in Every Year by providing 30% tax on the total income of LLP.
Audit requirement- Under LLP Act, 2008:- Only Those LLPs whose annual turnover exceeds Rs.40 lakhs or whose contribution amount exceeds Rs.25 lakhs are required to get their accounts audited.