A Limited Liability Partnership is a separate legal entity, the partners of the LLP have the responsibility to maintain a proper book of account and also have to file LLP annual returns in Mumbai with the MCA every year. LLP Form 11 and Form 8 and the income tax returns are the main compliances and the LLPs are required to comply with both:
Forms to be filed for LLP annual return filing in Mumbai:
LLP Form 11: Form 11 is a statement of the LLP annual return filing. Every year the LLPs have to do the LLP Annual return filing in Mumbai in Form 11 with the Registrar within 60 days from the close of the financial year. The LLP annual return filing in Mumbai has to be done on or before the 30th of May every year.
LLP Form 8: The LLP Form 8 is the accounts statements. All of the Limited Liability Partnerships are required to prepare and close the accounts until the 31st of March every year. Form 8 is filed by two designated partners with the registration in 30 days after the six months of the particular financial year Hence, Form 8 will be filed by the Limited Liability Partnership on the 30th of October every year.
What are the due dates for LLP annual filing in Mumbai?
The LLPs are required to elect the partners to maintain the proper books of accounts and also file the annual returns with the Ministry of Corporate Affairs annually. The books of accounts of the LLPs should not be audited but if the annual turnover is more than Rs.40 lakh or if the contribution is more than Rs.25 lakh then an audit is to be carried out. Hence, the LLP annual filing process in Mumbai is very simple. Some of the filing mandatory even if the LLPS has not commenced with the business.
The due date for Income tax returns:
The due date has been extended to the 10th of January 2021 and if the tax audit is necessary for the LLP then the due date to file the Income-tax returns for the LLP has been extended till 15th of February 2021. Nil Income Tax returns are to be filed with the authorities even if the LLP has not done any business.
LLP Form 8 Due Date
LLP Form 8 is an annual filing that is to be filed with the ROC every year. The statements of accounts and solvency are to be filed with the registrar within 30 days from the end of the 6 months of the financial year. The due for LLP annual filing in Mumbai is 30th of October 2021.
When does an LLP require a tax audit?
A Limited Liability Partnership must get the accounts audited by a Practicing Chartered Accountant and if the annual turnover of any financial year is exceeding Rs.40 lakh then or if the contribution exceeds Rs.25 Lakh. If the LLP wishes to avail exemption from the audits then the LLP accounts have to contain a statement by the partners. The statement should include that the partners acknowledge.
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