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LLP Annual Filing

LLP AND FILING REGISTRATION





    2,999 + GST + Govt. Fee
    Limited Time Period Only. No Hidden Charges

    Overview

    Limited liability partnerships (LLPs) have very few compliances to fulfil, in comparison to private limited companies. LLPs need only file information related to statement of accounts and annual returns on an annual basis. However missing deadline for  LLP annual filing would be fined heavily, with penalty of Rs 100/per day till the date of filing.

    Limited Liability Partnerships are required to audit their books of account where their annual turnover is more than INR 40 lakhs or if the contribution is more than INR 25 lakh.

    legalsyne has a dedicated professional team to help you with LLP annual filing and ROC filing in time with Ministry of Corporate Affairs thereby saving huge penalty being imposed for missing deadline due to your busy schedules.

    10 REMARKABLE LLP BENEFITS THAT YOU DIDN’T KNOW

    The legal existence of you organisational in India mandates certain compliances on you (being principal officer of your organization) under various laws & regulations and some of them are given below.

    • Companies Act 2013.
    • Income tax Act 1961
    • Goods and Services Act (GST).
    • Employee related regulations like PF, ESI, Gratuity and professional tax.
    • RBI Compliance for foreign transactions.
    • SEZ Compliances for units in SEZ.

    For any business, great start is a must and so is the case with regulatory compliance. Clean and clear compliance from the word go, brings high respect among various take holders and clarity abut where you stand in your business at any point of time. legalsyne has a dedicated team to help you in your compliance journey and given below are the general milestone to be achieved in that journey.

    We Believe this compliance calendar will help you meet all regulatory compliance on time and we wish you all the very best in your business and career.

    COMPLIANCES FOR STARTUPS TO KEEP IN MIND AND THEIR DUE DATES

    LLP Compliance as per Limited Liability Partnership Act 2008

    Compliances Due Date Penalty
    Filing of Annual return with
    Govt. authorities(Form LLP-11)
    On or before 30th May after financial
    year closing
    Rs.100. Per day from
    the date of default till
    the date of actual
    filing.
    Filing of Accounts with
    Government authorties
    (Form LLP-8)
    On or before 30th October after financial
    year closing

    Compliances for Limited Liability Partnerships as per Income tax Act 1961

    I. Filing of return of Income

    Compliances Due Date Penalty/Consequences
    Filing of Income tax return (For
    LLPs for which Audit is not
    applicable)
    On or before 31st July after
    financial year closing
    Loss cannot be carried
    forward and in case of tax
    payable Interest and
    penalty are applicable.
    Interest under 234A, 234B &
    234C @ 1% per month for
    each section and Penalty of
    5,000/- (even if tax payable is
    Nil)
    Filing of Income tax return
    (For LLPs for which Audit is
    applicable)
    On or before 30th
    September after financial year
    closing (Applicable only in case
    turn over
    exceeds 40 lakhs or
    contribution exceeds 25 lakhs)

    II. Deduction of tax at source

    Compliances Due Date Penalty/Consequences
    Deduction of tax on Salaries and
    other vendor payments if
    exceeds limit specified under
    Income Tax Act,1961
    Payment – 7th of succeeding
    month.
    Interest at rate of 1.5% per
    month on amount of tax till
    the date of actual payment

    Returns – Quarterly returns.

    Apr – June (31st July 2018),
    July – Sep (31st October 2018),
    Oct – Dec (31st January 2019),
    Jan – Feb` (31st May 2019)

    Rs.200 per day from the date
    of default to the date of filing
    of return.
    Maximum penalty is limited to
    amount of tax deducted.

    III. Advance tax

    Quarterly deposit of Advance tax based on estimated total taxable income.

    Advance tax to be deposited Due Date Consequenses
    15% of total estimated tax 15th of June 2018 Interest under section 234B &
    234C as follows:234B – 1% per month or part
    of month from April of next
    year till the date of payment.234C – 1% per month or part
    of month on short fall of
    advance tax for 3 months
    45% of total estimated tax 15th of September 2018
    75% of total estimated tax 15th of December 2018
    100% of total estimated tax 15th of March 2019

    Labour Law Compliances and registration matters(Depends up on the industry in which you are engaged)

    I. Professional tax

    Requirements Penalty/Consequences

    Registration:

    Employer/owner of the business has to take registration within
    30 days from commencement of profession or trade.There are
    two types of registration.

    “E.C. : Enrollment Certificate” other than a person earning
    salary
    “R.C. : Registration Certificate” For every employer

    Time limit for payment of PT:

    Within 20 days from end of the month in which PT is deducted

    Post registration compliances:

    “Employees who are not covered”

    Employees whose salary or wage (gross) for a month is less
    than Rs.15,000/

    “Additional fee for branch”

    Every branch of a firm, company, corporation or other
    corporate body, any society, club or association is
    treated as a separate person for the purpose of tax liability.
    “Payment of PT by professionals and establishments”
    other than employees, all other class of persons such as
    professionals, companies, and societies shall pay tax once in
    a year on or before 30th of April of respective year

    Penalties under the Act includes (a)
    Rs.1000 for non-registration in case
    of employer and Rs.500 in case of
    others (b) Rs.250 for non-filing of
    returns and (c) for non-payment of
    tax by enrolled person and
    registered employer with interest at
    rate of 1.25% per month and Penalty
    not exceeding 50% of the taxamount
    due.Delay in obtaining Professional
    Tax RegistrationRs. 5/- per dayNon/late payment of profession tax10% of the amount of tax.Late filing of returnsRs. 250 per return

    Compliances for Limited Liability Partnerships under GST

    I. Registration

    Required to be registered if taxable turnover of goods or services or both exceed 20 lakhs.However, following
    are liable to register irrespective of turnover.
    i. Making interstate taxable supplies (Not applicable for service providers)
    ii. Every electronic commerce operator
    iii. Persons who make taxable supply of goods or services or both on behalf of other taxable persons
    whether as an agent or otherwise

    II. Returns

    a) Aggregate turnover is less than or equal to 1.5 Crore

    Return Due Date Consequenses
    GSTR – 1 Apr – June 31st July 2018
    July – Sep 31st October 2018
    Oct – Dec 31st January 2019
    Jan – Mar 30th June 2019
    In case of NIL returns
    Rs.20 / day
    Others
    Rs.50 /day
    GSTR – 3B 20th of succeeding month

    b) Aggregate turnover is less than or equal to 1.5 Crore

    Return Due Date Consequenses
    GSTR – 1 10th of succeeding month In case of NIL returns
    Rs.20 / day
    Others
    Rs.50 /day
    GSTR – 3B 20th of succeeding month

    *Due dates of GST returns are based on law as on 01-04-2018

    II. Karnataka Shops & Establishment License

    Requirements Penalty/Consequences

    Registration:

    Anyone having a shop or commercial establishment in karnataka has to
    take a registration, within 30 days from commencement of work/services

    Post registration compliances:

    A certificate issued by the labour inspector should be disclosed in the office
    premises.Govt. has prescribed certain registers to be maintained for leave,
    employee list, attendance list etc. Such registers are to be maitained and
    every year annual return to be submitted within 31st January of subsequent
    year

    Labour inspector may
    visit your office and issue
    the notices for
    non-registration. penalty
    can vary from Rs.1000 to
    Rs.2000.

    III. Employee’s State Insurance (ESI)

    Requirements Penalty/Consequences
    Registration:
    All establishments employing over 10 employees at any point of the year Rs.5000/-
    has to get registered under ESI Act, provided the salary payable to at least
    one employee is less than Rs.21,000.Time Limit:
    Within 15 days from the date of its applicabilityContribution:
    Employees contribution 1.75% of wages
    Employer’s contribution 4.75% of wages.Post registration compliance:
    Filing of ESI returns – Half yearlyPayment:
    Payment on or benefit 15th of every succeeding month
    Penalty under ESI Act of
    Rs.5000/-

    IV. Employee’s Provident Fund (EPF)

    Requirements Penalty/Consequences
    Registration:
    Any organization having 20 or more permanent (on-roll)
    employees, should register with the EPFO
    EPF Rate
    Employer – 12% of the basic salary limited to Rs.1800 and
    1.16% admin charges
    Employee – 12% or such higher amount as desired by
    employeeDue date after EPF Payment:15th of succeeding month
    Penalty Provision in respect of delay
    in payment of P.F. dues
    Delay in deposit of P.F. dues attracts
    penal damages. Damages are levied
    at the following Flat Rates :
    I. For 0 — 2 months delay
    – @5 % p.a.
    II. For 2 — 4 months delay
    – @10 % p.a.
    III. For 4 — 6 months delay
    – @15 % p.a.
    IV. For delay above 6 months
    – @25 % p.a. (subject to a
    maximum of 100%)

    Note: In addition to above Penalty provision imprisonment Provisions will be applicable in case of
    non-fulfillment of above Acts.

    V. Importer/Exporter Code (IEC) Registration

    Every Importer and Exporter.

    legalsyne is not responsible for any failure on your part to meet various regulatory requirements within the time
    frame mentioned under any Acts/rules unless separate service agreements are entered between us for the same. The
    above list of enactments or contained in any documents dispatched along with are indicative only and do not form the
    entire list of enactments that your organization need to follow. You are advised to take professional advice before
    acting on any of the recommendation that is contained in this letter or any other document dispatched along with or
    e-mail body.If you have not found what you are looking for or need additional assistance please contact us
    at info@legalsyne.com (9742308021).

    Disclaimer : Post incorporation services may have separate service agreements and unless specifically
    stated otherwise, any new services shall be subject to acceptances of general terms and conditions
    related to those services.

    6 THINGS TO KNOW BEFORE REGISTERING YOUR STARTUP

    6-THINGS-TO-KNOW-BEFORE-REGISTERING-YOUR-STARTUP

    8 BENEFITS OF REGISTERING A LIMITED LIABILITY PARTNERSHIP

    8-BENEFITS-OF-REGISTERING-AN-LIMITED-LIABILITY-PARTNERSHIP.info_-1_small

    One Person Company vs Sole Proprietorship Infographic

    opcvssoleproprietorship_final1_small

    Documents Required for OPC registration in Bangalore

    Minimum 1 person as Director.

    • Minimum 1 Nominee
    • PAN Card Copy of Director and Nominee
    • Proof Of Identity of Director and Nominee (Passport/Driving Licence/Voters ID)
    • Proof of Residence of Director and Nominee(Bank Statement/Electricity Bill/Telephone Bill/Mobile Bill)
    • Address proof of the proposed Registered Office (Electricity Bill/ Property Tax Receipt/Postpaid Mobile Bill, Gas bill)
    •  NOC from the person who owns the property mentioned above.
    • 2 passport size photos of proposed Director and Nominee.

    Other details required for OPC registration in Bangalore:

    • Main Objective of the Company- Proposed activities of the company
    • Proposed names for your company

    6 THINGS TO KNOW BEFORE REGISTERING YOUR STARTUP

    6-THINGS-TO-KNOW-BEFORE-REGISTERING-YOUR-STARTUP

    OPC vs Sole Proprietorship

    opcvssoleproprietorship_final1_small

    Faq

    What is LLP Annual Filing?

    All the Limited liability partnership firms that are officially registered under the Ministry of Corporate Affairs must file the Annual Returns and Statement of Accounts annually, and that is known as the LLP annual filing.

    What are the mandatory compliances of LLP?

    The mandatory compliances of LLP include the Annual Return for LLP (Form 11), Financial Statements of the LLP (Form 8), and the Income Tax Returns Filings.

    What if I have not undertaken any business during the year? Do I still need to file returns?

    Yes, it is compulsory for all LLPs to file their Annual Returns and financial statements, irrespective of whether the business operates during that year or not. Moreover, the LLP annual filing should be done even for NIL returns.

    What is the Audit Requirement for LLP?

    As per the Audit under LLP Act, an LLP must get its audit accounted from a practicing Chartered Accountant when its annual turnover (during any financial year) exceeds INR 40 lakhs or even if its contribution exceeds over INR 25 lakhs.

    What is the due date for filing of Statement of Accounts and LLP return filing?

    The LLPs must file their Annual Return in Form 11 to the Registrar, within the 60 days of the closure of the financial year; which means, the Annual Returns are to be filed on or before 30th May every year. It is given that at least two Designated Partners of the company should file with the Registrar, 30 days after completion of 6 months of the Financial Year. So, 30th October will be the final date to file the Statement of Accounts, i.e. Form-8.

    What are the Income Tax Compliances of LLP?

    An LLP should file its income tax return annually as it is a separate legal entity. Hence, along with its partners, the income tax returns should be filed by the LLP before the specified due date, ie before 31st of July.

    Whether Annual Filing is necessary for the LLPs?

    Yes, LLP Annual filing is highly essential to be undertaken on or before 31st March every year, right from the day of its incorporation, irrespective of its turnover rate and transactions processed.

    Whether the Audit of Financial Statements is required for LLP RoC filing?

    Yes, in case the LLP’s turnover exceeds INR 40 lakhs or if the overall contribution from its partners is more than INR 25 lakhs. If the LLP does not fall under either of the criteria mentioned, then the statements with the signature of partners are adequate.

    When does the first Financial Year of the LLP end?

    Generally stating, the first financial year for any LLP depends on its date and month of incorporation. However, the financial statements for every LLP needs to be filed on or before 31st March. Suppose if an LLP has been incorporated between 1st April and 30th September the financial year would be next March. If the incorporation date falls between 1st October and 31st March, then the final date of its first financial year would be 31st March of the next calendar year.

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      Winding Up of A Company

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      Trademark Registration

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