Components of LLP Annual Compliances
It is compulsory to prepare financial statements and it doesn’t matter if any commercial activity is conducted or not. This is because the information will be shared with the ministry via forms. According to the double entry system, the records are prepared on cash or accumulated basis at owner’s request. Such accounts and statement shall be held at LLP's registered office address. Even if no business transaction is carried out throughout the whole financial year it is still necessary for LLP to be filed to record the initial expenditure and assets incurred for its first financial year.
Financial statement includes preparing of general purpose financial statements which further includes its balance sheet statement of profit and loss statement of cash flow and income tax statement.
For all LLPs, auditing is not compulsory; however, this depends on the specified requirements. For the LLP with turnover exceeding Rs 40 Lakh and Partner's Capital Contribution exceeding 25 lakh, the requirement of mandatory audit will be imposed.
4.ROC RETURN FILING
LLP Annual Return Filing will be carried out by means of LLP e-Form 11. The form will require details of the Partners and changes, if any, along with capital information during the year. Changes during the reporting period will be intimated or updated by this form. The Partners should also ensure that LLP Form 3 & 4 if any were required to be filed will be submitted and verified before actually filling this form.
5.INCOME TAX RETURNS
Those LLP who are supposed to submit the tax audit are required to file the income tax returns before 30th September each year and others will have to file till 31st July
6.MAINTENANCE OF STATUTORY REGISTERS
In the form of statutory registers, each LLP incorporated under the LLP Act, 2008 is required to maintain certain records about the organization.