Every business organization is required to mandatorily file their Annual Returns and Accounts with the Registrar of Companies (ROC) in order to ensure uniformity in the working of an organization. Limited Liability Partnerships (LLPs) registered under the LLP Act, are also required to mandatorily file annually file return with the Registrar of Companies.

In this blog Taxmantra will help you with the returns which are to be filed mandatorily by LLP to the ROC & Income tax annually. The following returns are to be filed annually —

Filing with the ROC

• Filing of Annual Accounts – Every LLP is required to maintain the Books of Accounts as per Double Entry System and has to prepare a Statement of Solvency (Accounts) every year ending on 31^st March. LLP are required to file such Accounts in Form 8 to the Registrar within 30days from the end of 6months of such financial year. The accounts are to be filed on or before 30^th October every year.

Moreover, the LLP whose annual turnover exceeds Rs. 40 lakhs or whose contribution exceeds Rs. 25 lakhs are required to get their accounts audited by a qualified Chartered Accountant.

• Filing of Annual Return – Every LLP is required to file Annual Return in Form 11 to the Registrar of Companies (ROC) within 60 days from the closure of financial year. An LLP has to close its financial year on 31^st March every year. So, the Annual Returns has to be filed on or before 30^th May every year.

Filing of Income Tax Returns

Every LLP is required to close its financial year on 31^st March every year as per the Income Tax Act and is also required to file their returns with the Income Tax Department.

The LLP whose annual turnover exceeds Rs. 60lakhs, are required to get their accounts audited under the Income Tax Act provision.

Due dates for an LLP to file their Income Tax Returns are as follows:

• LLP whose accounts are not required to be audited under any law – 31^st July every year
• LLP whose accounts are subject to audit under any law – 30^th September every year or such other dates as notified by the Income Tax authorities.