LLP Annual Filing is required for every LLP since its establishment. From the closure of its initial financial year, the LLP must file both the forms within the designated time limit.The annual compliance is compulsory for every LLP, irrespective of the number of transactions, turnover, or business activity undertaken.
In case of delay in filing, the LLP is charged with an extra Government fee of Rs 100 for every day of delay. Also, there is no ceiling limit to an extra fee. For constant failure to annual LLP compliance, the RoC can exclude the name of LLP from its register. Also apart from extra fees, the fine may also be levied to LLP and its partners.
The audited books of accounts are required for the LLP falling below any of the below-mentioned criteria: 1) If the turnover of the LLP surpasses Rs 40 Lakh; or 2) Total contribution of Partners surpasses Rs 25 Lakh. If LLP does not fall below any of the above criteria, statements with the signature of partners are adequate.
Due dates of LLP compliance are based on the conclusion of every financial year. The Financial Year of each LLP must be finished on 31st March. However, the duration of the financial year depends on the month of its establishment: a) LLPs registered between 1st April and 30th September: The LLP must finish its financial year on 31st March of the following calendar year. Suppose LLP is filed on 1st May 2018, the same should end its financial year on 31st March 2019. b) LLPs registered between 1st October and 31st March: The LLP has an alternative to choose the conclusion of its financial year. For instance, if the LLP is registered on 30th October 2018 the same can conclude its financial year either on 31st March 2019 or 31st March 2020.
