Annual LLP Compliance Services
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LLP is that form of business which is a unique combination of company as well as partnership; it is the only medium which gives the benefits of both the entities, as it best suited for those who want less risks and investments with better benefits and returns. It takes the characteristics of corporate entity from company and imposes less compliance being partnership.
Every LLP registered in India bound to file the annual return within 60 days from the closure of the financial year, it should also file the statement of accounts and solvency within 30 days from the end of the 6 months of the closure of the year.
These are the forms that should be filed annually to avoid the legal actions and unwanted penalties:
LLP FORM 11- This from must be filed within 60 days from the closure of the financial year as this form contains all the required details such as number of partners, their contribution details, body corporate details and information about the partners. So the due date of filing this form is 30th May every year.
LLP FORM 8- This form must be filed within 30 days from the closure of the 6 months of the financial year, form should be filed with the required fees,it contains the details of the statement of solvency, statement of Income and expenditure, statement of accounts, must be digitally signed by two authorized partners and also certified by the professionals such as chartered accountant/company secretary/cost accountant.
TAX AUDIT- LLP requires tax audit only if they exceed the limit of annual turnover 40 lakhs and contribution 25 lakhs, therefore it is necessary to maintain the books, records and accounts by the designated partners.
INCOME TAX RETURN FILING– Income tax return must be filed online by filing the ITR 5 form attested with the digital signature of the designated partners online through the Income tax website. Last date of filing the return in India is 31st July, if the limit exceeds then it should be filed after auditing the accounts by a practicing Chartered Accountant till 30th September.Document Required
Once a LLP is incorporated, certain compliances are mandated by the Ministry that has to be performed. Irrespective of whether the LLP is having any business activity or not and whether the balance sheet of LLP is healthy or not, the compliances have to be duly met. We list down the important compliances that is applicable on all forms of LLP:
1. Filing LLP Annual Return
Every LLP is required to maintain the Books of Accounts as per Double Entry System. It has to prepare a Statement of Solvency (Accounts) every year ending on 31st March. If there are no transactions, then venture formation and allied expenses are to be booked. These expenses can be a part of LLP losses and these can be carried forward and set off in subsequent years.
Every LLP is required to file Annual Return in Form 11 to the Registrar of Companies (ROC). It has to be filed within 60 days from the closure of financial year. An LLP has to close its financial year on 31st March every year. So, the Annual Returns has to be filed on or before 30th May every year.
2. Filing Annual Accounts or Statement of Accounts or P&L and Balance Sheet
All LLPs are required to maintain their Books of Accounts in Double Entry System. They also need to prepare a Statement of Solvency (Accounts) every year ending on 31st March. For this purpose, LLP Form 8 should be filed with the Registrar of Companies on or before 30th October every year.
Form 8 or Annual Statements is applicable to the LLPs registered till 30th September 2017. For LLPs registered after 1st October 2017, the Annual Statements can be filed in 2019.
It should be noted that LLPs whose annual turnover exceeds INR. 40 lakh or whose contribution exceeds INR. 25 lakh are required to get their accounts audited by a qualified Chartered Accountant mandatorily.
Private Limited Compliance Services
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One should first understand first what compliance means, it means filling of required forms and documents with central government as it is mandatory and statutory requirement, forms must be filled in the prescribed form and manner timely, all the companies registered in India are bound to file annual return and income tax each year with MCA.
If the company is newly incorporated the annual general meeting should be conducted within 18 months from the date of incorporation of the company or 9 months from the date of closing of the financial year whichever is earlier. In normal and for ongoing companies they should conduct the meeting within 6 months of the closing of financial year, so the due date would be 30th September for financial year 1st April to 31st March.
Along with the annual return companies should also file the Income tax return irrespective of loss, profit even if there is case of no transaction then also it is mandatory.Why Annual Compliances Need to be Managed?
It avoids all unnecessary legal actions for a growing and developing private limited company.
It helps in avoiding the legal fines and penalties that can hinder the work and any lawsuits against the company.
We are having a team of best and experienced compliance management team providing the services includes financial statement preparation, income tax return filing ,secretarial services and MCA annual return filing. Give us a chance if you want the best.Document Required
Documents Required for Annual Compliance for Pvt Ltd Company
Private Limited companies has to follow more rules and compliances than compared to any other form of legal business structure. As they're more scrutinized, there are certain compliances that are mandatory in mandatory. It could be further segregated into Registrar-related compliances and Non-Registrar compliances. Below is the list of few mandatory compliances:
1. Auditor's appointment
Auditor will be appointed for the five years and form ADT-1 will be filed for 5-year appointment. The first Auditor will be appointed within one month from the date of incorporation of the Company.
2. Statutory Audit of Accounts
It is mandatory for the company to its Accounts and get the same audited by a certified Chartered Accountant at the end of the Financial Year. The Auditor shall provide an Audit Report and the Audited Financial Statements for the purpose of filing it with the Registrar.
3. Filing of Annual Return (Form MGT-7)
The firm should file its Annual Return within 60 days of holding of Annual General Meeting(AGM). Annual Return will be for the period 1st April to 31st March.
4. Filing of Financial Statements (Form AOC-4)
Every Private Limited Company is required to file its Balance Sheet along with statement of Profit and Loss Account and Director Report in this form within 30 days of holding of Annual General Meeting.
5. Holding Annual General Meeting
It is mandatory for every Private Limited Company Company to hold an AGM in every Calendar Year. Companies are required to hold their AGM within a period of six months, from the date of closing of the Financial Year.
6. Preparation of Directors’ Report
Directors’ Report will be prepared with a mention of all the information required under Section 134.
Annual OPC Compliance Services
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OPC stands for “One Person Company “like every other company who is registered under MCA, OPC also needs to fulfill some compliance annually according to the rules set up by the Companies Act. Every One person company must file the below mentioned documents:
- Form AOC-4 for filing the financial statement with the Registrar of Companies (ROC).
- Form MGT 7 for filing the Annual return and an extract of the return in Form MGT-9 also forms part of the Board Report.
- Form ITR-VI for Income tax return with Income tax department.
According to the rules the annual return should be filed within 60 days of conducting the Annual General Meeting else on the date of Annual General Meeting if meeting didn’t take place within 6o days. All the Financial Statements should be filed within 180 days from the end of the financial year. The due date for filing the Income tax return is 30th September of the Assessment year.
If the company is not complied with the compliance not only the legal standing will be in danger but also be imposed with fines and penalties which may vary according to the nature of offence. As initially people might like to defer the compliances but the intensity if the penalties and fines increase with time.
Regalguru is having a team of highly qualified professionals who are here to guide you to the right, our dedicate support team will provide you long term commitments and best services.Document Required
Documents Required for OPC Annual Filing:
- Directors need to provide identity proof.
- Pan card of the directors.
- Company’s Memorandum of Association.
- Company’s Articles of Association.