LLP Compliance
Avoid any penalties and late fees with regular LLP compliance!
at an attractive price just at Rs 4,999/-.
Includes all the Government Fees* | DSC fees | GST Charges as applicable.
Propel your business with Probal Consulting Group.
WHAT IS LLP COMPLIANCE?
LLP(Limited Liabilities Partnership) is a type of organisation that came into effect from 2008. It offers higher flexibility and limited compliances and hence becoming very popular in India.
PROCESS AND DUE DATES OF LLP COMPLIANCE?
As per the law, LLPs have to file their returns regularly to remain fully compliant to the laws enforced by MCA(Ministry of Corporate Affairs). LLPs have to file two forms, one is Statement of Account and solvency, and the other is Annual Return. Due dates for Annual return are 30th May while the due date for Statement of Account and Solvency is 30th October. These forms contain financial activities and transactions that took place in the financial year.
Benefits
Simplified Conversion
If an LLP wants to convert itself into a different type of organization, the annual filing is critical. LLPs are mandated to fulfill their compliances even if they have NIL transactions throughout the year. Regular annual compliance iron outs the process of conversion.
More credibility
MCA portal makes LLP annual compliance filing data public on it’s portal. So it’s easy for anyone to take a look at your business’ regular compliance affecting your firm’s credibility.
Bookkeeping and Tax Auditing in LLP
Bookkeeping
AS per the law, every LLP has to maintain its accounting books without any failure. Books of accounting can be managed on a cash basis or accrual basis. These books should contain detailed information on every transaction, purchase, sales, and expenses. A comprehensive financial statement has to be prepared within six months after the filing of ROC compliant returns.
- Laws and taxation evolve regularly
- Our goal is to establish a long-term and productive relationship with the clients to ensure we scale along with our clients.
- It’s vital to keep on learning to help them with their future needs.
Tax Auditing
LLPs having aggregate turnover above 40 lakh has to get their accounts audited by a certified Accountant. Moreover, if the Partner’s contribution is more than 25 lakh, auditing of books of accounting is mandatory.
For the financial year 2020-21, a proposal has been made to increase the threshold for auditing to INR 5 crore.
- In our broader run, we have understood one thing clearly, “one size never fits all!”. This has to lead us to tailor our services as per our client’s needs.
- Our team is highly qualified and rightly motivated to help us serve you better.
A GOOD START IS THE WORK HALF DONE !!!
Frequently asked questions
• Annual Return
• All the financial statements
• ITR filings (Income Tax Return Filings)
Yes, the law mandates that even if you have not done any business, you will have to file your Nil annual returns and financial statements.
Failure to file LLP returns before the due date will attract the penalty of INR 100 per day until all the pending returns are filed.
The due date for filing the statement of account is 30th October.
Related Services
Private limited companies need to comply with a lot of financial laws and regulations. It’s vital to manage all these compliances efficiently for the smooth functioning of the business.
Propel your business with Probal Consulting Group.
Kick-start your business with our full-suite accounting and legal services.
Every firm, no matter how big or small must maintain their accounts regularly to scale higher in the business. Improper maintenance of accounts can lead to a financial disaster, resulting in severe consequences.
