LLP Annual Filling Return Service in Chennai

LLP is also known as the Limited Partnership is an amalgamation of a partnership and a limited firm. The minimum requirement for partners is two for the incorporation of an LLP however there's no upper limit.

Limited Liability Partnerships are required to file annually filed returns no later than 60 days of the time of closing of the financial year. They must also file a statement of solvency and account within 30 days of the six-month mark of the fiscal year.

The financial year of the LLPs commences from the 1st of April until the 31st of March. The annual return of the LLPs will be due by May 30, while an accounting statement and the solvency will be due by the 30th the month of October in each financial year.

In addition to the MCA Annual return submission, limited liability partnerships are also required to file an income tax return each year.

Genuine Tax offers a full LLP compliance service, which includes annual filing as well as LLP Income tax returns filing for at an affordable cost.

Steps Involved for LLP Tax Filing:

LLPs have to prepare their income tax report with ITR 5. The ITR 5 form can be filed on the internet through the tax website that handles income taxes by using an electronic signature from the partner designated. When filing the LLP tax return, taxpayers need to make two copies of the Form ITR-V. One copy of the ITR-V which is signed by the assessee must be sent via normal mail in Post. The other copy is kept by the assessee as his records.

Annual Filings to Limited Liability Partnerships Firms:
The LLPs are required to choose the partners responsible for keeping the correct books of account and file the annual returns with the Ministry of Corporate Affairs annually.

The books of accounts of LLPs are not required to be audited unless the annual turnover exceeds Rs.40 lakh, or if the contribution is greater than the amount of Rs. 25 lakhs. This means that the process of filing an annual report is easier for LLPs. Some annual filings are compulsory, regardless of whether the LLP has just started the business, or it has not.

The deadline for filing income tax returns (in the case of extensions):

The due date is extended to the 10th January 2021, starting on December 31, 2020. If the LLP requires tax audit, this LLP then the deadline to file IT tax returns of LLP is extended until 15th February 2021 starting on the 31st of January, 2021.

Even if the LLP has not conducted any transactions during the fiscal year that is currently in effect and the LLP must submit a Nil Income Tax return to Tax authorities.

LLP form 8 Due date

LLP Form 8 is a form that is filed annually and must be filed with ROC each year. Statement of solvency and account must be submitted to the registry within thirty days of the conclusion of six months of the fiscal year that the statement is about. The deadline to file LLP annually filed accounts is the 30th of October in 2020.

This form contains a statement about the solvency for the LLP by the partners who are designated and information on statements of the assets, the liabilities as well as the statement of income and expenses on behalf of LLPs.