ANNUAL COMPLIANCES FOR PRIVATE LIMITED COMPANIES
Fulfill all the compliance requirements of your private limited company every year the most convenient way possible – online.
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WHAT ARE ANNUAL COMPLIANCE?
The Companies Act 2013 states that every company shall hold an annual general meeting in each financial year and the gap between two AGMs shall not be more than 15 months and financial Statement shall lay in AGMs of that financial year.
A copy of financial statement including consolidated financial statement if any ,which has been adopted at AGMs shall be filed with ROC in e-form AOC-4 within 30 days of date of AGMs .
WHAT ARE ANNUAL FILINGS?
Limited liability partnerships (LLPs) have very few compliances to fulfil, in comparison to private limited companies. LLPs need only file information related to statement of accounts and annual returns on an annual basis. Penalties, however, are huge for failure to comply. Entities that don’t end up doing so could be fined heavily, with penalties going up to Rs. 5 lakh in some cases.
There are three mandatory compliance requirements to be followed by LLPs.
Filing of Annual Return
Filing of Statement of the Accounts or Financial Statements
Filing of Income Tax Returns
FILING ANNUAL RETURN
Annual Return or Form 11 is a summary of an LLP’s Partners. It is also an indication of whether there is any change in the management. Every LLP is required to file Annual Return in Form 11 to the Registrar within 60 days from the closure of a financial year. That is, the Annual Return has to be filed on or before 30th May every year.
Form 11 or Annual Return is Applicable to those LLPs which were registered till 30 May 2015. For LLPs registered after 1st October 2015, the return will be filed in the year 2017.
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 2015. For LLPs registered after 1st October 2015, the Annual Statements should be filed in 2017.
It should be noted that LLPs whose annual turnover exceeds Rs. 40 lakh or whose contribution exceeds Rs. 25 lakh are required to get their accounts audited by a qualified Tax Experts mandatorily.
*An Audit of accounts is mandatory under the Income Tax Act when the annual turnover of LLP is more than one hundred lakh rupees.
|Forms to be filed||Last date for filing|
|Annual Return (Form 11)||30-05-2016|
|Accounts (Form 8)||30-10-2016|
|INCOME TAX RETURN||Last date for filing|
|In case Audit is not required||31-07-2016|
|In Case Audit is required||30-09-2016|