Every Limited Liability Partnership company that is a hybrid of a Private Limited Company and Partnership type of business integrates the advantages of both type of business and has at least two designated partners and at least one of them needs to be a resident of India. It is the responsibility of every LLP company in India to file the annual returns within a period of 60 days from the closing of the financial year. Apart from filing Annual returns, LLP is also supposed to file a statement of accounts and solvency prior to 6 months of the closing of the financial year. A company is allowed to close its financial year according to their choice, but an LLP compulsorily needs to close their financial year on 31st March always. But before filing annual returns, every LLP needs to know the steps to file LLP returns.
Step by step guide to filing LLP return:
- Download Form11:
The first step is to download Form 11. Form 11 is basically a form of annual returns in which a company needs to include details of the partner and the contribution done by each partner throughout the year, other important details of the partner, nationality, and other details.
- Check out your LLPIN:
LLPIN stands for LLP Identification number that can be found on the official website of the Ministry of Corporate Affairs where you need to input the LLP name that you have named at the time of Registration of LLP and activity name to get LLPIN.
- Pre-fill important details:
To fill the form 11, you need to fill the year for which you are filing annual returns. You need to mention the starting date of the financial year. If you are filing annual returns for 2016, then the starting date of the financial year must be 1-04-2015. Also, mention the LLPIN and proceed by clicking on Pre-fill button. All the details up to the point number 8 would be shown automatically.
- Mention amount contributed by partner:
As all the details up to point 8 would be displayed automatically, so you need to fill the dialogue box at point number 9 where you need to mention the amount that has been contributed by the partners of the LLP.
- Mention penalty if any:
If there is some penalty imposed on LLP or partners, then you need to mention it at the point 13. If the penalty is imposed on the LLP, then you need to mention it in 13(i), whereas if the penalty is imposed on partners, then mention it in 13(ii). If there is no such penalty, then leave it blank.
- Mention if turnover is more than 5 crores:
If the turnover of your company is more than amount of 5 crores, then you need to tick mark the round box in point 15. If any of your partners is a director in the company, then attach the details of LLP or company.
After attaching or filling the important details, all details are verified. Once verified, you need to login to the portal of Ministry of Corporate Affairs and need to upload e-form. Make required payment and this is how LLP return procedure is completed successfully.
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