Chartered Accountant Service in India – LLP Filing

Bookkeeping for an LLP differs from that of companies. While companies must maintain their books of accounts on an accrual basis, LLPs have the flexibility to opt for cash or accrual basis. These books must be kept at the LLP’s Registered Office and should include details of all financial transactions, assets, liabilities, Cost of Goods Sold (COGS), inventories, and finished goods statements. LLPs are required to prepare their financial statements annually and submit them to the Registrar of Companies (ROC) within six months.

LLPs registered under the Limited Liability Act, 2008, are mandated to file two forms annually: Form 11 and Form 8. The Annual Return (Form 11) must be filed within 60 days from the financial year’s closure, while the Statement of Account and Solvency (Form 8) should be submitted within 30 days from six months after the financial year ends.

Regarding tax matters, LLPs in India must undergo a tax audit conducted by a practicing Chartered Accountant if their annual turnover exceeds INR 40 lakhs or their contribution exceeds INR 25 lakhs. To be exempt from the audit requirement, LLPs’ accounts filed with the ROC must include a statement by the Partners acknowledging their responsibilities for adhering to accounting requirements and financial statement preparation.

LLPs are required to file their income tax returns using Form ITR 5. The deadline for LLP income tax filing in India is July 31st if no tax audit is necessary. However, if an audit is conducted by a practicing Chartered Accountant, the deadline for LLP income tax filing is September 30th.