An LLP (Limited Liability Partnership) company in India has to file the annual return within 60 days from the end of close of financial year to maintain compliance and to avoid the heavy penalty for non-compliance. It’s also compulsory to file Statement of Account & Solvency within 30 days from end of six months of the close of financial year. LLPs in India must keep their financial year from April 1st to March 31st. LLP Annual compliance consists of below activities
In addition to above mandatory compliance, LLP must also file income tax return, GST return as per MCA guidelines.
Is annual compliance must for an LLP or good to have activity?
It’s mandatory for an LLP to file annual compliance and other tax-related returns. Failing which will lead to heavy penalties or your LLP in Defaulter list of ROC.
Next step is to understand various implications.
Corporate compliance is a set of checks set by MCA and the Company Act 2013 to have an eye on company’s financial as well as operational activities
Annual Filing, Disclosure by Directors, Drafting of Annual return, Minutes, notices, various Certifications, form 11 & 8 and updating the Statutory Register.
Ministry of Corporate Affairs (MCA) & The Company Act 2013
Credit rating is assessment of credit evaluation of a borrower or of a business or of an instrument
There have been major changes promulgated by the Companies Amendment Act 2018