Compliance by LLP for 2020
- Annual Return is to be filed every year with ROC.
- The statement of Accounts i.e. Profit and Loss statement with Balance sheet needs to be filed with Registrar.
- An LLP whose annual turnover exceeds Rs.40 lakhs or whose contribution exceeds Rs.25 lakhs, shall get its accounts audited.
- An LLP has to close its financial year as on 31st March every year and has to file the returns with Income Tax Department.
- In case of LLP whose annual trading turnover is more than Rs.200 Lakhs, the accounts have to be audited as required under Income Tax Act as well.
- Last date 31st December 2020.
Charges for ROC Annual Return is Rs 5,000/-
Filings of returns are mandatory whether the LLP has done any business or not. Delay in filing the LLP Returns in time will attract a penalty.