Process of LLP Annual Filing
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Limited Liability Partnerships are separate legal entities; hence, it is duty of designated partners to maintain proper books of accounts and file an annual return with the MCA every year.
In addition to this, LLPs must also file income tax return every year. However, LLPs are not required to audit their books of accounts except where their Annual Turnover is more than Rs.40 lakhs or if contribution exceeds Rs. 25 lakhs. The last date to file the LLP Annual return is 30th September. But for the LLPs whose tax audit is not required does not has any deadline & so the due date for tax filing is 31st July.
LLP Annual Filing Compliances
Filing Annual Return (FORM 11):
Annual Returns are to be filed in the prescribed Form-11 to ROC by 30th May every year. This form contains the summary of management affairs of LLP, like numbers of partners along with their names. It is mandatory even if there are no business transactions & is applicable equally to all LLPs irrespective of its turnover or activities.
Statements of Accounts and Solvency (FORM 8):
Form 8 is a statement of accounts and is to be submitted to ROC by 30th October of each financial year. It is a declaration by LLP to ROC that the financial position of the LLP is sound and is capable of paying all its liabilities or debts.
LLP Income Tax Filing (ITR 5):
LLPs whose turnover exceeds Rs. 40 lakhs or whose contribution exceeds Rs. 25 Lakhs have to get their books of accounts audited. The last date to file the tax return for an LLP which is required to get his books audited is 30th September. For LLPs where tax audit is not required, the due date for tax filing is 31st July.
Documents required for LLP Annual Filing
Audited Balance Sheet
Statement of Accounts
Disclosure under MSME development Act (if applicable)
Penalty for Late filing of Forms
- Late filing of such forms attracts penalties of Rs. 100/- per day of default.
Frequently asked questions
1. What is LLP Annual filing?
Limited liability partnership is a partnership with limited liability. Every LLP which is registered with the Ministry of Corporate Affairsare required to file the following Forms with the Registrar every year:
Statement of Account & Solvency
2. What are the mandatory compliances of LLP?
There are mainly 3 compliances which are mandatory for every LLP to comply for any financial year.
a) Annual Return for LLP (Form 11)
b) Financial Statements of the LLP (Form 8)
c) Income Tax Returns Filings.
3. Do I need to file returns if I have not undertaken any business during the year?
Yes, every LLP has to mandatorily file Annual Returns and financial statements even if they are not doing any business. NIL returns should be filed.
4. What is the Audit Requirement for LLP?
Only those LLP whose annual turnover exceeds Rs. 40 lakhs or whose contribution exceeds Rs. 25 lakhs are required to get their accounts audited.
5. What are the required attachments to Form 8?
The documents must be attached with Form 8 are as follows:
- Disclosure under Micro, Small and Medium Enterprises (MSME) Development Act, 2006 is a mandatory attachment.
- Statement of contingent liabilities to be attached if any contingent liability exists.
- Any other relevant information can be provided.
6. What is the due date for filing of Statement of Accounts and LLP return filing?
Filing of Annual Return (Form 11): Every LLP is required to file Annual Return in Form 11 to the Registrar within 60 days from the closure of financial year i.e. Annual Returns have to be filed on or before 30th May every year.
Filing of Statement of Accounts (Form-8): Form 8 is to be filed with the Registrar within 30 days after completion of six months of Financial Year. Accordingly, 30th October is the last date for filing annual accounts every year.
7. What are the Income Tax Compliance of LLP??
Income Tax Return: Every LLP has to file Income Tax Returns every year. The last date for filing of return for LLP is 31st July every year. However, any LLP under tax audit is required to file its Income tax return by 30th September.
8. Have more questions related to LLP Compliances?
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