LLP Annual Return
LLPs in India should file its Annual Return within 60 days from finish the of shut of economic year and Statement of Account & economic condition within 30 days not like firms, LLPs obligatorily have to be compelled to maintain their year, as April 1st to March 31st. Therefore, LLP annual return is due on could 30th may and also the Statement of Account & economic condition is due on October 30th of every year. additionally to the MCA annual return, LLPs should additionally mandatorily file income tax return once a year. startupefilings, provides a comprehensive LLP compliance service which incorporates LLP Annual Filing and LLP tax return filing at a really cheap value point.
For a Limited Liability Partnership (LLP), the returns should to be filed periodically for maintaining compliance and escape significant penalty below the law for non-compliance. A Limited Liability Partnership has only few compliances to be followed once a year that is amazingly low as compared to the compliance necessities placed on the private limited companies. However, the fines appear to be quite giant. while non-compliance would possibly charge a Private Limited company INR 1 lac in terms of penalties, it'd charge Associate in LLP up to INR 5 lac.
Company ITR & ROC Return
LLPs are independent body; therefore, Designated Partners are supposed to maintain a proper accounting and annual return need to be filed with the MCA each financial year. main compliances for an LLP are Form8, form11, & Income tax return. India registered LLP must file its Annual Return or form 8 within 2 months of the financial year whereas Statement of account & Solvency must be filed within 1 month from end of 180days of close of the financial year. The Books of account must be audited by practicing Chartered Accountants, with turnover greater turnover not less than forty lakh or with contribution of twenty-five lakh for every Limited Liability Partnerships. Every LLP who is already registered with the Ministry of Corporate Affairs have to file the Annual Returns and Statement of accounts.
Applicability for LLP ROC Return or ITR
(A) Newest LLP
Incorporated in 2019-20 On or After 1st October
Applicable
DIR-3 KYC of Partner
Income Tax Return
(B) New LLP
Incorporated in 2019-20 On or Before 30 September
Applicable
DIR-3 KYC of Partner
Income Tax Return
Form 11
Form 8
Foreign Liaison Office Registration
(C) Old LLP
Applicable
DIR-3 KYC of Partner
Income Tax Return
Form 11
Form 8
Due Date of LLP Annual Filing
Partner DIN KYC
- Start Date: 1st April
- Due Date: 30th June
- Govt Fee: NIL
- Late Fee: Rs. 5000/-
Income Tax Return
- Start Date: 1st April
- Due Date: 31st July
- Govt Fee: Actual Tax
- Late Fee: Rs. 1000 to 10,000
Form -11
- Start Date: 1st April
- Due Date: 30th May
- Govt Fee: Rs. 50
- Late Fee: Rs. 100 Per Day
Form -8
- Start Date: 1st April
- Due Date: 30th May
- Govt Fee: Rs. 50
- Late Fee: Rs. 100 Per Day
Annual Filings by the LLP
ITR of LLPForm ITR-5 is filed by LLPs for income tax return. The due date for a LLP to income tax return will be dependent on the turnover that the firm has recorded in the preceding year and the total contribution made. LLPs with Annual or total turnover of not greater than forty lakhs in the preceding financial year, whereas partner’s contribution is not greater than twenty five lakh need to file income tax return before 31st July.
Partner KYC
Every individual who’s willing to be a director or an existing director of a company is allotted with a Director identification number (DIN). In the current digitized era, DIR-3(e-Form) application is more than sufficient to obtain a DIN. It used to be a onetime process for any individual who’s willing to be a director of more than one company. However, now all director with a Din should submit KYC information annually in DIR-3(e-Form) as MCA updated its registry process.
LLP Form 11
Form 11 is a statement of annual return. Form 11 is required to be filed by every LLP with the registrar within 2 months from the end of financial year, which means annual return should be filed before 30th May of every year. Form 11 includes details of every individuals or partners, total number of individuals, Overall contribution of all individuals, details of body corporate as partners and summary of partners. LLP’s are required to file their form within 2 months of closing the financial year with the prescribed fee.
LLP Form 8
Form 8 or statement of accounts should be prepared and closed on or before 31st March every year. At least two Designated individual or Partners should file form 8 with the Registrar within 1 month after completion of 180days i.e. 30th October of every year. Form 8 must be filed within 1 month from the end of 180days of the financial year along with some prescribed fee. Designated partners not less than two need to digitally sign the document and will have to certified those by a CA.
Process for LLP Annual Filing
Check ROC Returns or ITR is requiredRoc and Income Tax Returns is considered as annual compliance. Filing of Form-11 or Form-8 is based on its incorporation date. Company incorporated on or after 1st October 2019 have the option to whether to file or not to file ROC for the financial year 2019-20. Whereas it is mandatory for Company incorporated on or before 1st October 2019 to file ITR and DIN KYC
Documents required
- Complete bank statement of your LLP for the relevant financial year (1 April to 31st March)
- Balance sheet of the firm
- Profit & loss of the firm
- Whether DIN registered with other company
Due date for filing annual return of an LLP is within 60 days of close of financial year. Due date will be for annual return will be on or before May 30th of each financial year.
A penalty of Rs.100 will be default for each day after the due date if annual return is being delayed or ignored for annual return filing.
Audit under LLP Act: Only those LLP whose
- annual turnover exceeds Rs. 40 lakhs
- whose capital contribution exceeds Rs. 25 lakhs
if the above conditions are applicable then are required to get their accounts audited.
There are mainly 3 compliances which are mandatory for every LLP to comply for any financial year.
- Annual Return
- Financial Statements of the LLP
- Income Tax Returns Filings.
Yes, it is mandatorily to file Annual Returns and financial statements with the Ministry even if there are no transactions within the business. It is a compulsory even if NIL returns should be filed.