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All LLPs registered with the Ministry of Corporate Affairs need to file Annual Returns and Statement of Accounts for every Financial Year. It is mandatory for a LLP to file a return irrespective of whether it has done any business. There are three mandatory compliance requirements to be followed by LLPs.
Annual Return or Form 11 is a summary of an LLP’s Partners. It is also an indication of whether there is any change in the management. Every LLP is required to file Annual Return in Form 11 to the Registrar within 60 days from the closure of a financial year. That is, the Annual Return has to be filed on or before 30th May every year.
LLP Form 8
Form 8 must be filed within 30 days from the end of 6 months of the financial year along with some prescribed fee. This must be digitally signed by 2 designated partners and it must be certified by a chartered accountant/company secretary/cost accountant. Form 8 has contains Statement of Solvency, Statement of Accounts and Statement of Income & Expenditure.
LLP Form 11
Form 11 contains details of the number of partners, total number of partners, total contribution received by all partners, details of body corporate as partners and summary of partners. All LLPs should file this form within 60 days from the closure of the financial year with the prescribed fee.
Filing of Income Tax Returns
LLPs must file income tax return using Form ITR 5. Form ITR 5 can be filed online through the income tax website using the digital signature of the designated partner. The deadline for LLP tax filing in India is July 31st if tax audit is not required. LLP whose turnover exceeded Rs. 40 Lakh or whose contribution exceeded Rs. 25 Lakh are required to get their accounts audited by a practicing Chartered Accountant.
|Form – 11 (Annual Return)||30th May||Ministry of Corporate Affairs|
|Form – 8 (Statement of Accounts)||30th October||Ministry of Corporate Affairs|
|Income Tax Return (ITR-5 Form)||31st July – If tax audit not required.
30th September – If tax audit required.
|Income Tax Department|
The following audit by a practicing Chartered Accountant would be required for a LLP.
Every LLP whose turnover exceeds INR 1 Cr. in case of a business or INR 50 Lakh in case of a profession, is required to get its books of accounts tax audited under section 44AB of the Income-tax Act. Such audit will have to be completed and filed by 30th September.
It may be noted that only those LLP whose annual turnover exceeds Rs. 40 lakhs or whose contribution exceeds Rs. 25 lakhs are required to get their accounts audited.
In case of LLPs with turnover more than five crore rupees in a financial year or contribution more than fifty lakh rupees, the annual return filed under form 11 needs to be certified by a Company Secretary in Practice.
If there is a delay in filing Form 8 and 11 of LLP, penalty of Rs. 100 per day per form is payable from the due date of filing return till the date actual return is filed. In case of late filing income tax return, a penalty of Rs.5000 would be applicable for returns late filed between 1st August and 31st December of the assessment year. A penalty of Rs.10,000 will be applicable on return filed after 31st December of the same assessment year.