Annual Filing of LLP after Incorporation

Annual Filing of LLP after Incorporation

LLP or the Limited Liability Partnership is a hybrid combination of a Private limited company and a partnership Firm. A minimum of two partners are required to incorporate an LLP, there is no such upper limit. Every LLP has to file certain mandatory returns. LLP Annual Filing requirements vary based on the date of registration of LLP. Filing these returns is mandatory even when LLP was not doing any business. In case LLP has been incorporated on or after 1st October of the financial year, then LLP can close its first financial year for filing of ROC returns (Form-11 & Form-8) either on the coming or next 31st March i.e. LLP can file ROC Returns of its first financials year details for 18 months.


Annual Returns Required To Be Filed by an LLP

  1. Income Tax Return
  1. DIR-3 KYC
  1. Form-11
  1. Form-8

1. Income Tax Return

As per Income Tax Act, an LLP has to close its financial year as of 31st March every year and has to file the returns with Income Tax Department before the due date.

Due Date for Filing ITR:-

Category of Business

Last Date

If accounts are not required to be audited under any law

31st July

 If accounts are required to be audited under any law

30th September

 

2. DIR-3 KYC

Every Designated Partner of an LLP who holds a DIN (Director Identification Number) allotted on or before 31st March of every financial year has to file DIR-3 KYC.

Penalty:

if the KYC is not filed before the due date, the DIN will be marked as  ‘deactivated’ with a reason as ‘non-filing of DIR-3 KYC’, and to make the DIN active there is a requirement to pay a fine of Rs. 5000. 


3. Form-11

Form-11 is an annual return that is required to be filed by All LLPs registered under the Limited Liability Partnership Act, 2008.

Applicability: - Every LLP is required to file form-11, irrespective of the fact that, whether the LLP has any business transaction during the year or not.

Time Limit to file form: Within 60 days from the closure of each financial year i.e. 30th May.

Documents to be submitted along with the form: Details of LLPs/Companies in which Designated Partners are Directors (in case of a company) and Partners (in case of LLP).

Penalty: - In case of non-filing of form within due date, Penalty of Rs. 100 per day is chargeable till the date of filing.

4. Form-8

Form-8 is a statement of accounts & solvency by the LLP. It is a declaration by the LLP to the ROC that the financial position of the LLP is sound and it is capable of paying its liabilities or debts. The key particulars of the financial statement of the LLP were submitted to the ROC through the filing of Form 8.

Audit Requirement: LLP whose turnover does not exceed, in any financial year, 40 lakh rupees or whose contribution does not exceed 25 lakh rupees is NOT REQUIRED to get its accounts audited.

Time Limit to file form: The due date for filing LLP Form 8 is 30th October of each financial year.
Documents to be submitted along with the form: Disclosures under Micro, Small and Medium Enterprises Development Act, 2006.

Penalty: - In case of non-filing of form within due date, Penalty of Rs. 100 per day is chargeable till the date of filing.



Created & Posted by Pooja

Income Tax Expert at TAXAJ

 

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