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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. Hence, the due date for filing LLP Form 11 is 30th of May each year.
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.
LLPs are separate legal entities. Therefore, it is the responsibility of the Designated Partners to maintain proper book of accounts and file annual return with the MCA each financial year. LLPs are not required to audit its accounts unless the annual turnover exceeds Rs.40 lakhs or if the contribution exceeds Rs.25 lakhs.
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 practising Chartered Accountant. The deadline for tax filing for LLP required to obtain audit is September 30th.
If there is a delay in filing form No.8 and 11 of LLP, you will have to pay penalty as applicable on today’s date. If the filing is not done within stipulated time, there is a penalty of Rs. 100 per day till it complies. You cannot close or wind up your LLP without filing Annual Accounts.
So if you don’t file on time, your LLP turns into unlimited statutory liability till the day it complies.
The provisions of the Act require LLPs to file the documents like Statement of Account and Solvency (SAS) and Annual Return (AR) i.e, Form 8 and Form 11. within the time specifically indicated in relevant provisions.
The LLP Act contains provisions for compounding of offenses which are punishable with fine only.
Further, for defaults/non-compliance on procedural matters such as time limits for filing requirements provisions have been made for charging default fees (on daily basis) in a non-discretionary manner.
TO avoid all the dangerous consequences of heavy penalty, it would be advisable to comply on time within stipulated due date of filing.
Prepare the Annual Return for LLP based on the financials and performance during the previous financial year.
Once the Annual Return is prepared in the requisite format, the Client's Finance Team can verify the prepared annual return and affix the digital signature.
Annual return is a mandatory filing to be made by all LLPs in India. The Annual return along with the required documents must be filed with the Ministry of Corporate Affairs.
The Statement of Accounts and Solvency is a mandatory filing that is required for all LLPs in India. The Statement of Accounts and Solvency contains a declaration on the state of solvency of the LLP by the designated partners and also information related to the statement of assets and liabilities and statement of income and expenditure of the LLP.
LLP need to file two E-Forms every year. Form 11 for Annual Return of the LLP and Form 8 for the Statement of Accounts .
The Designated Partners of the LLP are responsible to file LLP ROC Return.
The Annual return of an LLP is due within 60 days of close of financial year. Annual return of an LLP is due on or before May 30th of each financial year.
Late filing or non-filing of LLP Annual Return or Statement of Accounts and Solvency before the due date will attract a penalty of Rs.100 for each day of default.