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All the Limited Liability Partnership’s (LLP) Registered under the LLP Act 2008 are required to file the Annual Return (Form 11), Statement of Accounts (Form 8) and Income Tax Returns every year. Filing requirements are mandatory for all the LLP’s whether the LLP do business or not in a year.
FILING WITH REGISTRAR OF LLP
Filing of Annual Return
An LLP is required to file the Annual Return with the Registrar of LLP (Form 11) within 60 days of closure of its financial year. An LLP has to close its financial year on every 31 st March. So, the Annual Return is to be filed on or before 30 th May every year.
Filing of Annual Accounts
Every LLP has to maintain books of accounts as per double entry system of accounting and prepare a Statement of Accounts and Solvency (Accounts) every year ending on 31st March. LLP has to file such Accounts to the Registrar of LLP (Form 8) within 30 days from the end of 6 months of such financial year. So, the filing of Accounts is to be filed on or before 30th October every year.
In case of an LLP whose annual turnover exceeds Rs.40 lakhs or whose contribution exceeds Rs.25 lakhs, shall be required to get its accounts audited by a qualified Chartered Accountant.
INCOME TAX FILING
As per Income Tax Act, LLP has to close its financial year as on 31st March every year and has to file the returns with Income Tax Department.
In case of LLP whose annual turnover is more than Rs.200 Lakhs, the accounts have to be audited as required under Income Tax Act as well.
A LLP have to file its Income Tax Returns on or before the due dates as follows:
LLP whose accounts are not required to be audited under any Law
31st July of every year
LLP whose accounts are subject to Audit under any Law
30th September of every year or such other date as may be notified by the Income Tax authorities.
CONSEQUENCES OF NON-FILING
As per Sec.34(5) of the LLP Act, 2018, if the LLP fails to file the Statement of Accounts in time, it is punishable with fine which shall not be less than Rs.25,000/- but which may extend to Rs.5,00,000/- and every Designated Partner of such LLP shall be punishable with fine which shall not be less than Rs.10,000/- but which may extend to Rs.1,00,000/- in addition to the additional Fee of Rs.100/- per day till the date of filing.
As per Sec.35 (3) of the LLP Act, 2018, if the LLP fails to file the Annual Return in time, the Designated Partner of such LLP shall be punishable with fine which shall not be less than Rs.10,000/- but which may extend to Rs.1,00,000/- in addition to the additional Fee of Rs.100 per day till the date of filing.
LLP ANNUAL FILING CALENDAR 2017
REGISTRAR OF LLP
Last date for Filing
Annual Return (Form 11)
30-05-2017
Accounts (Form 8)
30-10-2017
INCOME TAX
Last date for Filing
In case Audit is not required
31-07-2017
In case Audit is required
30-09-2017
POINTS TO BE MEMORISED:
Filing of returns are mandatory whether the LLP has done any business or not. In case of an LLP not carrying any business, it is required to file a NIL return.
Delay in filing the LLP Returns (Form 11 & Form 8) in time will attract a penalty of Rs.100 each per day till the date of filing.
If the LLP has incurred Loss during the period, the filing of IT Return in time is necessary to carry forward the Loss to set off against future profits
LLPs registered on or before 30th September 2016 has to file Form 11 and Form 8 for the year ending 31st March 2017
Form 11 and Form 8 Filing for LLPs registered on or after 1st October 2016 and before 31st March 2017 will fall only in the year 2017.
