LLP or the Limited Liability Partnership is a hybrid combination of a Private limited company and partnership Firm. Minimum 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 varies based on the date of registration of LLP. Filing these returns are mandatory even where LLP was not doing any business. In case LLP has been incorporated on or after 1st October of 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 files ROC RETURNS of its FIRST FINANCIAL YEAR DETAILS FOR 18 MONTHS.

ANNUAL RETURNS REQUIRED TO BE FILED BY A LLP

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

1. Income Tax Return

As per Income Tax Act, an LLP has to close its financial year as on 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 due date, the DIN will be marked as  ‘deactivated’ with reason as ‘non-filing of DIR-3 KYC’ and to make DIN active there is requirement to pay fine of Rs. 5000. 

3. Form-11

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

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

Time Limit to file form: Within 60 days from closure of each financial year i.e. 3oth  May.

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

Penalty:- In case 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 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 form: Disclosures under Micro, Small and Medium Enterprises Development Act, 2006.

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

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Disclaimer:- The entire contents of this document have been prepared on the basis of relevant provisions and rules and as per the information existing at the time of the preparation. Although care has been taken to ensure the accuracy, completeness and reliability of the information provided, I assume no responsibility therefore. Users of this information are expected to refer to the relevant existing provisions of applicable Laws. The user of the information agrees that the information is not a professional advice and is subject to change without notice. I assume no responsibility for the consequences of use of such information.

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