Kunal R. Sarpal

Kunal R. Sarpal30th May 2015 (form 8) and 30th October 2015 (form 11)

For those who are designated partners or partners in an LLP, this is the time to pull up your socks. Annual filing is here!

Coming to the matter directly,

Two forms are to be filed annually, which are:

  • Form 8: Statement of Accounts and Solvency
  • Form 11: Annual Return

The attachments for it are the financials (Balance Sheet & Profit and Loss Account Statement) of the LLP for the last FY. For e.g., now, the F.Y. 14-15 would be the accounting period. Filings would be done as on the year ended 31st March 2015.

The returns need to be filed mandatorily, irrespective of whether the LLP has done business or not or whether it has made profits or not.

Who has to do this Compliance?

LLPs formed (whose certificate of incorporation issue date) on or before 30th September 2014 have to file for returns for the year ending 31st March 2015.

Due Dates

LLP is required to file LLP Form 8 (Statement of Account & Solvency) and LLP Form 11 (Annual Return) annually. The ‘Annual Return’ is required to be filed within 60 days of close of the financial year and ‘Statement of Accounts & Solvency’ shall be filed within 30 days from the end of six months of the financial year to which it relates. So due dates are as follows  for the Financial Year 2014-15-

Form 8: Statement of Accounts and Solvency – 30th October 2015

Form 11: Annual Return – 30th May 2015

Who is exempt?

Those formed post 1st October 2014 (till 31st March 2015) onwards will file returns for the year ended 31st March 2016.

Fees/Investment in compliance involved?

The statutory fees payable depends entirely on the Capital Contribution of the LLP

Professional fees for filing the two forms along with the preparation of the financials would further depend on the transactions done by the LLP + the time and effort required to prepare and file the documents.

For the bigger players!

Audit comes in when:

  • Turnover of the LLP crosses 40 lakhs
  • Or Who’s contribution is more than 25 lacs

Get your accounts audited by a qualified CA if your LLP touches EITHER of the limits. (Remember it is an OR provision)

Remember, an Income Tax return would be required to be filed should the LLP be doing NO business too. Therefore, mandatory requirement again!

Coming to the penalties of Late Filin of LLP Returns!

They are extremely stringent and heavy,

  • Penalty for Late Filing is 100 per day (unlimited/no upper limit) till the default is made good. Therefore, due caution needs to be exercised and in time compliance is advised. (apologies for the delay in this article)
  • And those think that if you don’t file the returns the LLP would turn dormant and you could close it/strike it off absolving yourself of the penalty and the compliance. Remember, to close your LLP too you would require making good the compliance first.

Prevention is better than cure, and compliance is the best prevention.

(Author can be reached at whitecollarlegal@gmail.com)

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12 responses to “Wake Up Call! LLP Annual Filing!”

  1. Hobin Duggal says:

    For the Solution of Form 3LLP, call me at 9911535194

  2. KRITIKA GARG says:

    if monetary value is 1 lakh in previous year but in CY PARTNERS CAPITAL A/C DIVIDED INTO 2 PARTS :
    FIXED 1 LAKH
    CURRENT ADDITION 2650000 AND PROFIT 1626741
    SO HOW TO FILL FORM NO 8
    WHEN WE PUT CONTRIBUTION 4576741 THEN ERROR FOUND KI MONETARY LIMIT IS 1 LAKH PLS REPLY

  3. KUNAL R. SARPAL says:

    Please write to me at kunal@whitecollarlegal.in

  4. Prakash says:

    Hi Kunal,

    I think the due dates for filing form 8 n 11 at the beginning of your article are wrongly mentioned. They should be the other way round.

  5. Madhava Prasad says:

    Dear Kunal – Pls let me know what should be the date of event for form 8 and form 11 when I calculate the fee if i missed filing for 2013-2014. Is it from the due date ie; last date of filing

    eg:
    Form 8: Statement of Accounts and Solvency – 30th October 2014
    Form 11: Annual Return – 30th May 2014

  6. Rohit says:

    Dear Kunal,

    My query is If LLP is formed after 1st October 2014 and before 31st March 2016,and would like to file Form 11 – annual return for year ended 31st March 2015, can it be filed post 30th May 2015 without attracting any penalty for late filing charges ?
    Form 11 doesn’t have any significance of LLP formation date and it calculates late filing fees automatically at the time of payment. However , the same is showing NIL in Form.
    Thank you

  7. Kunal Sarpal says:

    Dear Friends,

    Please reach me at whitecollarlegal@gmail.com wherein I could address your queries on a one-to-one manner.

    Thank you.

  8. Gopal Darak says:

    Dear Mr.Kunal,

    Can you please provide the section reference or the notification under which the exemption for filing of annual forms is provided.

  9. CMA Ramlakhan Ahirwar says:

    Dear all ,
    Kindly give best minimum Fess for services rendered by yours firm .there will be grate help to newly Cost Accountants in practice. In same line other sister institute gives suggestive fees for services under there profession.
    Vat & ST -Registration,Returns filing,Audit,
    Consultancy services DT & IDT,
    Cost management consultancy,
    Cost Accounts writing & audit-Given by ICAI.
    Registration under The Companies Act-2013.
    Income tax returns filing.
    Excise registration and returns filing,
    and other services etc.

    Regards,
    CMA Ramlakhan Ahirwar,
    PCMA,MUMBAI.

  10. CA Pranav Darvekar says:

    Hello Kunal ! Please correct it. The due date of Form 11 is 30th May 2015 and Form 8 is 30th Oct.

  11. A Rajesh says:

    The due date for Form 11 is 30th May 2015 and the due date for form 8 is 30th October 2015.

  12. Rajan says:

    Dear Kunalji,

    The due date for filing of Form-8 is 30th October 2015 and for the Form-11 it is 30th May 2015. Please confirm. Thank you.

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