LLP Annual Filings

LLP Annual Filings: A Complete Guide

Limited Liability Partnerships (LLPs) in India are required to comply with specific annual filing requirements mandated by the Ministry of Corporate Affairs (MCA). These filings ensure transparency and keep the government informed about the LLP’s financial and operational status. Here’s everything you need to know about LLP annual filings:

What are LLP Annual Filings?

LLP annual filings refer to the mandatory submission of documents and returns to the MCA. These include:

  1. Annual Return

  2. Statement of Accounts (Financial Statements)

  3. Income Tax Return

Even if an LLP is not actively conducting business, it must file these returns to maintain compliance.

Why are LLP Annual Filings Mandatory ?

  • Legal Requirement: Non-compliance can lead to penalties or even the striking off of the LLP.

  • Transparency: Filings provide the government with updated information about the LLP’s financial health.

  • Good Standing: Regular compliance ensures the LLP remains in good standing with the MCA.

Key Filings for LLPs

1. Annual Return (Form 11)

  • What is it? A summary of the LLP’s partners and their contributions.

  • Due Date: May 31 of every financial year.

  • Penalty for Late Filing: ₹100 per day of delay.

2. Statement of Accounts (Form 8)

  • What is it? Financial statements, including the Balance Sheet and Profit & Loss Account.

  • Due Date: October 30 of every financial year.

  • Penalty for Late Filing: ₹100 per day of delay.

3. Income Tax Return (ITR)

  • What is it? Filing of income tax returns with the Income Tax Department.

  • Due Date: July 31 (for non-audit cases) or September 30 (for audit cases).

  • Penalty for Late Filing: Late fees and interest on unpaid taxes.

Do Inactive LLPs Need to File Annual Returns?

Yes, even if an LLP is not conducting business, it must file annual returns. The government requires proof of the LLP’s status, whether active or inactive.

Consequences of Non-Compliance

  • Heavy Penalties: Fines of ₹100 per day for each form (Form 11 and Form 8).

  • Striking Off: The LLP may be struck off from the MCA register.

  • Legal Issues: Partners may face legal consequences for non-compliance.

Steps to File LLP Annual Returns

  1. Prepare Documents: Gather financial statements, partner details, and other required information.

  2. File Form 11: Submit the annual return on the MCA portal.

  3. File Form 8: Upload the statement of accounts.

  4. File ITR: Submit income tax returns with the Income Tax Department.

Key Takeaways

  • Annual filings are mandatory for all LLPs, whether active or inactive.

  • Timely compliance avoids penalties and ensures the LLP remains in good standing.

  • Use the MCA portal for seamless filing of Form 11 and Form 8.

LLP Annual Filings Fees: Affordable Packages for Compliance

1. LLP Nil Annual Filings Package

  • Price: ₹3,999/-

  • Best For: LLPs with no business transactions during the financial year.

  • Services Included:

    • Preparation of Financial Statements by a Chartered Accountant (CA).

    • Filing of Form 11 (Annual Return).

    • Filing of Form 8 (Statement of Accounts).

    • Filing of Income Tax Return (ITR) for the LLP.

2. LLP Transaction Package

  • Price: ₹6,999/-

  • Best For: LLPs with business transactions up to ₹25 lakh.

  • Services Included:

    • Preparation of Financial Statements by a Chartered Accountant (CA).

    • Filing of Form 11 (Annual Return).

    • Filing of Form 8 (Statement of Accounts).

    • Filing of Income Tax Return (ITR) for the LLP.

Why Choose Our LLP Annual Filings Services?

  • Affordable Pricing: Transparent and competitive fees tailored to your LLP’s needs.

  • Expert Assistance: Experienced CAs handle all filings to ensure accuracy and compliance.

  • Timely Filing: Avoid penalties by meeting all deadlines for Form 11, Form 8, and ITR.

  • Hassle-Free Process: We take care of the entire process, from document preparation to submission.

What Happens if You Don’t File Annual Returns?

  • Penalties: ₹100 per day for late filing of Form 11 and Form 8.

  • Striking Off: The LLP may be struck off from the MCA register.

  • Legal Issues: Partners may face legal consequences for non-compliance.

Key Takeaways

  • Choose the right package based on your LLP’s business transactions.

  • Stay compliant with MCA and Income Tax Department regulations.

  • Avoid penalties and maintain your LLP’s good standing.

For more details or to get started, contact us today!

LLP Annual Filings: A Comprehensive Guide

Filing annual returns and maintaining compliance is a crucial responsibility for every Limited Liability Partnership (LLP) in India. Here’s a detailed guide to help you understand the process, deadlines, and penalties for LLP annual filings:

1. Filing Annual Return (Form 11)

  • What is Form 11?
    A summary of the LLP’s partners and any changes in management.

  • Due Date: May 30 of every financial year (e.g., May 30, for FY ).

  • Penalty for Late Filing: ₹100 per day of delay.

2. Filing Annual Accounts (Form 8)

  • What is Form 8?
    A statement of accounts, including the Profit & Loss Account and Balance Sheet.

  • Due Date: October 30 of every financial year (e.g., October 30 for FY).

  • Penalty for Late Filing: ₹100 per day of delay.

3. Filing Income Tax Returns (ITR)

  • What is ITR?
    A declaration of the LLP’s income and tax liability for the financial year.

  • Due Dates:

    • July 31: For LLPs not requiring audit.

    • September 30: For LLPs requiring audit.

  • Nil ITR: Even if the LLP has no business activity, a Nil ITR must be filed.

4. Audit Requirements

  • Under LLP Act:

    • Mandatory if turnover exceeds ₹40 lakh or contribution exceeds ₹25 lakh.

  • Under Income Tax Act:

    • Mandatory if turnover exceeds ₹100 lakh.

5. Certifications Required

  • Chartered Accountant (CA): For auditing financial statements.

  • Company Secretary (CS): For certifying annual returns if turnover exceeds ₹5 crore or contribution exceeds ₹50 lakh.

6. Digital Signature Certificate (DSC) Requirement

  • What is DSC?
    Digital signatures of at least two designated partners are required for filing forms.

7. Penalties for Non-Compliance

  • Late Fees: ₹100 per day for delays in filing Form 11 and Form 8.

  • Unlimited Liability: Non-compliance converts the LLP’s liability to unlimited until filings are completed.

  • Striking Off: The LLP may be struck off from the MCA register.

8. Key Points to Remember

  • Hire Professionals: Filing annual returns requires attestation from CAs or CSs. It’s advisable to hire professionals for accurate and timely compliance.

  • Nil Returns: Even if the LLP is inactive or has no bank account, filing Nil returns is mandatory to avoid penalties.

  • Plan Ahead: Gather all necessary documents (financial statements, partner details, etc.) well in advance to meet deadlines.

LLP Annual Filing Due Dates for FY 2022-23

FormDescriptionDue Date
Form 11Annual ReturnMay 30, 2023
Form 8Statement of AccountsOctober 30, 2023
ITR (Non-Audit)Income Tax ReturnJuly 31, 2023
ITR (Audit)Income Tax ReturnSeptember 30, 2023

Why Timely Compliance is Important

  • Avoid penalties and legal issues.

  • Maintain the LLP’s good standing with the MCA.

  • Ensure smooth closure or winding up of the LLP, if required.

For professional assistance with LLP annual filings, contact us today!