Annual Return (Form-11), Statement of Accounts and Solvency (Form-8) & Income Tax Return
LLP is a body corporate and is required to file returns periodically with the Registrar. To ensure transparency, these returns are available to the public for inspection. The LLP Act made it mandatory for LLPs to file Annul Return and Balance Sheet every year whether the LLP do business or not.
A. Annual Return
Every LLP shall file an annual return in Form 11 within 60 days of closure of a financial year. The Annual Return contains details of LLP Registered office address, details of partners, details of designated partners, LLP contribution profit sharing ratio etc. So, the filing of Annual Return has to be done on or before 30th May of every year.
In case of LLP with turnover of more than five crore rupees in a financial year or a contribution of more than fifty lakh rupees, the annual return shall be certified by a Company Secretary in Practice.
B. Statement of Accounts and Solvency (Accounts)
Every LLP has to maintain books of accounts as per double entry system of accounting and has to prepare a Statement of Accounts and Solvency (Accounts) every year ending on 31st March and shall file the same in Form 8 with the Registrar, within 30 days from the end of six months of the financial year.
In case of LLPs with a turnover exceeding forty lakh rupees in any financial year or with a contribution exceeding twenty-five lakh rupees, the accounts of LLP have to be audited by a chartered accountant.
For LLP, financial year means the period from the 1st of April of a year to the 31st March of the following year. So, the filing of accounts has to be done on or before 30th October of every year.
In the case of an LLP that is registered on or after the 1st of October of a year, the financial year may end on the 31st march of the year following the next year. (For example, an LLP registered on 01st October 2012, the financial year can be 31st March 2014).
C. 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. If the annual turnover of an LLP is more than one hundred lakhs rupees, the accounts have to be audited by a Chartered Accountant as required under Income Tax Act.
An LLP has to file its Income tax Returns on or before the due dates as follows:
|
LLP Category |
Due date for filing IT Return |
|
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-Filings of Annual Return (Form 11) and Statement of Account and Solvency (Form 8)
1. Additional Fee for Filing
If the filing is not made within the time stipulated, there will be a fine of is Rs.100 per day after the due date till the date of Filing.
2. Fine and Penalties for Non-Filing of Returns
A. Annual Return (Form 11)
- Limited Liability Partnership shall be punishable with fine which shall not be less than Rs.25,000.00, but which may extend to Rs.5,00,000.00.
- The designated partner of such limited liability partnership shall be punishable with fine which shall not be less than Rs.10000.00 but which may extend to Rs.1,00,000.00.
B. Statement of Account and Solvency (Form 8)
- Limited Liability Partnership shall be punishable with fine which shall not be less than Rs.25,000.00, but which may extend to Rs.5,00,000.00.
- The designated partner of such limited liability partnership shall be punishable with fine which shall not be less than Rs.10000.00 but which may extend to Rs.1,00,000.00
LLP Annual Compliance Filings
File Your LLP Annual Return in (Form 11), Statement of Accounts and Solvency (Form 8) & LLP Income Tax Return