Filing requirements are mandatory for all the LLP’s whether the LLP has done any business or not in a particular year.
A. FILINGS WITH REGISTRAR OF LLP
1. Filing of Annual Return - Form 11
Every 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 31st March. So, the Annual Return is to be filed on or before 30th May every year.
2. Filing of Annual Accounts - Form 8
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.
B. INCOME TAX
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.100 Lakhs, the accounts have to be audited as required under Income Tax Act as well.
LLP have to file its Income Tax Returns on or before the due dates as follows:
Timelines for Filing Income Tax 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.
LLP Annual Filing Calendar 2019
Every LLP registered on or before 31.03.2019 shall have to file the Returns for the year ended on 31.03.2019.
Applicability of filing Annual Return (Form 11), Statement of Accounts (Form 8) and Income Tax Returns depends on the date of registration of LLP that whether the LLP was registered before 30th September 2017 or registered between 1st October 2018 to 31st March 2019.
LLP Annual Filing Calendar 2019 for year ended 31.03.2019 is as follows:
A. REGISTRAR OF LLP
Return / Form
Last date for filing
Annual Return (Form 11)
Accounts (Form 8)
B. INCOME TAX
Last date for filing
In case Audit is not required
In case Audit is required
Points to Ponder:
- 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 2018 has to file Form 11 and Form 8 for the year ending 31st March 2019
- Form 11 and Form 8 Filing for LLPs registered on or after 1st October 2018 and before 31st March 2019 will fall only in the year 2020.
Consequences of Non-Filing: Additional Fee & Fine
1. Additional Fee
Delay in filing the any of the returns (Form 11 or Form 8) will attract additional Fee of Rs.100.00 per day till the date of filing the return.
2. Fine for non-Fling of Accounts (Form 8)
As per Sec.34 (5) of the LLP Act, 2008, if the LLP fails to file the Annual Return 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/-
3. Fine for non-Fling of Annual Return (Form 11)
As per Sec.35 (3) of the LLP Act, 2008, 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.
4. Consequences of Non-Filing of IT Return.
If the LLP Fails to file the Income Tax Return in time, the LLP won’t be able to carry forward the Loss incurred in that year and setoff against the profits of the coming years.