Overview - LLP Annual Filing
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LLP Annual Filing 2023 - 2024
It is mandatory for every LLP to file Annual Return (Form 11) and Balance Sheet (Form 8) under LLP Act and Income Tax Return (ITR) with Income Tax Department every year whether the LLP do business or not.
LLP Annual Compliance requirements are based on the date of registration of LLP.
A. LLP registered on or before 30th September 2024
Every LLP registered before 30th September 2023 has to file Annual Return (Form 11), Statement of Accounts (Form 8) and Income Tax Returns for the year ended 31st March 2024.
B. LLP registered between 1st October 2023 to 31st March 2024
Every LLP registered between 1st October 2023 to 31st March 2024 has to file Income Tax Return for the year ended 31st March 2024.
Also, the designated partners of every LLP registered on or before 31st March 2024 has to file DIN KYC or the year 2023-2024.
LLP Annual Filing Calendar 2024
1. Registrar of Companies
Return / Form | Last date for filing |
LLP Annual Return (Form 11) | 30 May 2024 |
DIN KYC for Partners.(Form DIR3-KYC) | 30 September 2024 |
LLP Statement of Account & Solvency (Form 8) ... | 30 October 2024 |
2. Income Tax Department
Criteria | Last date for filing |
If LLP Accounts is NOT required to be audited | 31 August 2024 |
If LLP Accounts is required to be audited | 30 September 2024 |
LLP Returns - Explained
A. Annual Return (Form 11)
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.
Penalty: Delay of filing Form 11 will attract a fine of is upto Rs.100 per day after the due date till the date of Filing.
B. Balance Sheet (Form 8)
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.
Penalty:
Delay of filing Form 8 will attract a fine of is upto Rs.100 per day after the due date till the date of Filing.
C. DIN KYC Filing (Form DIR3-eKYC)
Every Designated Partner of an LLP will have Directors Identification Number (DIN) allotted by the Ministry of Corporate Affairs (MCA). A person, who holds a DIN allotted on or before 31.03.2024 (LLP registered on or before 31.03.2024) has to file DIN KYC for the year 2023-2023 on before 30th September 2023.
Penalty:
Delay in filing the DIR3-KYC will attract a fine of Rs.5000. Also, if the KYC is not filed before 30th September 2021, the DIN will be marked as as 'deactivated' with reason as 'non-filing of DIR-3 KYC'.
D. Income Tax Return (ITR)
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 for filing Income Tax Return. 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.
Penalty:
- Penalty in the range of ₹1000 to₹10000 depends on turnover and date of filing.
- Loss of the LLP for the respective financial year cannot be carried forwarded to the next year for setoff against Profits of future year.
- Penal interest will be charged for payment of taxes.
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LLP Annual Filing - Requirements
Check the Date of Registration of LLP
Confirm the date of Registration of LLP to identify the compliance filing requirements of LLP for the year 2020-21.
Identify the due dates for Filings
It is important to identify the due dates for the required compliance filings to ensure timely filings to avoid penalties and related consequences.
Check the validity of Digital Signatures of Designated Partners
All the designated partners of LLP should have a valid Digital Signature Certificate (DSC) for e-filing of ROC Forms and Income Tax return. Also, the valid DSC should must be registered with MCA portal
Place order with CompaniesInn for timely filing.
Place order with CompaniesInn for the identified filings to ensure timely filing of due returns and avoid penalties and legal actions from regulatory authorities.
Process involved in LLP Annual Filing
Filing Annual Return (Form 11)
LLP Form 11 to be prepared based on details of LLP partners and Designed partners and changes among them during the year 2023-24.
Profit & Loss Account and Balance Sheet
Profit and Loss Account and Balance Sheet of LLP is to be prepared based on translations by carried by LLP for the year 2020-21. Incase of an LLP registered on or after 01.10.2023, the first year Balance Sheet to be prepared from the date of Incorporation to 31.03.2024 for filing with the Registrar of Companies (ROC). In case there is no business transactions during the period, a NIL Profit and Loss Account and Balance Sheet is to be prepared for filing with ROC.
LLP Form 8 Filing
LLP Form 8 is to be filed with ROC along with a copy of Profit and Loss Account and Balance Sheet.
DIN KYC for Designated Partners
DIN KYC is required to be filed with ROC with a copy of latest address proof and ID proof and valid Email ID and Phone number. Email ID and Phone number will be validated with an OTP system.
Income Tax Return (ITR)
Income Tax Return is required to be filed with the details from Profit and Loss Account.
Documents Required
LLP Annual Return
LLP Annual Return is prepared based on details of LLP Registered office address, details of partners, details of designated partners, LLP contribution profit sharing ratio etc.
Documents / Details required
- - LLP Incorporation Documents
- - LLP Agreement
- - Details of changes in LLP (If any)
- - Amended LLP Agreement (If any)
Form 8 ( Balance Sheet and Profit & Loss Account)
Balance sheet and profit and loss is prepared based on the books of the LLP maintained under respective rules
Documents / Details Required
- - Bank Statement of LLP for the period and details of transactions
- - Details of cash Transactions (if any)
- - Details of Previous Profit and Loss Account and Balance Sheet (if any)
DIN KYC
DIN KYC is to update the latest address and details of designated partners.
Details and Documents required
- - Latest Address / ID of Designated Partners
- - Valid Digital Signature of Designated partners
- - Valid Email ID and Phone number of Designated partners
- - OTP for Email / Phone validation
Benefits of LLP Annual Filing
Annual Return & Balance Sheet
Timely filing of LLP Annual Return & LLP Balance Sheet will avoid penalty of Rs.100/ per day for the delay in filing.
DIN KYC
DIN of the Designate partners will remain valid. If DIN KYC is not filed in time, the DIN will be deactivated and such person can not file any return with ROC on behalf of any LLP or Company where is designate partner / Director.
Income Tax Return
Timely filing of LLP ITR will avoid penalty for delay in filing the return and the Loss of LLP (if any) for the financial year can be carried forward to next years to setoff against future profits and the future tax liability can be reduced.
