What is the financial year for an LLP?
Financial Year for an LLP means the period from 1st April of a year to the 31st March of the following year.
In the case of an LLP registered on or before 30th September of a year, the first financial year shall end on the 31st march of the next year. (For example, for an LLP registered on 30th September 2012, the first financial year can be 31st March 2013).
In the case of an LLP that is registered on or after 01st October of a year, the LLP can choose to close its financial year on the 31st march of the year following that year. (For example, for an LLP registered on 01st October 2012, the financial year can be 31st March 2014).
What is the due date of filing LLP Annual return – Form 11?
All LLPs shall file annual returns by 30th May of every year for the financial year ending on the 31st March of that year.
What is the due date for filing LLP Accounts – Form 8 (Statement of Accounts and Solvency)?
Every LLP shall file Statement of Accounts and Solvency by 30th October of every year for the financial year ending on 31st March of that year.
Is it mandatory to file the returns when LLP is not doing any business?
Filing of returns is mandatory whether the LLP has done any business or not.
Is account auditing mandatory for every LLP under LLP Act?
No. Audit of accounts is required only when an LLP's turnover exceeds forty lakh rupees in any financial year, or when the contribution exceeds twenty-five lakh rupees.
What are the audit requirements applicable to LLP?
LLP Act: Audit of accounts is required under LLP Act when the turnover of LLP exceeds forty lakh rupees in any financial year or when the contribution exceeds twenty-five lakh rupees.
Income Tax Act: Audit of accounts is required under Income Tax Act when the annual turnover of LLP is more than one hundred lakhs rupees.
Is the filing of Statement of Accounts and Solvency the same as income tax return?
No. Filing Statement of Accounts and Solvency in Form 8 with the Registrar is as per LLP Act not under Income Tax Act. So, Income Tax return is to be filed separately.
Is the audit of accounts under LLP Act same as the audit under Income Tax Act?
No. Audit of accounts under LLP Act is different from audit under income tax Act.
Are there any certifications required for LLP returns?
In case of LLPs with turnover more than five crore rupees in a financial year or contribution more than fifty lakh rupees, the annual return shall be certified by a Company Secretary in Practice.
Who is responsible for filing the LLP returns?
The designated partners of LLP are responsible for filing the LLP returns
Is there any penalty for non-filing of Annul Return and Accounts?
Yes. 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 subject to a maximum of Rs.30000/-