Every LLP has to file certain mandatory returns. LLP Annual Filing requirements varies based on the date of registration of LLP. Filing these returns are mandatory even where LLP was not doing any business. In case LLP has been incorporated on or after 1st October of financial year, then LLP can close its first financial year for filing of ROC returns (Form-11 & Form-8) either on the coming or next 31st March i.e. LLP can files ROC RETURNS of its FIRST FINANCIAL YEAR DETAILS FOR 18 MONTHS.
ANNUAL RETURNS REQUIRED TO BE FILED BY A LLP are as under
Income Tax Return
1. Income Tax Return
|If accounts are not required to be audited under any law||31ST July|
|If accounts are required to be audited under any law||30th September|
2. DIR 3 KYC
Every Designated Partner of an LLP who holds a DIN or DIN (Director Identification Number) allotted on or before 31st March of every financial year has to file DIR-3 KYC.
Penalty :if the KYC is not filed before due date, the DIN will be marked as ‘deactivated’ with reason as ‘non-filing of DIR-3 KYC’ and to make DIN active there is requirement to pay fine of Rs. 5000.
3. FORM-11-Annual returns for LLP
Form 11 is an Annual return that is to be filled by all LLPs irrespective of turnover during the year. Even when an LLP does not carry out any operations or business during the financial year, Form 11 needs to be filed. Apart from Basic information about Name, Address of LLP, details of Partners/ Designated Partners, other details that need to be declared are :
- Total contribution by/to partners of the LLP
- Details of notices received towards Penalties imposed / compounding offenses committed during the financial year
Due Date of Filing Form -11 is 30th May of each year:Form 11 is to be submitted within 60 days of closure of the financial year i.e 30th May of each year. (Financial year closes on 31st March.)
Documents to be submitted along with form: Details of LLPs/Companies in which Designated Partners are Directors (in case of company) and Partners (in case of LLP)
Penalty:– In case non-filing of form within due date, Penalty of Rs. 100 per day is chargeable till the date of filing.
Form-8 is a statement of accounts & solvency by the LLP. It is a declaration by the LLP to the ROC that the financial position of the LLP is sound and it is capable of paying its liabilities or debts. The key particulars of the financial statement of the LLP submitted to the ROC through the filing of Form-8.
Audit Requirement: LLP whose turnover does not exceed, in any financial year, 40 lakh rupees or whose contribution does not exceed 25 lakh rupees is NOT REQUIRED to get its accounts audited.
Time Limit to file form: The due date for filing LLP Form 8 is 30th October of each financial year.
Documents to be submitted along with form: Disclosures under Micro, Small and Medium Enterprises Development Act, 2006.
Penalty:- In case non-filing of form within due date, Penalty of Rs. 100 per day is chargeable till the date of filing.