Annual Compliance for LLP |

Annual Compliance for LLP

Get the returns be filed periodically and escape penalties under the law for non-compliance. Escape heavy penalties with timely annual LLP compliances with Estabizz!

All LLPs shall be under obligation to maintain annual accounts reflecting true and fair view of its state of affairs.

Even if LLP does not do any business, it has to comply with statutory requirement such as Annual Return, Balance Sheet, Profit and loss Account, Income tax return every year. The statutory fees will depend upon the capital contribution of LLP.

Financial Year of LLP:

Every LLP has to maintain uniform Financial ending on 31st March of the year. However, in case of LLP is incorporated after the 30th day of September of a year, the financial year may end on 31st March of the year next following that year. For Example, LLP incorporated after 30/09/2020 shall have its first Financial Year from the date of Incorporation till 31/03/2022.

LLP Annual Filing Compliance Calendar

Advantages and disadvantages of Asset Management Company

Form Described Due date

Form-8 Filing of Statement of Accounts 30th October

Form-11 Filing of Annual Returns 30th May (no late fees till 31st August)

ITR -5 Income tax return 31st July (or 30th September, if tax audit is mandatory)

Audit Tax Audit (only if applicable) 30th September

Annual e-Forms to be filed by LLP with ROC

Form 11 - Annual Return

Every LLP would be required to file annual return in Form 11 with ROC within 60 days of closer of financial year. i.e. before 30th May of Assessment Year.
LLP Form 11 contains the details of all the Designated Partners, their contributions and changes therein during the financial year.
Form 8 - Statement of Account & Solvency
A “Statement of Accounts and Solvency” in prescribed form shall be filed by every LLP with the Registrar every year. sub-section (3) of section 34. All the LLPs are required to file Form LLP-8 with ROC before 30th October of Assessment Year.

The financial Statements having Profit and Loss Account, Balance Sheet, its schedules and Audit Report if applicable shall be submitted through Form 8 with ROC.

DIR-3 KYC
Every Director who has been allotted DIN as on or before 31st march of a financial year is required to submits e-form DIR-3KYC with central government every year on or before 30th September of the Assessment Year.

Documents required for Annual Filling of LLP

PAN Card

Certificate of Incorporation of LLP

LLP Agreement along with supplementary agreement, if any

Financial Statement of LLP duly signed by the Designated Partners

DSC of all Designated Partners

Total responsibility for the contribution of partners of the LLP

Details of penalties imposed on the LLP, if any

Facts of intensifying offenses, if any

Details of LLP and or company in which Partners hold the position of Director/Partner.

AUDITS AND FILLING

Applicability of Statutory Audit

Statutory Audit of LLP is not mandatory. However, audit of LLP is mandatory if fulfill any of following conditions:

Its turnover exceed Rs. 40 Lacs; or

Its contribution exceeds Rs. 25 Lacs.

Applicability Of Tax Audit On LLP: As per Section 44AB of Income Tax Act -1961
If LLP Carrying on Business - Total Sales / Turnover Exceed Rs. 1 Crore

If LLP is carrying on profession – Gross Receipts exceeds Rs. 50 Lakhs.

Income Tax Return Due Dates
Every LLP have to file the Income Tax return with the Income Tax Authorities. Filing of returns is mandatory whether the LLP has started any business or not. Date of Filling of Tax Audit is as given below: Due date of Filling of Income Tax Return – Section 44AB File the return within 90days, begin from the end date of the first or second financial year once your incorporation is done.
Tax Audit Applicable – 30the September of Assessment Year

Tax Audit not applicable – 31^st July of Assessment Year

Alternative Minimum Tax (AMT) Audit
Initially the concept of minimum tax was introduced for companies and progressively made applicable to non-corporate taxpayers. Finance Act, 2011 introduced AMT on Limited Liability Partnership (LLP) and Finance Act 2012 amended the provisions as it stands today.
In case of applicability of AMT provisions to LLP, it is mandatory for the LLPs to obtain a report in Form 29C (to be issued by a Practicing CA) certifying that AMT and adjustable total income has been computed in accordance with the provisions of IT Act. We at Estabizz also provide the EMT Audit and certification for LLPs.

OTHER COMPLIANCE APPLICABLE ON LLP:

For Form 11 and Form 8 – After Due Date, Per Day Penalty of Rs. 100/- will be levied until submission of the forms with ROC. For Form DIR-3 KYC - Non Submission of the this form will lead to deactivation of DIN and then after the DIN can be activated only after payment of penalty of Rs. 5000/-

S. No. Agenda Particulars e-forms

1. Books of Account LLP should Maintain proper Books of Account. N.A.

2 Minutes Book Minute’s book should be maintained to record minutes of meeting of partner and managing/ executive Committee of partners. N.A.

3 Change in Partner Any change in partner and designated partner (admission, resignation, cessation, death, expulsion) should be filed electronically within 30 days of change. Form- 4

4 Supplementary LLP Agreement Such admission and cessation will alter mutual right and duties of partner shall change. Hence, supplementary LLP Agreement will be required to file within 30 days of change. From-3

5 Heavy Penalty Heavy penalty of Rs. 100/- per day late filling of Return N.A.

6 Change in Name Any change in Name of LLP should be filed electronically within 30 days of change. Form-5

7 Change in Registered Office Any change in place of registered office of LLP should be filed electronically within 30 days of change. Form- 15

Accounting & Bookkepping Services

All the LLP shall have Proper Accounting as it is vital in order to comply with other compliance such as statutory audit, Annual filing and Income tax return filing. We at Estabizz Fintech will also provide accounting services. On request of the clients, We at estabizz prepare the balance sheet and profit and loss account for the year and do comply with requisite ROC and Income Tax fillings.

FAQs

What is LLP Annual Filing?

Limited liability partnership is a partnership with limited liability. Every LLP which is registered with the Ministry of Corporate Affairs carrying on business or not have to file the Annual Returns and Statement of Accounts every year and that is annual filing for LLP.

What are the mandatory compliances of LLP?

Following are the compliances which are mandatory for every LLP to comply for any financial year.

a) Annual Return for LLP (Form 11)

b) Financial Statements of the LLP (Form 8)

c) KYC of Designated partners / partners having DIN (DIR-3 KYC)

d) Income Tax Returns Filings.

What if I have not undertaken any business during the year? Do I still need to file returns?

Yes, every LLP must mandatorily file Annual Returns and financial statements with the Ministry even if they are not doing any business. It is a compulsory requirement of law that even NIL returns should be filed.

Is it mandatory to file return of income?

Yes, it is mandatory for every Limited Liability Partnership (‘LLP’) to file the return of income irrespective of amount of income or loss in form ITR 5.

What is Cost of Non-Compliance for not filling Form 11, Form 8 and Form DIR-3 KYC with ROC?

For Form 11 and Form 8 – After Due Date, Per Day Penalty of Rs. 100/- will be levied until submission of the forms with ROC.

For Form DIR-3 KYC – Non Submission of the this form will lead to deactivation of DIN and then after the DIN can be activated only after payment of penalty of Rs. 5000/-

What are the documents required for filling Annual Forms with ROC?

PAN Card & Certificate of Incorporation
LLP Agreement
Financial Statements of LLP
Digital Signature Certificate
KYC, Mobile Number and Email ID of Designated Partners

Which Cities do we provide our services?

Estabizz Fintech provides LLP Annual Filing across India. You can obtain LLP Annual Filing in Surat, Vadodara, Ahmadabad, Rajkot, Bhavnagar, Mumbai, Pune, Bangalore, Chennai, Delhi, Kolkata, Kanpur, Lucknow, Nagpur, Jaipur, Kota or any other cities and states in India.

In case form 17 or form 18 has been filed for conversion of partnership firm/ company into LLP, can conversion application be rejected? Is there any provision for filing an appeal against such rejection?

Yes, conversion application (Form 17 or 18) can be rejected by the registrar, if not found appropriate along with eForm 2.

The applicant has the option to go for appeal against the application rejected within 90 days and inform the registrar about the action undertaken. After the appeal is decided, the registrar can mark the status of eForm as ‘Sent for re-application’ or ‘Rejection confirmed’.

Our Blog

Overview Financial Year of LLP Annual e-Forms to be filed by LLP with ROC AUDITS AND FILLING
OTHER COMPLIANCE APPLICABLE ON LLP FAQs Blog

Form	Described	Due date
Form-8	Filing of Statement of Accounts	30th October
Form-11	Filing of Annual Returns	30th May (no late fees till 31st August)
ITR -5	Income tax return	31st July (or 30th September, if tax audit is mandatory)
Audit	Tax Audit (only if applicable)	30th September

S. No.	Agenda	Particulars	e-forms
1.	Books of Account	LLP should Maintain proper Books of Account.	N.A.
2	Minutes Book	Minute’s book should be maintained to record minutes of meeting of partner and managing/ executive Committee of partners.	N.A.
3	Change in Partner	Any change in partner and designated partner (admission, resignation, cessation, death, expulsion) should be filed electronically within 30 days of change.	Form- 4
4	Supplementary LLP Agreement	Such admission and cessation will alter mutual right and duties of partner shall change. Hence, supplementary LLP Agreement will be required to file within 30 days of change.	From-3
5	Heavy Penalty	Heavy penalty of Rs. 100/- per day late filling of Return	N.A.
6	Change in Name	Any change in Name of LLP should be filed electronically within 30 days of change.	Form-5
7	Change in Registered Office	Any change in place of registered office of LLP should be filed electronically within 30 days of change.	Form- 15