LLP Filing Due Date for the Financial year 2021-22

Last Updated On: April 17, 2021, 11:16 a.m.
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LLP FILING DUE DATES FOR FINANCIAL YEAR 2021-22

A Limited Liability Partnership is a business structure that requires a minimum number of two members and there is no limit on the maximum number of members. The liability of the members of the Limited Liability Partnership is limited to the amount of contribution. Compliance requirement of an LLP is less than Private Limited Company. However it is important to keep a follow the Important Statutory due dates for Annual Filing falling in the year so that an LLP can be well prepared for all the compliances. In this article we will know about all the Important Statutory Due dates for LLP Annual Filing (LLP Form 8 & LLP Form 11) for FY 2020-21.

 

LLP Annual Filing

Every LLP is required to file its annual return in Form 11 and Statement of Account & Solvency in Form LLP 8. It is mandatory for every LLP to follow with the statutory requirement such as Annual Return, Income Tax Return, Profit and Loss Account, Balance Sheet, every year, even if it does not do any business.

A. ROC Compliance

Below is the list of ROC compliance for Limited Liability partnership firm:

1. LLP Form 11- LLP Annual Return Filing

Form -11 is considered as the summary of the management affairs of the LLP, like numbers of partners along with their names. The due date of form 11 has to be filed by 30th May every year.

The following are the information and documents required for filing LLP Form 11:

  • LLP Identification Number
  • Email of the authorized person
  • Business Classification of the LLP (Business, Profession, Service, Occupation, Others)
  • Principal business activities of the LLP
  • Details of Designated Partners and Partners of the LLP
  • Total contribution received from all partners of the LLP
  • Details of all Partners of LLP
  • Particulars of penalties imposed on the LLP, if any
  • Particulars of compounding offenses, if any
  • Declare whether the turnover of the LLP has crosses Rs. 5 crore during the year
  • Details of LLP and or company in which Partner/Designated Partner are a Director/Partner is to be attached with form 11 along with the above details. It is mandatory to attach this detail in case any Partner/Designated Partner is a partner in any LLP and/or Director in any company.
  • Every LLP registered in India is required to file its annual return in LLP form 11 within 60 days from the closure of the financial year that means the due date for filing LLP Form 11(LLP Annual Return Filing) for the FY 2020-21 is 30th May, 2021. It is mandatory for every LLP to file its Annual Returns and financial statements with the Ministry of Corporate affairs even if they are not doing any business.

 

2. Form 8: Statements of accounts and Solvency

Each and every LLP registered under the Limited Liability act 2008 are required to have provide the details of their books of accounts in place and provide all financial data with respect to the profit made, and other data with regards to business and such data is to be submitted by the LLP Form 8 every year. An annual filing form namely LLP Form 8 is a statement of Accounts and solvency that needs to be filed with ROC every year.

Form 8 must be attested by the signatures of the designated partners and should also be certified by a practicing chartered accountant or a practicing company secretary or a practicing cost accountant. This Form contains details like a declaration on the state of solvency of the LLP by the designated partners and also information related to statement of assets and liabilities and statement of income and expenditure of the LLP.

The following are the information and documents required for filing LLP Form 8:

  • LLP Identification Number
  • Email of the authorized person
  • Profit and Loss of the LLP for the year ended
  • Balance sheet of the LLP for the year ended
  • Statement of Account and Solvency shall be filed with the ROC within 30 days from the end of six months of the financial year to which the statement relates that means the due date for filing LLP form 8 (LLP Annual Filing) for the FY 2020-21 is 30th October, 2021.

 

Penalty for Late Filing of Form 8 and Form 11:

The penalty for late filing of Form 8 and Form 11 annual Compliance for LLP, has been set to INR 100/- per day for each day for which default continues.

It is the responsibility of the Designated Partners of an LLP to maintain a proper book of accounts and file an Annual Return with the MCA each financial year. Hence it is advisable that you file your form LLP 8 and Form 11 before the due dates.

B. Other Compliances:

1. Income tax filing:

Limited liability partnerships are required to file ITR 5 on the income tax portal. For the Financial Year 2020-21, the due date for filing Income Tax Returns of LLPs who are not liable for Tax Audit is 31st July 2021, whereas if LLP is liable for Tax Audit then due date for ITR for LLP is 30th September 2021. Where the LLP has not carried any business for the current financial year, they are required to file a Nil Income Tax Returns with the Income Tax authorities.

2. Other Compliances:

Apart from the above, there are some other compliances that an LLP needs to complete, there are Annual Compliances under Legal Authorities such as GST,PF and ESI Regulations.

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