Regulatory compliance is crucial for businesses registered in India, and this is especially true for Limited Liability Partnerships (LLPs). LLPs, which require a minimum of two members, have specific guidelines to follow.
While LLP compliance is less complex than that of Private Limited Companies, it’s essential to be aware of key deadlines for annual filings, such as ROC (Registrar of Companies), income tax, and GST (Goods and Services Tax).
Important Dates for LLP Annual Filings (FY 2023-24 / AY 2024-25)
To ensure smooth compliance throughout the year, ensure you are prepared and keep a record of these crucial dates:
- May 30, 2024: Deadline for filing Annual Return (Form 11)
- July 31, 2024: Due date for filing Income Tax Return (ITR-5) (for LLPs not requiring a tax audit)
- October 30, 2024: Deadline for filing Statement of Account & Solvency (Form 8)
- November 30, 2024: Due date for filing Income Tax Return (ITR-5) (for LLPs requiring a tax audit or having international transactions)
Additional Notes:
- GST filing deadlines vary depending on the nature of your business and turnover. Please consult with your tax advisor or refer to the official GST portal for specific dates.
- Ensure that all filings are completed accurately and on time to avoid penalties and complications.
By adhering to these deadlines, LLPs can maintain compliance with the necessary regulations and focus on their core business activities.
Understanding LLP Annual Filing
LLP Annual Filing: Key Forms and Deadlines
LLP Annual Filing is a crucial process for every LLP, involving the submission of two important forms to the Registrar of Companies (ROC) each year:
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Form LLP 11 (Annual Return): This form summarizes the LLP’s activities and financial position during the financial year. It must be filed within 60 days from the end of the financial year, which is May 30th for LLPs following the standard April-March financial year.
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Form LLP 8 (Statement of Account & Solvency): This form provides a snapshot of the LLP’s financial health at the end of the six-month period following the financial year-end. It must be filed within 30 days from the end of this six-month period, which is October 30th for LLPs following the standard financial year.
Important Notes:
- Even inactive LLPs must file: All LLPs are required to comply with statutory requirements, including filing annual returns and financial statements, even if they haven’t conducted any business activities during the year.
- Standard financial year: Similar to companies, LLPs generally follow the financial year from April 1st to March 31st.
By adhering to these deadlines and completing the necessary filings, LLPs can maintain compliance with regulations and avoid potential penalties.
A. Deadline for LLP Form 11 Submission for the Financial Year 2023-24 (LLP Annual Return Filing) – May 30, 2024
– LLP Annual Return Filing:
– LLPs registered in India must submit an Annual Return to the Registrar of Companies each year.
LLP Form 11:
– The Annual Return needs to be filed in LLP Form 11, which is a summary of management changes within the LLP during the financial year.
Filing Deadline:
– LLPs have 60 days from the closure of the financial year to submit LLP Form 11.
Due Date:
– The due date for LLP Annual Return Filing in LLP Form 11 for the FY 2023-24 is May 30, 2023.
Obligation for All LLPs:
– Even if an LLP has not conducted any business activities, it is mandatory to file a NIL return in LLP Form 11.
Submission to MCA:
– LLPs must submit their Annual Returns and Financial Statements to the Ministry of Corporate Affairs (MCA).
Compliance with the LLP Act:
– Filing the LLP Form 11 is a requirement under the Limited Liability Partnership Act.
It is important for LLPs to adhere to these filing requirements and meet the deadline to ensure compliance with the regulations governing LLPs in India.
B. LLP form 8 Due date for FY 2023-24- 30.10.2024
1. LLPs are required to file LLP Form 8 along with LLP Form 11 annually.
2. LLP Form 8 serves as a Statement of Account and Solvency for the LLP.
3. The due date for filing LLP Form 8 is within 30 days from the completion of six months after the financial year’s closure.
4. For the financial year 2022-23, the deadline for filing LLP Form 8 is October 30th, 2023.
5. LLP Form 8 includes a declaration to be made by designated partners, providing information about the solvency state of the LLP.
6. LLP Form 8 also contains details about the Statement of Assets and Liabilities of the LLP.
7. Additionally, LLP Form 8 includes information about the Statement of Income and Expenditure of the LLP.
C. Deadline for filing IT Returns for LLP (FY 2023-24)
1. The deadline for filing Income Tax Returns for LLPs for FY 2023-24 is mandatory, and applicable to both LLPs, individuals, and businesses.
2. LLPs are required to file their Income Tax Returns before the specified due date.
3. For FY 2023-24, LLPs not requiring Tax Audit must submit their Income Tax Returns by July 31st, 2024.
4. LLPs that necessitate Tax Audit have a deadline of September 30th, 2023, for filing their Income Tax Returns for FY 2022-23.
5. It is crucial for LLPs to file Nil Income Tax Returns, even if they did not conduct any business activities during the financial year.
D. Penalties for Late Filing of LLP Form 8 and LLP Form 11
In the event that an LLP fails to submit its annual filing forms within the specified timeframe, it will incur a penalty of Rs. 100 per day per form. This penalty will be applicable starting from the due date of filing until the actual submission of the return.
The Designated Partners of an LLP bear the responsibility of maintaining accurate Books of Accounts and submitting an Annual Return to the MCA each fiscal year.
To avoid incurring penalties, it is highly recommended that LLPs complete the filing of their LLP Form 8 and LLP Form 11 prior to the designated due dates.
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